11 Jul Is There Anyone I Can Complain To About My Credit Card?
Many ask is there is anyone they can complain to about their credit card and the outrageous interest rates. You can complain to your spouse, family members or your pets but you are likely to get the same response as you well from complaining directly to the credit card company, absolutely NOTHING! However, now you have a chance to not only voice your opinion but you actually might be heard.
If you go to the Federal Reserve website you can voice your opinion about the proposed changes to the rules regulating the lending and credit card industry. It is your chance to provide facts about the credit card industry and how they have affected your life. The five key changes that the new rules being proposed are:
* Banks would be prohibited from increasing the rate on a pre-existing credit card balance (except under limited circumstances) and must allow the consumer to pay off that balance over a reasonable period of time.
* Banks would be prohibited from applying payments in excess of the minimum in a manner that maximizes interest charges.
* Banks would be required to give consumers the full benefit of discounted promotional rates on credit cards by applying payments in excess of the minimum to any higher-rate balances first, and by providing a grace period for purchases where the consumer is otherwise eligible.
* Banks would be prohibited from imposing interest charges using the “two-cycle” method, which computes interest on balances on days in billing cycles preceding the most recent billing cycle.
* Banks would be required to provide consumers a reasonable amount of time to make payments.
Don’t miss this opportunity to be heard. Your comments will not be edited so the government and the credit card industry will read exactly what your are thinking. Don’t delay, go to the Federal Reserve website today and submit your comment about what you think about the new rules to tighten the reigns on the credit card industry.
Written by Kansas City Bankruptcy Lawyer, Rachel Lynn Foley.