This is in regards to the new CONSUMER CREDIT ACT, which became law on May 19, 2009.
The credit card companies had until February of 2010 to change rates on cards. Well lets just say they did. I have spoke with all my family and friends and had at least one if not all cards went up for no reason. I had a Capital One card. Not anymore. I will give the reason why. Got my statement in Feb 2010 and it showed that I owed them $2.65. 1 pay my bill in full every month. Called and found some very interesting facts about this law. I found out that my interest rate had gone from 10% to 18%. 1 guess that had happened in Dec- 09. WHAT!!! WHAT!!! WHAT!!! Yeah lets just say I had few choice words for the lady on the other end. I know asked to speak with manger and was given not ONE but 3 not that they tell you anything. The 4th one told me did you get the paper work in the mail and said they have the right because of the law. Nowthey can charge you interest on account even if you pay in full every month.
The law says this:
Credit card bills must now be mailed at least 21 days before the payment due date which should be the same day each month Interest charges can now be imposed on the balances in the current billing cycle.
What this means is if you use your card each month you will charged interest. To me this law did not nothing but hurt the working class people. Now banks not only got bailed out with our tax dollars, got big bonus., Now can LOAN SHARKING THE AMERICAN PEOPLE. Some credit cards are as high as 30 percent. If I pay my bill in full each month I should not have to pay interest Thank Congress and those we vote to protect us and but the laws in. It’s no wonder why we are loosing homes and jobs. Our Congress has no idea about us it is time for change.
They are only making the rich richer. They have no idea what it is like to be in the shoes of us. Until we start standing up for rights we loose what little ones we have left. Congress should start letting us vote on how our money should be spent and on what bills should be passed.
This was no CONSUMER CREDIT ACT. More like a CREDIT CARD LOAN SHARKING ACT