Reforms grossly insufficient ...

by azalea (Login azalea-va)

As I understand it, the credit card companies will be required to give 60 days notice before changing rates. But in my opinion, when one carries a balance on ones credit card, one is borrowing money. But credit card companies will still have the power to change the terms of that loan and increase the rate as they see fit. I can understand them being able to change the rate for new purchases, but changing the rate for previous purchases seems to me to be changing the contract after the fact.

"You as a consumer have the right to change your credit card supplier at any time you wish."

Again, the financial system has this rigged as well. One of the things that affects the cost of financial system is your credit score. Your credit score (apparently) as affected by how long you have had your credit cards. So if you replace a credit card you have had for 30 years with a new one, your credti scroe goes down and you have to pay more for financial products. Note I said apparently above because they do not tell you the formula used to determine your credit score.

Again, they set the rules however they please and they do not even have to tell you what those rules are.

Posted on Jul 3, 2009, 2:39 PM

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