Exploiting the Credit Card Law Loophole

A couple of weeks agoThe Senate today a watered down bill, which allows credit card lenders and banks to continue what they’ve been doing. Ripping off their customers. Under this sham credit card companies are prohibited from arbitrarily increasing interest rates, or piling on the exorbitant fees that make these fat cats fatter. Whoopee! The Senate’s intent is to let the American people know they care, and indeed hear the cries of our suffering in this depression disguised as a recession. The Senate also hears the cries of the credit card and banking lobbyists who will be fighting this legislation like crazy all the while stuffing these worthless politicians’ pockets with cold, hard cash. Some highlights of the potential new law? Well for starters lenders will have to post the terms for their credit cards over the internet. That way people who aren’t in the habit of reading a damn thing before they sign on the dotted line can ignore this crap as well. The new bill would also allow customers to pay bills by their phone, or online eliminating those nasty over-the-limit fees. Another benefit requires lenders to provide a 45 day notice and explanation for jacking up their interest rates. The one thing this bill doesn’t do is telling, and that goes to the heart of the problem. It doesn’t cap interest rates for people who pay their bills on time and keep their balances at zero. These are the folks the industry likes to refer to as the ‘deadbeats.’ So for those of us in this category we’ll continue to have our interest rates skyrocket for no other reason then this industry is stocked with greedy bastards. I’ve said it before credit cards are a privilege, not an entitlement. Still doesn’t make this rip-off right. Read more here.
http://www.cbsnews.com/stories/2009/05/19/eveningnews/main5026108.shtml