Many thought that the credit card bill would be the end of high interest rates and fees in credit cards, not least among them the lawmakers in Congress and the consumer advocates who backed the bill aggressively when it was still being debated.
However, the leeway of several months that government has given credit card companies to adapt their business to the new legislation seems to have had a very nasty side effect. Now, credit card companies are using the available time to raise their...
For many people, especially consumers, the passage of the credit card bill probably felt like a huge victory over the credit card companies. For many years, credit card companies have done their utmost to profit from their customers, from offering credit to subprime borrowers in exchange for excessive interest rates and fees to predatory practices such as sudden rate and fee hikes.
The credit card bill was created to answer these problems and level the playing field for consumers....
As the economic crisis continues, credit card holders carrying Chase credit cards are going to be in even worse condition. This month, Chase has just announced that they will be raising their minimum amount per month to 5%, up three points from the former 2%. Thousands of Chase credit cards are being affected by this worrying increase.
The increase seems minor to many observers and, in fact many Chase credit card holders will probably consider it as a mere annoyance instead of something...