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New Credit Card Rules…

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I was watching the news last night and was amazed by a story about a guy whose credit limit was reduced because of his new spending habits – more specifically, where he shopped. Changes in habits, like shopping at high end stores similar to Macy’s and Niemen Marcus then suddenly shopping only at dollar stores and Walmart, can influence your credit – or so the story goes.

Rather than let the issue drop, the man has turned into an activist for consumers. His website, though not updated regularly, gives some good information on important issues such as the Credit Card Bill of Rights and consumer lending laws.

If you’re having a slow day, check it out:

www.newcreditrules.com

On a side note, I think he has a good idea and his dedication is admirable but wouldn’t it be easier to not be taken advantage of if you get rid of the credit cards entirely? It seems like the site should read, ‘You are all VICTIMS’ at the top. Activism on consumer protection is necessary BUT so is consumer responsibility.

*Warning* I can’t verify the validity of his claims but he has been all over our local news stations and on Good Morning America and they are far better at fact checking than I am.


7 Comments

  • Reply Jin6655321 |

    Oh, I agree. It’s the same reason I HATE those freecreditreport dot com commercials who imply that you can’t get what you want in life because you didn’t check a website, not, you know, because you’ve been making all kinds of financially disastrous decisions.

    Still, I imagine there are lots of people out there who are trying to turn their financial life around and surely, this isn’t helping. A sudden drop in their credit limit can really impact their credit score. If they’re trying to pay down their CC debt, a sudden spike in interest rate is not going to help.

  • Reply Mysti |

    I had my credit line slashed when I tried to lower my interest rate. Because of the high rate, I am having a hard time making the minimum payment (I am, but it hurts). I am not paying more, so the finance charges are eating away at the small about of credit I have left.

    And on top of it, it screwed my FICO!!

  • Reply David@DINKS Finance |

    A bill of rights? Please. It’s not so much people being took advantage of by credit cards than people digging themselves into a hole with credit card debt.

    If the credit card company does something that wasn’t in the contract, they have a legal claim. Just be conscious of what you are signing up for and pay your bill in full each month.

  • Reply Nicole |

    Hmmm, I bet they don’t like it then that I don’t use any cards anymore. No debit, credit or otherwise. Thanks Dave Ramsey for putting my head on straight : )

So, what do you think ?