More and more families are relying on credit cards to weather the storm during economic hardships and are being targeted by billion dollar credit card companies



and their criminal practices. Recent emphasis on this topic has been making headlines but little has been done to crack down on predatory lending practices.

The most widely spread tactic used by credit card companies is targeting low income, high debt, or minority markets. On top of offering high interest credit to consumers with a higher debt to income ratio, said lenders often times tack on absorbent fees, added-on products or features and charge excessive penalties. So in essence, if you have not-so-great credit you are a credit card companies ideal client. What a great way to kick the hard working American people when they are down. What is worse, is that when offered these lines of credit, more often than not, they do not give you the amount that they offer. As well, they include acceptance fees of nearly one-third of the limit that is given, also processing fees, annual fees, etc. So by the time the card reaches the consumer they are nearly maxed out, most of the time not knowing, and as soon as they use the extended credit they go over the limit and are charged costly penalties.

Many companies that use these strategies to fatten their pockets also fail to follow the guidelines set under the Fair Credit Reporting Act (FCRA). Many reports of collection agencies calling numerous times a day, at late hours or extremely early in the morning, using profanity, false titles, claims and/or threats to extort payment from the targeted

consumer. Little is done to protect or educate the nations public about the laws that are set aside to protect them. A large portion of said companies also include mandatory arbitration clauses into their contracts which make it very difficult if not impossible to take action against them.

The fact is, what these lenders are doing is deceptive in nature. They justify their fees and rates by targeting high risk consumers and then trap them further into the credit trap. Further-more, they justify the rates, fees and penalties they charge because the consumers that they themselves target are high-risk. How about them apples?

Additionally, Credit card companies have been adding universal default clauses to the terms of credit card agreements. The universal default clause allows credit card companies to pull your credit report on a regular basis. If you have been late on any payments, a higher interest rate can be added to your credit card or all of your credit cards. This includes even being one day late on your mortgage, car, or utility bill (if it is reported to the credit reporting agencies). This could not only increase the interest rate on future purchases, but also raise the interest rate on the consumers entire outstanding balance. I.E. if you are late even just once on your car payment, your credit card interest rate could jump from 8% to 29% without you ever being notified. This will be very harmful for consumers who are late on even just one payment with a different credit card or payment that is reported to your credit report.

More and more families are relying on course credit cards to weather condition the storm during economic hardships and are being targeted by a billion dollar credit card companies

and their felonious practices. Recent emphasis on this topic has been making headlines but niggling has been done to crack down on predatory lending practices.

The most widely spread tactic used by credit card companies is targeting low income, high debt, or nonage markets. On top of offer high involvement mention to consumers with a higher debt to income ratio, said lenders often times tack on absorbent fees, added-on products or features and excite overweening penalties. So in essence, if you have not-so-great credit you are a citation card companies ideal client. What a great way to kick the hard workings American people when they are down. What is worse, is that when offered these lines of credit, more often than not, they do not give you the amount that they offer. As well, they include acceptance fees of virtually one-third of the limit that is given, also processing fees, annual fees, etc. So by the time the card reaches the consumer they are nearly maxed out, most of the time not knowing, and as soon as they use the extended deferred payment they go over the limit and are aerated costly penalties.

Many companies that use these strategies to fatten their pockets also fail to follow the guidelines set under the Fair Credit Reporting Act (FCRA). Many reports of collection agencies calling numerous times a day, at late hours or extremely early in the morning, using profanity, false titles, claims and/or threats to extort defrayment from the targeted

consumer. Little is done to protect or develop the nations public about the laws that are set aside to protect them. A large portion of said companies also include required arbitration clauses into their contracts which make it very hard if not impossible to take action mechanism against them.

The fact is, what these lenders are doing is deceptive in nature. They justify their fees and rates by targeting high risk consumers and then trap them further into the course credit trap. Further-more, they justify the rates, fees and penalties they charge because the consumers that they themselves target are high-risk. How about them apples?

Additionally, quotation card companies have been adding universal default on clauses to the terms of deferred payment card agreements. The universal default clause allows mention card companies to pull your credit report on a regular basis. If you have been late on any payments, a higher interest rate can be added to your credit card or all of your credit cards. This includes even being one day late on your mortgage, car, or utility bill (if it is reported to the credit reporting agencies). This could not only increase the interest rate on future purchases, but also raise the interest rate on the consumers entire spectacular balance. I.E. if you are late even just once on your car payment, your reference card interest rate could jump from 8% to 29% without you ever being notified. This will be very harmful for consumers who are late on even just one payment with a another(a) credit card or payment that is reported to your credit report.

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