Just in case you thought things weren’t bad enough, the credit card companies are stepping up to make sure you know that things can get worse according to a recent article in the Denver Post.
As holiday season approaches, credit card companies have been raising rates (sometimes double or event triple the previous rate), increasing the monthly minimum payment and lowering credit limits on unsuspecting consumers. In some instances, credit card companies have sent notices of rate increases using mail designed to look like junk mail to increase the likelihood that consumers won’t notice.
Ironically, this is happening right now because of the Obama Administration’s attempt to curb the abusive practices of credit card companies. In February 2010, the Credit Card Accountability Responsibility and Disclosure Act of 2009 (or, “Credit CARD” Act for short) will go into effect. If there was any debate about the need for such a law, the blatant actions of the credit card companies to take full advantage of the remaining window of opportunity makes very clear that the credit card industry does in fact need to be reigned in and that increased protections for consumers are very much in order.
If you’re struggling with too much credit card debt in New York and are in need of legal advice about New York bankruptcy and non-bankruptcy options, please feel free to contact me for a free initial consultation. I’ve been helping individuals fight back against unscrupulous credit card companies for years, and I’ll make sure you get the benefits to which you’re entitled under the law.
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