Credit Card Industry Defeated for Now

Hidden penalties, sudden interest rate hikes, and deceptive language are just a few of the questionable tactics used by credit card companies to extract money from increasingly stressed consumers. Now, some on Capitol Hill are trying to regulate the more abusive practices.

With bills actually moving through both houses of Congress, the credit card lobby is finding itself on the defensive, and turning out in force to oppose the legislation.

I have a couple of friends who were exploited with the 'Universal Defaults' tactics. They were 1 month late on a cable bill which was never reported on any of the three national credit bureau reports accessible to consumers. It must have been reported somewhere because their credit card companies jacked their rates from 8.9% to 28% in California and they were NEVER late on any of their credit cards of car loans or mortgages, nor any other consumer credit. One of them was forced to file for bankruptcy because he couldn't make the huge payments.

These corporations are running wild all over this country and running it into the ground. This win is a small satisfying step and we cannot stop until their practices are fair and ethical.