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H.R. 1461, The Credit Card Accountability Responsibility and Disclosure Act of 2007
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Visitor Comments
cl
Why....
If one misses a payment does the APR climb up to where the mob would blush (84 yr old woman, in hospital, missed 1 payment, APR went from 12% to 64%). Never could fix problem.
Why....
If one accidently transposes a couple of numbers does the "penality" "compound" ($40 error on $12,000 payoff... interest charged for month on $12,000... not $40 left over)... (reading a fine-print 9 as an 8 resulted in the "minumum interest charge" of $1... ON A $1 balance)
Why.... can't one "pre-pay" a monthly bill (on vacation, paid two payments in the same month... both went on same month resulting in penalities & interest on "missed" month).
Everyone gripes about the obscene oil co profits. Oil co's are rank amateurs compaired to Banks & CC co's!
M Coury
We pay off our credit charge bill every month, and are never late. I just noticed Capital One has charged me a finance charge 3 times last year for a total of 57.44. They have rescinded the charges, but are at a loss to explain why charges were made. How many people do NOT notice???
sjb
How about when a credit card you've had for decades and never missed a payment on (or been late for that matter) cancels and demands payment in full because of the large total amount of debt in your credit report? Happened to me. Then another card, on which I had negotiated a lower interest rate, canceled me for a "high total balance." Never missed a payment on that one, either.
Ralph Falkenburg
With the ongoing financial crisis, households are finding themselves juggling payments to stay afloat.
In another few months, most of the credit card accounts (around $1 Trillion in total debt) will be at or near default APR rates, ranging from 25% to 30%.
Credit cards will bill $20 Billion and $25 Billion PER MONTH to consumer credit card debt, triggering more personal bankruptcies and enormous personal hardships.
With a 1% Fed Rate why does Congress continue to allow banks to charge usurious rates.