It is about time. Congress is finally questionning credit card company practices. Of course that comes after a run of 3-4 years where banks pilled profits by charging 29.99% interest based on "universal default" under which you do not have to miss a payment but simply borrow a high percentage of your credit limit. Note that it does not mean exceeding your limit, but what a bank would think is more than what you should...
I think that a class action lawsuit would be more appropriate even if most of the payouts are eaten up by some sleezy attorneys...
Read the news here
Thursday, April 17, 2008
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