New Credit Card Rules Tackle Fees, Rates

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to whom do we address the issue if a credit card company is NOT following the rules?
I had my rate increase by 5points to 14.75% in May of 2010, with no explanation, No late payments, good credit score. So now what do I do??

Kathleen Dougherty of NY 4:59PM August 27, 2010

I think something many people forget is that this is not in regards to debit cards but credit cards. You are not getting cheated when you apply for a credit card and therefore accept their terms. They spell out what happens when you don't make a payment or go over your limit. You cannot fault a bank for charging you when you break the rules of the agreement you made when you spent their money.

Anon of PA 3:12PM August 24, 2010

I have to laugh when people say the credit card companies will just find another way to get the money. So what should we do, just throw up our hand and say let them cheat us? There is so much greed ruining our standard of living lately and people just seem resigned to it. Makes me worried for my kids future.

Vicki of MA 9:40AM August 24, 2010

Thank you Obama Administration, job well done.

Shawn of HI 5:26AM August 24, 2010

The banks will find some other ways to raise rates. Where is that free market again?

Anon y Mous of HI 2:52PM August 22, 2010

These points are great and I'm glad they have been implemented. I currently don't have credit cards but I use to in the past, the fees, and hidden charges is really what drives card uses to higher debt rates - you feel like you can never catch up. I know I did. In most cases, those who use credit cards on a consistent bases, only pay the minimum balance don't have the extra cash for over the top fees, thay technically don't have any money. Their living check to check and the credit card is their Plan B once all their money is exhausted. I believe this will relieve some of the pressure that Americans are facing and at the sametime I'm hoping they will appreciate this grace and pursue getting out of debt with the extra cash and not turning around and furthing the debt. Fact of the matter is Americans need Financial Education, quite frankly in order to get a credit card you should have to go through some type of classes. Lack of financial education can be generational.
Americans and Credit Card Companies need to take responsibilty for their actions!

Aja of MI 12:18PM August 21, 2010