How credit card companies screw you
among others, two-cycle billing...
another cute little ploy is moving the due date... i was preoccupied with the holidays, getting ready for christmas, and not thinking of much else... i am accustomed to having my payment due date fall between the 28th and the 30th...i logged on to my account on the afternoon of the day after christmas only to find that the due date had been moved up to the 26th by 2 p.m. est and i was already late... i sent them a message raising hell... they didn't apply a late charge but i've been super-alert since then...
oh, and by the way... don't forget the democratic congressional representatives (see below) who solidly backed the credit card companies... these are the folks who pushed for the passage of the bankruptcy reform legislation in 2005, legislation that greatly reduced risk for the credit card companies and led to this...
(thanks to markos...)
your friendly credit card company supporters, the new democrat coalition...
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Under this method, the interest is calculated on the balance you carry over the previous two months. In a simplified example, let's say you start the first billing cycle with a zero balance and then charge $1,000. You make a payment of $900, leaving you with a balance of $100. You would expect to pay interest only on that remaining balance. However, with a two-month billing cycle, you pay interest not only on the $100 balance, but also on the $900 from the first month.
another cute little ploy is moving the due date... i was preoccupied with the holidays, getting ready for christmas, and not thinking of much else... i am accustomed to having my payment due date fall between the 28th and the 30th...i logged on to my account on the afternoon of the day after christmas only to find that the due date had been moved up to the 26th by 2 p.m. est and i was already late... i sent them a message raising hell... they didn't apply a late charge but i've been super-alert since then...
oh, and by the way... don't forget the democratic congressional representatives (see below) who solidly backed the credit card companies... these are the folks who pushed for the passage of the bankruptcy reform legislation in 2005, legislation that greatly reduced risk for the credit card companies and led to this...
(thanks to markos...)
In 2006, the credit industry responded by mailing out 8 billion credit card solicitations--up 30% from 2005.
[...]
With about 110 million households in the US, that's about 73 card offers per household. If the average card offers is about $5,000 in pre-approved credit, that about $365,000 in offers for every American household--or about $1000 a day, every day of the year.
By comparison, median household income is about $46,000, or about $127 a day. It wouldn't be unreasonable to speculate that many families are offered about seven times their annual incomes in credit card debt.
your friendly credit card company supporters, the new democrat coalition...
Rep. Ellen O. Tauscher
Rep. Adam Smith
Rep. Ron Kind
Rep. Artur Davis
Rep. Carolyn McCarthy
Rep. John Larson
Rep. Stephanie Herseth
Rep. Dennis Moore
Rep. Mike McIntyre
Rep. Joe Crowley
Rep. Jay Israel
Rep. David Wu
Rep. Diane Hooley
Rep. Melissa Bean
Rep. Jim Davis
Rep. Harold E. Ford, Jr.
Rep Ed Case
Rep. Jay Inslee
Rep. Shelley Berkeley
Rep. Gregory W. Meeks
Labels: bankruptcy reform, credit cards, New Democrat Coalition
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posted by profmarcus at
3/11/2007
