New Boss Same as the Old Boss
February 9, 2010 at 12:43 PM 1 comment
The Credit Card Act of 2009 is set to go into effect on February 22. It’s supposed to protect consumers from lending agencies who charge sky-high credit card interest rates and huge late fees, etc.
Well, surprise, surprise. The banks are devising ways to get around it:
In other words, he has an 8.99% APR that jumps to 29.99% immediately (retroactively, actually, since it can apply to the previous month’s balance) if he misses a payment. Furthermore, the 8.99% rate does not have to be restored after six months of making payments, because the official rate was always 29.99%, and the 70% credit is just a “program.”
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M. Douglas Wray | February 9, 2010 at 9:00 PM
This is why I no longer HAVE any credit cards. You just have to say ‘I can live without it’ and it gets easier. Banks, of course, hate you but are slavering for your money. I love getting offers in the mail, then spitting on them and throwing them away, knowing that somewhere some poor, deprived CEO won’t ever get his private island and his kids might have to work at a REAL JOB. It is a dream, I know, but I like to think others have the same dream.