Credit Card Company Shenanigans

(or They're doing it again...)

I just wrote my government officials, via Congress.org, about current credit card company practices. Here's what I wrote:

Please stop unfair credit card debt practices now. I lend my support to Thursday's meeting between the President and the credit card company executives.

Credit card companies are at it again, drastically changing terms and shifting monthly due dates to trap debtors into Universal Default Rate increases. I was recently told by one credit card company representative that they "are all doing it" (drastically increasing rates and converting low fixed rate cards to higher variable rates) as if that somehow justified changing terms on a debtor who pays more than the minimum before the due date each month on all credit card accounts. This seems more like illegal collusion than justification to me.

A few years ago, they had miraculously stopped such practices just before being called to testify before Congress. They claimed to care about their credit card holders and acknowledged such practices were a mistake. Funny thing, the love disappeared and the practices reappeared just as soon as they thought the heat was off.

I wrote about this same problem in 2005. I don't know about you, but I have a long memory when I believe someone is putting the screws to me -- and I hope the credit card companies enjoy the money they are wringing from all of the taxpayers who bailed them out; I, for one, intend to do what I can to make sure the tap is turned off as quickly as possible -- and it won't be turned on again.

Credit card companies are not villains, they are just cold, capitalistic machines. We consumers need to treat them as the tool they are, and realize now is the time to start putting this tool away. Believe me, I know this will not be easy. These companies try to get cardholders on the hook for as much as possible so that it is nearly impossible to extract themselves from their grasp -- and for some, the result will be bankruptcy; bankruptcy for folks who have tried to do the right thing and have been devastated by the misdeeds of others. It's a sad comment on our current state of affairs.

Contact your government officials. Let them know you will use your vote to hold them personally responsible for fixing this situation. Let them know you have little patience for current credit card company shenanigans.