October 31, 2009

10/31/2009 12:00:00 AM

Even though the Credit Card Reform Bill has begun taking affect to help curb credit card companies from taking advantage of consumers, the Bill can only protect against what credit card companies were doing currently!

Credit card companies have become much more aggressive and less lenient with consumers.  Here is just a couple examples...

1.) Creating new fees and penalties that were not even created at the time of the Credit Card Reform Bill

2.) Demanding a larger minimum payment (Chase is now demanding a payment of 5% of balance vs. its original 2%) On a $5,000 balance- that is a 150% increase in your monthly payment!

This information was provided from CNN Money and you can read the entire article at