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Black wealth, African American money: the future for Black America

YourBlackWorld: Credit Card Rights You Should Know

Questionable credit card company practices have been dogging consumers for years. But a Credit Card Bill of Rights is working its way to congress. Here are the details.

1. Get the headlines

The Credit Card Bill of Rights, authored by Rep. Caroline Maloney will be considered Thursday by a congressional committee. This is the final hurdle before it reaches a vote in the House of Representatives.

Here are some of the proposals in the bill:

  • It prevents companies from applying interest rate hikes retroactively to old balances as long as the customer is in good standing with that particular card
  • It prohibits card companies from arbitrarily changing the terms of their contract
  • This bill requires that consumers get 45 days notice of interest rate increases and companies must mail billing statements 25 days before the due date.

Maloney emphasizes that credit card company practices, like penalty interest rates, universal default, interest rate changes and double-cycle billing may push more and more people into bankruptcy.

 

Click to Read More.

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August 5, 2008 - Posted by | african american money, african american wealth, black enterprise, black money, black wealth, home ownership

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