Credit card companies are acting with Congress' ok to defraud public!!!!!!

"Credit card companies are increasingly relying on fee income - selling ancillary products, and penalizing customers for the slightest infraction - to make up for the money they lose by peddling products with low interest rates and no annual fee." American Banker, July 28, 2000."
http://www.citizen.org/congress/civjus/arbitration/articles.cfm?ID=7368

I was recently charged late fees and penalties, despite not having received my statement. After complaining that I hadn't even been sent the bill, the customer service person said they would take off the late fees and charges, after I did a 'check by phone' procedure.

I told my sister about this and she said to check this site:
http://www.pirg.org/consumer/bankrupt/bankrupt2.htm

"A court also recently approved a settlement in Mangone v. First USA Bank (206 F.R.D. 222) requiring First USA to pay the amount of $39.9 million for faulty finance charges and late fee payments made to consumer credit card accounts. First USA is currently facing an additional class action suit, Prata v. Bank One (111 Cal.Rptr.2d 296) alleging that the credit card financing plan marketed by Bank One used false and misleading advertising. The "Same-As-Cash" policy was deliberately marketed without advising consumers that the program required minimum monthly payments....

J.P. Morgan Chase now faces a securities fraud class action suit alleging that the dissemination of false and misleading statements caused the J.P. Morgan Chase stock price to become inflated. The complaint alleges the company did not fully disclose dealings and interactions with the Enron Corporation. J.P. Morgan Chase published its liability for the Enron collapse at $900 million, not at the later reported $2.6 billion. Later, J.P. Morgan Chase reported that it also had losses in 'non-performing' assets of $1.3 billion."


sure enough, BankOne/FirstUSA at #3 on the list (who handled my account originally) must have passed along matters to Chase, who just does the same thing, in order to pay off their last round of fines from the government. My crime according to this is regularly paying off my balance ! The shame, the shame !

dollars a month for a credit card with a zero balance. All that we could figure is the credit card company was charging us a four dollar monthly fee. We promptly called them and canceled the card and have only two left to pay off and then we can say good by to credit cards.

Over the past three to four weeks I have received letters from each and every credit card company my wife and I have (5)and they all have indicated that the default rate is now changed and will be 29.99% or 29.95% if I miss a single payment etc. (Yes, we have great credit.)

Of course I have the option to opt out of this if I desire, which means basically that if I complain they take the cards away later.

Amazing how all this has occurred in the few weeks following the passage of the bankruptcy legislation. Is it coincidental?

Any one else have that experience?

How many people won't be able to do that?

I've been bombarded with credit card offers, lines of credit offers, more than usual. Yes, I have great credit. Yes, I open and check out every one of these things, because I'm convinced that, while this artificially-inflated housing market goes "boom," the credit card companies will be first in line to seize the homes the mortgagees will not be able to afford.

Does that kind of thinking make me a conspiracy theorist?

(I have one credit card. Just one. And that's a reluctant necessity.)

We have great credit, too, but we have received notices of new terms from our credit cards...and not just NEW terms, but OUTRAGEOUS terms! I plan to pay the cards off and cut them all up but one. Anyone know of any cards that aren't evil?

Does wonders for your peace of mind and blood pressure. It works for the cell phone too.

http://www.firstusa.com/pay/Class_Action_Settlement_Agreement.html

It looks like other credit card companies are doing EXACTLY THE SAME THING. If any lawyers are out there in DU land, please contact.

We have zero credit card debt, as of January. I have no interest in enriching the usurers.

I logged into my bank account to make a CC payment and found out that they'd increased my line of credit by 100%.

I haven't increased the amount of money I've been bringing in, and I my bills haven't disappeared yet.

I've had the card for 6 or 8 months and I've never missed a payment. In fact the card has always been about $20 away from being maxed out.

I just found this whole thing a little strange.

on one of the class action suits against First USA. It came to $0.34.

Yeah, 34 cents.

The lawyers who bring those class action suits often get tons of money, and the individual cardholders generally get a few cents each. It happens a lot.

charges on for more than a year. The corporate pirates have taken over.