Credit cards: Senate probe.

[Imalittleteapot]

If a Dem. candidate would address this credit card issue he or she would be a shoe-in.

WASHINGTON (Reuters) - As consumers whip out their credit cards for another holiday shopping binge, a U.S. Senate panel on Tuesday will examine surprise interest rate increases, even for cardholders who scrupulously make payments on time.

"Working people are being squeezed. That's something which is intolerable and we're going to try to shed some light on it," Michigan Democratic Sen. Carl Levin told reporters on Monday.

http://news.yahoo.com/s/nm/creditcards_congress_dc;_ylt=AqPipphoSYzzDEHYC9pg7z1hr7sF

[vanboggie]

1. You mean like this candidate?

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=3782973

[Imalittleteapot]

5. Yep. I didn't know that Edwards was speaking out.

Thanks!

[groovedaddy]

2. It's a rip off, plain and simple. That's why the industry paid (donated)

good money to so many campaigns - to have laws written that favor their bottom line.
Here's one example I've personally experienced. Credit card is close to the limit, pay the minimum amount due but the next finance charge takes you over the credit limit and over-limit fees are charged.
I used to work for a bank. Once upon a time, you were given a grace period on your payment - i.e. payment is due Dec. 5. As long as payment was received by Dec. 10, no problem - no late fees.
NOW, if the payment is received on Dec. 6, a late fee is charged.
Also, they used to not charge an overlimit fee if your annual fee was what took you over the limit. Now they do.
The deck has been stacked decidedly in their favor!

[Mist]

4. To add the finance charge to boost the acc't over the limit--that's just evil. As

a separate fee, it shouldn't be lumped in that way.

No lie about the scarce turn-around time on paying--I think they mark it "late" as they send the bill out!

[groovedaddy]

6. Yeah, the minimum payment should be calculated to keep you from

going over the limit. If you are already over the limit, the minimum payment will not bring you under the credit line and, if that's all you pay, they will charge you for being over the limit on the next month's bill. It's down right criminal!

[flpoljunkie]

3. Why now? This is not a new problem! Is this just election talk, or will they do something?