“99% of their complaints probably boil down to not reading the paperwork they signed...”
Doubtful. People are getting mad about their interest rates rising despite making regular payments. People are mad about due dates being ever changing thus making their budgeting tougher. I’m sure there are other reasons but these are two of the ones I can think of off the top of my head by listening to the Clark Howard show and seeing what my own credit card companies have done.
People have valid complaints about credit card companies. Whichever party pushes solutions through with the most P.R. THE QUICKEST will reap the benefits.
Demonizing the people with the complaints just makes them mad at you.
There’s a real simple solution. Don’t carry a balance on your credit cards. Problem solved.
When you use other people’s money, THEY set the terms of its use. Unless of course you’re Congress using ours.
My interest rate doubled in spite of being a regular payer for years. No reason, other than they could. I’m currently trying to find one 0 interest to get rid of the account that changed.
The fraud is the biggest reason the rates have gone up. That and people running up their cards and then not paying for it.
That’s what the government should do something about(fraud and abuse). The rest is not the responsibility of the government. If someone is stupid enough to max out their cards, not pay bills on time, etc....it is not the government’s job to bail them out. If your interest rate goes up and you don’t like it...take your business elsewhere.
Just my two cents. I don’t like the idea of government getting involved in private business.