Have Your Say With Credit Cards
August 4, 2008 · Print This Article
The Federal Reserve is offering consumers a chance to have their voices heard about credit card practices. Now through August 4 consumers are able to go to the Federal Reserve’s website and voice their opinions on a set of new rules aimed at reforming the business practices of credit card companies.
As a result of the current credit crunch, the U.S government is concerned about the way Credit Card companies do business and the impact those practices have on the average American consumer.
Many politicians and consumer advocacy groups have cried foul over the way some credit card companies’ deal with fees and charging methods. More then 9,000 comments have already been submitted at the Federal Reserve’s website in regards to the new rules. Among several items are rules that will change the way credit card companies issue out late fees and would end companies from applying higher interest rates on debt that is already accumulated. This practice alone has been a bane to many consumers.
Credit card companies are claiming that the new reform will have a detrimental effect on consumers. Issuers are stating that the reform will eliminate competition and raise interest rates all across the board. What’s more the companies offering credit cards are raising concerns over the fact that some of the rules will eliminate the practice of applying higher interest rates to those consumers classified as “high risk”. Instead, issuers are saying that everyone, even those with near perfect credit, will be hit with high interest rates.
The House and Senate are expected to get involved since the Federal Reserve is limited in some areas concerning credit card reform. Several new bills have already been introduced with several more expected.
Consumers wanting to comment on the reform should go to the Federal Reserve website. This is a monumental chance to directly effect how business is run in one of the most lucrative areas of the economy.
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[...] Have Your Say With Credit Cards [...]
I have a PayPal Master Card with GE Money Bank. P.O.Box 91068, El Paso, TX. 79998. In April I authorized GSM Grant Search to charge me $1.95 for forms to get a grant. I also authorized PVIGAVAUCTIONALERT to charge me $1.95 for a list of auctions in this area. I got nothing and have been charged $39.95 for the grant form. In June GE Money Bank changed to it “Easy Grant Finder” with another telephone number. I know I never heard of them and did not authorize any charges from them. .I have also been charged $24.95 a month for the auction list, which I never received. , $9.95 for Network Agenda and $7.95 for Business funding. I have never heard from these people agin and received nothing from any of them. The $9.95 and the $7.95 charges seem to be part of the Easy Grant group, according to Rip Off Reports. . Starting May 22 I requested that they cancel my card and remove these charges. They refused. After demanding that they cancel the card they finally did, in August, but carried these frauds over to the new card. They have charged me for all these false charges including the one to the new card number that was never activated. How did the defrauders get the new number? It is possible for GE Money Bank to have been carrying on this fraud alone?
Also I bought a Kitchenaid mixer that never came. They guarantee delivery so I applied for and got a refund but it has never appeared on any invoice.
All of these people seem to be high on the RIP OFF LIST, as well as does GE Money Bank and PayPal. This gives a total of $464.41 plus anything they charged me in April. I am 95 years old and trying to live on SS and a very small pension. I don’t know what can be done about this but I intend to fight it. If you can give me any help as to who to write I will appreciate it. This looks like a clear case of fraud.
I did have a Sam’s Discover Card with the same GE Money Bank. My computer crashed in Aoril and also notified them. They canceled the frauds I picked then and reissued another card. Then I fooloshly asked “Fix’ya how to fisx my camera. I got such a stupid answer I canceled and never bothered them again. Of course they kept charging me .every week for another answer but Discover never paid them. And it is the same company.
I thought a credit card was some help in defending against frauds,. These folks seem to be aiding them or carrying it on themselves. What do you think?
Sam Troutman