http://www.bankruptcylawnetwork.com/2007/02/04/pouring-salt-on-the-wound-your-credit-cards-universal-default-provision/ Real Lawyers, Real Solutions Tue, 10 Nov 2009 16:34:06 -0700 http://wordpress.org/?v=2.8.6 hourly 1 http://www.bankruptcylawnetwork.com/2007/02/04/pouring-salt-on-the-wound-your-credit-cards-universal-default-provision/comment-page-1/#comment-2766 on the Bankruptcy Soapbox » Blog Archive » Universal Default Provisions Cause Defaults Sat, 02 Jun 2007 14:21:55 +0000 http://www.bankruptcylawnetwork.com/2007/02/04/pouring-salt-on-the-wound-your-credit-cards-universal-default-provision/#comment-2766 [...] An objective look at the impact of using universal default as a “reason” to increase the interest rate on a card that is being paid according to terms suggests this is horrible policy.  In the cases of my clients, the card issuers turned a performing account being paid by someone who could probably never have paid off the balance in full, and thus would be paying interest forever into a bankruptcy write off.  Good going guys. [...] [...] An objective look at the impact of using universal default as a “reason” to increase the interest rate on a card that is being paid according to terms suggests this is horrible policy.  In the cases of my clients, the card issuers turned a performing account being paid by someone who could probably never have paid off the balance in full, and thus would be paying interest forever into a bankruptcy write off.  Good going guys. [...]

]]> http://www.bankruptcylawnetwork.com/2007/02/04/pouring-salt-on-the-wound-your-credit-cards-universal-default-provision/comment-page-1/#comment-112 Democrats and Republicans Agree: Credit Card Industry Tactics Hurt Americans at Bankruptcy Law Network - Real Lawyers, Real Solutions Thu, 08 Mar 2007 18:41:39 +0000 http://www.bankruptcylawnetwork.com/2007/02/04/pouring-salt-on-the-wound-your-credit-cards-universal-default-provision/#comment-112 [...] Feeling the mounting pressure from a Congress now sympathetic to consumers, Citigroup, the nation’s largest credit card dispenser, pledged that it was eliminating the universal default provision in its credit agreement as well as other questionable rate hiking tactics.  As the fine state of Missouri says, “Show me!” [...] [...] Feeling the mounting pressure from a Congress now sympathetic to consumers, Citigroup, the nation’s largest credit card dispenser, pledged that it was eliminating the universal default provision in its credit agreement as well as other questionable rate hiking tactics.  As the fine state of Missouri says, “Show me!” [...]

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