Reading an AP article entitled "Fed wants to clear credit card confusion" I was certainly interested as I am one of those unfortunate souls held hostage by these damn pieces of plastic. Deluged by complaints from consumers, both the Federal Reserve and Congress are proposing changes in the ways consumers are notified about changes in their accounts and the various interest rates for different types of transactions.
The article is worth a read. I know first hand the devestating effects that credit card companies can wreck on ones' life. If I can ever get out from under the thumb of these companies, I will personally become an advocate against their use. If you are one of those fortunate ones that do not have one of these cards, PLEASE, PLEASE throw those damn offers away or go straight to the shredder and get rid of them.
It is way past time to reign in these companies and their ridiculous interest rates, fee structures and penalty payments. It's simply the latter-day version of the infamous loan shark. The dark trenchcoat and scary alleyway have transformed into cute plastic cards that you can personalize in really groovy colors. Get to work Congress- Get to work Feds- It's time to stop letting these companies rip off consumers while lining their pockets with handsome profits.
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