question about credit card crap

[katkat]

So the Times has an article:

http://www.nytimes.com/2009/11/20/opinion/20fri3.html

about how the scumbag credit card companies have rushed in even more predatory stuff in advance of a bill against it (which is now being held up by a Repig) in which they say:

"the rip-off in which companies charge cardholders new interest on debts that they have paid a month or two earlier."

What the heck is meant by that? That's a new one even on me, the mind boggles, pay off a debt, they get charged more for it?????

The administration seems to have failed almost completely to get banks to rewrite predatory loans, small hope that they land on credit card companies, but in my dreams I see a bill that immediately lowers all credit card interest to 8% max.

I am more and more realizing how many people are in deep financial distress because when they get into a small amount of distress, banks and credit card companies come along and stomp on them, making it almost impossible to recover.

[ejpoeta]

1. the practices of luring in people in financial distress is what got us to the brink....

between the predatory loans and the credit cards that charge high interest and this kind of shenanigans.... that's why i said they shouldn't have been able to expect people who don't have money and are struggling to be able to pay them. that's why they are a credit risk in the first place isn't it. but i am sure that this new bs is aimed at everyone regardless of credit worthiness. they don't care. and they count on people who don't look at their bill. the fact that this stuff is allowed to go on speaks volumes. and it is why campaign finance laws MUST be changed. but they won't because of another conflict of interest.... the big wads of cash the pols get from these very same people. it is quite depressing to me.... because what can you do about it. the pols could care less about any of us or what we think... they just keep getting re-elected no matter what they do because they have th emoney for those slick campaign ads and people seem to have a short memory.