As noted in Newsweek, November 5, 2009:
http://www.newsweek.com/id/221345
New credit card legislation which passed in May and does not take effect until February is geared to “stop credit-card companies from unfairly increasing rates or fees” according to the article posted in Newsweek (link above.)
In the interim, however, credit card companies have been increasing interest rates and fees to many Americans who cannot afford it now, more than ever. These increases are forcing Congress to revisit the issue to impose a freeze on the increases from now through February.
As stated in the article however, credit card companies are finding loopholes and are operating as would a loan shark. These actions take what has been a poor economy and escalate the situation further causing more individuals to go onto greater debts of which they are unable to pay.
I also live on a daily basis through my credit card since being laid off a year ago. Repayment has been a struggle for me but for those with little or no income, it may be impossible unless Congress and the law fully put an end to the apparent unstoppable power of the credit card companies.
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I am glad congress is going to do something about this situation, because my father has also been laid off and it is so hard for him to make those payment, that i have to sometimes give him a bit of money. But i am glad that he has someone that can help him because some people do not have anyone at all. And like this article was saying, the credit card companies are finding ways to charge more in interest, because that is what they tried to do to my father, but he caught it and they came up with a lame excuse and took it off. They are becoming like loan sharks, no one can trust them anymore.
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