Released: June 12, 2007

Credit card companies under attack

Source: Herb Weissbaum, MSNBC

We love our credit cards. Buy now, pay later is mighty convenient. And yet, many cardholders are unhappy with the way they’re being treated by their credit card issuers.

Steve, a businessman in Texas, tells me he had a “stellar credit history” until last year. One month, due to what he calls a “misunderstanding,” he paid less than the minimum payment.

Steve says the bank never contacted him. They just boosted his interest rate to 29.99 percent. He says his minimum monthly credit card payment is now higher than his house payment. And because of this, he’s now had the credit limit on one of his other cards drastically reduced.

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