Credit Card Evils

[pennypinch]

We have been hearing a lot lately about credit card reform and how the government is trying to put laws in to place to protect consumers from rising interest rates and so on. But, credit card companies trying to stay one step ahead. They are still managing to find ways to charge people more money to increase their own profits.

Some are hiking interest rates to as much as 36% which is just unbelievable. People are having a hard enough time making their payments now.

The Obama administration has put in place a a credit card reform act that will begin in three stages over a twelve month period.

"Card issuers are making sure they can make up the lost money in new ways," said Bill Hardekopf of Lowcards.com, a research company funded by a commercial debt collector.

As they say, no legislation can fully protect consumers from credit card companies.