Tuesday, October 20, 2009

Credit Card Companies Gone Wild

This morning, I was reading the USA Today's web site and I read an article that has made me somewhat furious. Basically, the article explained that some credit card companies and banks may start to charge you a fee if you pay off your credit card completely each month or if you don't carry a balance from month to month. It's apparently their response to new legislation that will limit their ability to raise interest rates in February 2010.

This means that honest and hard working people, like me, who responsibly manage their credit and minimize their debt in order to get a good credit score are going to be penalized by the credit card companies. The article says that our only options against this is to complain and ask to have the fee removed, or to cancel your account which could have negative repercussions if you're dealing with a credit card that you've had for a long time.

Well, don't take my word for it. Here's a link to the article: http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm

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