Monday, January 25, 2010

Never Give A Sucker An Even Break

NEVER GIVE A SUCKER AN EVEN BREAK

We, the masses of this United Corporations of America, will never get a break from the Credit Card Industry... Even with the credit-card rules going into effect, February 22, 2010, this industry is busy (the greedy little dears) finding more (LEGAL) ways to fleece the hell out of us. It's never going to end there's just too much money to be made off us saps. So the next time you swipe your coveted plastic card through a retailer’s credit card machine, to buy some piece of crap imported from China, listen to that awful sucking sound... IT’S MUSIC TO THE CREDIT CARD INDUSTRY’S EARS!

THE END

thinkingblue


Credit-Card Issuers Find Creative Ways to Skirt New Law

Between now and Feb. 22 when the new credit-card rules go into
effect, you'll see a lot of excited media types talking about all
of the good to come out of those regulations, but as a consumer
you should worry about what's still on the menu. The card issuers
have been cooking up all kinds of new things that their bottom line will find appetizing,he Credit Card Accountability, Responsibility and Disclosure Act,
known as the CARD Act, aims to help consumers deal with card
issuers' more troubling policies, but by the time this reform is
fully in place, the industry will have moved on to new ways to
skin the customer, ways that have become evident over the last
few months as the first provisions of the law came into play and
financial-services businesses scrambled to squeeze through loopholes.

"The provisions of the CARD act were excellent and they
addressed key problems but because card issuers are in the
business to make money, you had to think they would find other
ways to make up for the revenue they were losing because of the
law," said Bill Hardekopf of LowCards.com. "Now they
are instituting a number of other practices -- perfectly legal
even after the new law -- to make up for lost revenue, and
consumers now have some new things to worry about."

The new law was designed to defeat several bad practices. For
example, starting in February, due dates for monthly payments
must be the same each month. Any payment amount beyond the
minimum must be applied to the highest-rate debt on the account.
Rate hikes on existing balances on fixed-rate cards are
prohibited under most conditions. Card issuers can't charge
additional fees when consumers pay by mail, electronic transfer,
online or phone unless the customer requests an expedited payment
to avoid a late fee. Other practices, like "double-cycle
billing" -- where the issuer adds finance charges for
previous billing cycles to an account that was paid off because
there was an average daily balance until the debt was paid -- are off the menu too.

Out With the Bad, in With the Worse MORE HERE







Let's keep our heads, while we continue to
watch THE THEATER OF THE ABSURD!!!
thinkingblue

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