| Consumer Rights with Credit Cards?

Consumer Rights with Credit Cards?

SSMChicago asked:


I recently fell into financial hardship and called my credit card company BEFORE I was late in making a payment with the possibility of being set-up with a hardship program of some sort or a freeze on my account, or payment plan until I can then again begin to make payments. The account representative/supervisor was less than helpful and said, “We can’t help you until you’re late on your account.” I was shocked and reiterated to her if what she had just told me is correct. Now, I have been delinquent on this account for roughly 3 months going on 4. Originally the balance was $5000, now with all the interest and late fees it is $6000. As a consumer, I feel the information the Account Representative provided me with is not only wrong but usury. How can the bank advise you to be late, AND also have the right to inflate your interest rates and tackle on the late fees? Can someone give me guidance as to credit laws and my rights. I am at the point of settlement but would rather not

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One Response to “Consumer Rights with Credit Cards?”

  1. edwardogden2000 on June 22nd, 2009 2:04 am

    I feel your pain.

    I am going through the same thing. I wrote to each of my credit card companies and lenders when I was having problem and not one responded.

    When I started being late, then they tacked on the fees, raised the interest rates, reduced credit limits and started calling me. I explained and explained every few days to a new collection clerk.

    I finally found this site:

    All of my accounts are in collection now, but at least the phone calls have stopped. I write to each one about once a month and give them and update on my status. Most of the accounts have gone through 2 or 3 collection companies. This makes me leary about who do deal with and I tell them that in my letters. I am finally getting to the point where I may be able to start making some kind of payment arrangements. But I will be very careful in my dealings with them.

    The banks seem to feel that if they work with people before they get behind that everyone will be calling them. Their tatics must work to a certain degree or they would change them. They have the increase in rate, late fees and other things listed in your cardholder agreement, which noone ever reads. Besides, if you want the credit card, you must agree.

    Good Luck