The credit card industry has been running amuck for years now. They have worded their agreements in a way where they can do just about anything they want. Late payment fees, lowering your high credit limit, and raising your interest rates have always been easy for these credit card companies to get away with.
FINALLY, the US government has stepped in and passed regulation to prohibit some of these practices. The Credit Card Bill of Rights eliminates many of the most exploitative practices in the credit card industry. This new bill ends the “any time, any reason” rate increases these companies have become notorious for. Credit card companies will now be required to give consumers a 45-day notice of a rate increase.
And, if the rate is raised, it can only be on new debt during the current billing cycle, not for previous debt put on the card before the rate change. Plus, hefty over-the-limit fees, have now been eliminated, unless the card holder explicitly agrees to this beforehand.
The US government has not imposed restrictions on the credit card industry since 1988. This new regulation is welcomed news to consumers who have been taken advantage of by these companies for decades now.
Still, there are many techniques and tricks these companies use to insure the consumer’s credit suffers if any late payments are made. Many of these industry tricks are unethical and illegal. These are the same tactics we spend countless hours on correcting for our clients.
We have already dissected the new Credit Card Bill of Rights and have found more loopholes to help YOU get your derogatory items permanently deleted from your credit profiles.