Consumers all across the nation are complaining about the rise of their credit card interest rate. Today Americans interest rates are so high that they even forget, they are under a credit system. Consumers easily get fine for hundreds of dollars in penalties for overdrawing just few dollars. You might be wondering why such increase? And who are behind this financial rape.
The thru is the congress licensed the bank by giving them until next February to comply with the new credit card rule legislated earlier this year in order to protect consumer. So, from now to February 2010 the Banks are benefiting by raising abundantly your interest rate and using abusive practice.
Certainly we have a law to protect consumers but it will become operative in February 2010; in the mean time the Americans can seat back and watch the banks furnishing their pocket.
The chairman of the Banking Committee, Sen. Chris Dodd, is desperately fighting to stop the firms. Last week he has introduces a bill to freeze interest rate.
"Banks should not be trying to bolster their profits at the expense of their customers." he stated.
No comments:
Post a Comment