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What to do until the Unfair Credit Card Practices Act begins?

I was delighted about the Unfair Credit Card Bill passing. I was greatly concerned to see how many months it was going to be before it took affect. Since, I have had credit cards lower my limits, raise my APR, and raise my APR to the default amount (though I never defaulted!). I have a good credit score, and am in good standing with any loans and accounts and it has been this way my entire credit history! I have other family members stating they have had recent interest rate hikes too w/ low debt and excellent credit scores. My worst is Citibank going from 16.99 to 29.99% and as I stated, I have never defaulted! That bill is paid on time every month. I feel these months ahead will be full of abuse, so by the time the unfair credit card bill is in effect, it won't matter. We need protection now! I have written to Senator Levin, Senmator Dodd, and Pres. Obama. I feel so helpless! Any idea's?


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We were all happy to hear this news , but as you know the credit card companies are a very powerful lobby and just like prop 103 and the insurance lobby," DON'T HOLD YOUR BREATH". As for "CITIBANK", the day after the govt. bail out I was notified that they were going to start charging me $10 evertime I used balance plus, for which there previously was no charge unless the balance was not paid in full before the next billing cycle.The banks will continue to take advantage of us consumers until the govt. gets a lot tougher on them! Don't even get me started on ATM charges.They use to pay us to keep are money in their banks but know we pay them for the previlage! pay them off as quick as you can then cut them up!
Posted 2009-10-20T00:55:47Z
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Reliable answers to your credit questions.

The first provisions of the Credit CARD Act, which require 45 days advance notice of a change in terms, and the option to opt out, went into effect August 20, 2010. The next changes go into effect in February 2010. However, a bill is in the House (HR 3639) would move up the implementation to December. Here is a news article that talks about what is happening:

http://washingtonindependent.com/64762/push-to-expedite-credit-card-reforms-gains-momentum

Unfortunately this law does not help the millions of consumers already impacted before the law went into effect.
Posted 2009-10-22T17:47:49Z
GerriDetweiler was invited by Yedda to answer this question.

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