Did you know this about your credit card?

The Outrage In Your Credit Card%26#039;s Fine Print





Blue Ridge Summit, PA. - Would you sign a contract that says, %26quot;Any term can be changed at any time for any reason, including no reason%26quot;? Anyone who uses a credit card already has.





Such are the absurd terms of the consumer credit-card industry, which is poised to be the next big crisis (after housing) that banks have aided and abetted in US households.





Americans have now racked up nearly $1 trillion in credit-card debt. As housing equity shrinks and costs rise, agencies such as Moody%26#039;s report swelling numbers of accounts with balances three or more payments past due. Reinforced by abusive industry practices, the plastic safety net is becoming a permanent cage.





But here%26#039;s the good news: If you%26#039;ve ever been steamed by surprise fees on your credit-card statement or had your interest rate cranked up without warning, the Federal Reserve Board wants to help you. The Fed? That oracular secret society whose chairmen say Yoda-like things about interest rates? Well, actually, yes.





Ever since its remarkable %26quot;oversight%26quot; of junk lending led to the mortgage melt-down, the Fed seems determined not to let credit-card defaults drive the American banking system any closer to Third World standards.





There%26#039;s plenty to reform. During the housing bubble, credit-card vendors inflated interest rates 鈥?even as the Fed slashed them 鈥?and found increasingly sneaky ways to usher their customers into perpetually indebted servitude. Such as:





鈥aising rates as high as 32 percent on existing balances, with no notice, even when they%26#039;ve always been paid on time.





鈥ompressing the time between statement mailings and due dates.





鈥harging interest on debt already repaid.





鈥osting on-time payments after their due date 鈥?and then charging late fees.





鈥eglecting to disclose how much interest and time it will take to pay off a balance with minimum payments (if ever).





http://news.yahoo.com/s/csm/ylange;_ylt=鈥?/a>|||You have changed my way of looking at my credit card..........lol|||yes