Congress Takes Aim At Credit Card Policies

[SinkingFast]

I saw this little 3 minute blurb on TV earlier. Happened to hit the CBS News whilst channel surfing. Stayed to listen to this when the words "Credit Card Interest rates and Fees" caught my attention.

http://www.cbsnews.com/stories/2007/...n2543923.shtmlRichard Srednicki, the chief executive officer of Chase Card Services, apologized to Wannemacher in his testimony. "In this case, we simply blew it," he said. I heard this and thought, "Bull$hit!! This is everyday practice!! Not just this case!!

Srednicki said the company has decided it no longer will charge over-the-credit-limit fees to customers who have been in a chronic over-limit position for 90 days. I'll believe that when I hear of it. Fortunately, we won't see it because we BK'd against several Chase accounts.

[BassBoy]

It's about time we stand up to them!

Thanks for posting this SF.

On this forum and a few others, I've taken notice to a number articles where consumers are battling against those that are burying the public in debt and/or charging excessive fees to line their pockets. As happy as I am to finally see the people stand up to these theives, I'm having difficulty remaining optimistic that there will be some resolve in the near future.

Realizing now that these predators have put many hard working people into BK with their greed, I'm somewhat angered and that has me wishing someone would shut them down and forbid them from ever doing business again. I know, it's wishful thinking, but are they really in the business of helping us? I feel the majority of them are only interested in getting us people into their traps that we can not escape from. Think about it. How many CC or loan offers have you received since your BK discharge? How many of them are lenders you've never heard of? How many of them claim that they can help you rebuild your credit? IMO, probably quite a few of them, right? IMO, I don't think the creditors are at all interested in helping us, they're only interested in getting us back into the debt game again. I say to he!! with the whole bunch of them! Shut 'em down!

[tay666]

Of course they aren't looking to help you.
None of them are.
The only thing any financial institution is interested in, is gerenating profits.
Pure and simple.
They may have some kind and helpful people there that do want to help you, but only if it helps them too.
If they weren't in it for the bucks, they would have gone out of business a long time ago.

[SamanthaJones]

Hmm. The same Congress that allowed the new BK laws

to be forced by the credit industry- that SAME Congress is now attempting to appear sympathetic to the plight of the average Joe? Right.

[xuanlu425]

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