"US banks fight limits on credit changes; Consumers would be hurt, industry claims" by Bloomberg News | August 22, 2008
NEW YORK - Frank Chan said he had been a loyal Citibank cardholder for 20 years when he was told by a customer service agent that stopping a check payment would cost him $29.
He said he was shocked to see on his next credit card statement that as a result his interest rate had more than doubled, from 13.9 to 28.9 percent, and applied to his current balance. Citigroup Inc., the biggest US credit card lender, agreed to remove the additional interest charged, yet for Chan it was too late.
With declining home equity limiting access to credit, more Americans are relying on plastic. Consumer credit card debt is nearing the $1 trillion mark, which is double the amount held in 1996.
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They might as well have you tied up and gagged with your pants down, America.
Nice plump butt ready for pooching at anytime.
