Originally Posted by LovingIzabella

Sorry to hear about your daughter.

I work for a Credit Union (not a Bank-that is a four letter word to us here) and the banks are infamous for pulling tricks like this. That is why the Credit Card Act was put in to place and will go in to effect in February of 2010.

"Legally a creditor can't report late until you are 30 days late, not just one."

this is a true statement, however they are not saying she was late they are saying the payment was one day past the due
date so therefore they can change her interest rate which yes they can do (again another reason the act is going in to place).

When the bill goes in to effect it will require CLEAR disclosures on total cost in interest and principal payments if only minimum payments are made, how long it will take to pay the card off if only paying the minimum...things like that.

A lot of banks are freezing credit lines and dropping limits so it automatically is pushing people into overlimit so they are getting fees that way. Funny how banks got all that money in the bailout program and are lending nothing and freezing lines....

Credit Unions did not get any bail out and are lending. If you have a credit union in your area I would highly recommend looking in to joining one. They are not-for profit so it is not about chasing the dollar for us.

Hugs
April