"5 evil things credit card companies can (still) do". This is the title of an article on Yahoo.com that speaks about the credit card companies abusive practices. Though this article was originally posted in CNN Money, it is still very relevant to us and reveals better understanding of the credit card company abuse.
Here's the brief 5 point summary:
- Rate Hikes
- New Fees
- Higher Minimum Monthly Payments
- Fewer Rewards
- Slashed Credit Limits and Cancelled Accounts
What's a Cardholder to Do?
Consumers must pay close attention to the terms of their contracts, staying alert to any changes.
"It's boring reading, and it can be hard to understand, but that's where everything is spelled out,".
Of course, while there are laws aimed at helping consumers, legislation can't do it all.
And if you don't like your credit card's new terms? "Shop around.
And hope for the best in Cooperatives they're actually our hope.