Location: New york
Author: Tony Berlin
Date: Thursday, July 9, 2009
President Barack Obama has signed into law the Credit Cardholders Bill of Rights, but according to a new survey from Credit.com, a third (33%) of consumers still say their card company has recently made one or some combination of the following changes to a credit card account:
* Increased their interest rate 19% (up from 15% in February survey)
* Increased their fees 14%
* Lowered their credit limit 14% (up from 8% in February survey)
* Increased their minimum payment due 12%
* Reduced their rewards program 9%
“This is a defining moment between now and when the law is scheduled to go into effect in February 2010,” says Adam Levin, co-founder of Credit.com and a former director of the New Jersey Department of Consumer Affairs. “Will credit card companies actually be “kinder and gentler” or instead look to squeeze the consumer at every opportunity with a new fee or rate hike?”
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