Credit Card Companies are hammering away at their customers ahead of the implementation of The Credit Card Act of 2009.
In February 2010 the provisions of the Act are intended to ensure a more equitable and fair treatment of consumers.
In the interim however, credit card companies are hammering away at consumers, lowering credit limits, increasing interest rates and now increasing the minimum monthly payments on accounts.
According to CNNMoney.com, "for the second time this year Chase Bank has changed up the rules for how it calculates the minimum payment due for certain customers, increasing the rate from 2% of the outstanding balance to 5%. If you’re carrying a $5,000 balance that means your required minimum payment went from $100 in July to $250 this month."
This is clearly an "unfair practice" and complaints have been made to the Federal Trade Commission.
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