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Thursday, October 22, 2009

Credit Card Companies Gouging Customers

Credit card companies are gouging their customers with as many fees and higher interest rates as they can shove though before credit card reforms take place in February. If you have excellent credit your just as libel to get additional new fees and higher interest rates as those with lower credit scores. In fact if you carry little or no balance you may get hit with new fees for not carrying a balance or because you don't use your card enough. It's kind of a catch -22.
These credit card companies remind me of the businesses that gouged their customers right after 9/11 when they raised their gas prices to astronomical highs feeding on the fear of customers and squeezing as many dollars out of said customers until their window of opportunity closed.
In this economy people need their credit but all these credit card companies see are dollar signs and they are going to milk this situation for all it's worth. I have written in the past about JPMorgan Chase closing accounts of good customers but sadly they are not alone. Bank of America will start to charge some customers a annual fee of between $29.00 to $99 dollars while Citigroup will start charging card holders a annual fee if they don't charge a certain amount on their cards in a year.
The government went after those businesses that gouged customers after 9/11. I would like them to do the same to these credit card companies.

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