I have had numerous problems with a credit card company that I have(Read Bank of America). Once, in spite of making a payment online on time, the computer system said it would not take my payment “at this time,” thereby forcing me to schedule a later payment and it became late. If one wants to argue a ridiculous notion of “should have sent it earlier,” well no, I shouldn’t have, that’s why there is a due date in the agreement, although I eventually resolved the problem, it was a mess to sort out.
Additionally, my rate was raised without my knowledge, and no indication was given on my bill that my rate would increase. (This was later, not related). Then, because the rate was almost doubled, the interest put me over my limit, further raising my rate and giving me an “over the limit” fee, which took hours to resolve. These credit card companies have ridiculous practices, and there are all kinds of other stories I could tell. I moved to cash about 2 years ago, paying off my last card (I inherited about 10 when I married 1.5 years ago, they were closed first).
I will happily never use one again, probably in the direst of emergencies, medical rates are lower anyway, and I have found in the meantime I can live without a vehicle easier than I can pay down usury-like interest rates, which can vary on a whim. Want more stories, I’m full of em’.
In my opinion this is not a bad thing, but the law of unintended consequences may or may not be in play. If the effort is to socialize, you may well see quite-intended consequences.
Basically I am against government meddling in business but I think the credit card companies have brought this on themselves. In my opinion they have stayed up all night figuring out ways to trap the unwary card user. I have gotten many offers that I threw in the trash after reading them and sometimes it took three readings to find the “catch 22”.