{"id":171,"date":"2009-10-19T10:35:46","date_gmt":"2009-10-19T10:35:46","guid":{"rendered":"http:\/\/blog.beliefnet.com\/yourdailyspiritualstimulus\/2009\/10\/money-coaching-monday-banks-unfair-credit-practices.html"},"modified":"2009-10-19T10:35:46","modified_gmt":"2009-10-19T10:35:46","slug":"money-coaching-monday-banks-unfair-credit-practices","status":"publish","type":"post","link":"https:\/\/www.beliefnet.com\/columnists\/yourdailyspiritualstimulus\/2009\/10\/money-coaching-monday-banks-unfair-credit-practices.html","title":{"rendered":"Money Coaching Monday: Credit Card Practices Bankrupting Americans"},"content":{"rendered":"

Before the recession began a little over a year ago, credit card
\ncompanies were offering some of the most attractive rates and balance
\ntransfers ever seen. Many people were using credit cards to not just
\nsupplement their lifestyles, but many also began using these offers as
\na means of financing their businesses.<\/p>\n

It made sense<\/i> to transfer an 8% SBA loan to a 3.99% fixed rate
\nwith a credit card company…that’s quite a savings. The problem is
\nthat apparently these companies can’t be trusted and their “lifetime”
\nfixed rate offers were not worth the paper they were printed on. <\/p>\n

As we speak, the banks that we bailed out<\/i> with billions in
\nfederal loans, are now rapidly changing the rates and terms of their
\nprevious agreements and driving more and more people and small
\nbusinesses into financial crisis and bankruptcy. Without cause or
\nconscience as to the potential consequences they are creating for their
\ncustomers. Customers who were paying faithfully and honoring their
\nagreements no less. <\/p>\n

That’s right…you don’t have to have been late, gone over limit, or done anything<\/i>
\nfor that matter for a bank or credit card company to raise your rates,
\ndecrease your line of even increase your required minimum payment to
\ntwice it’s previous amount.<\/p>\n

Meanwhile, the new credit card law that Obama signed in May, which was
\nmeant to prevent these very practices from occurring, is not effective
\nuntil July 2010. Effectively, what the government appears to have done
\nis provided a window of opportunity to these companies to do whatever
\nthey please. By the time the law is effective, it’ll no longer be
\nneeded and the damage will be done.<\/p>\n

Personally, I think this could become the equivalent of the mortgage
\nindustry debacle that began the cycle of this economic meltdown.
\nMillions of Americans have a credit card with a balance. If credit card
\ncompanies continue with these blatantly abusive practices, the national
\ndefault rates will increase. And we cannot afford another meltdown.<\/p>\n

We greatly need to pass the Credit Cardholders’ Bill of Rights and we
\nneed it now. I strongly urge you to contact Congress and your local
\nrepresentatives now.<\/b> Tell them your stories and how these unethical and
\nunfair credit practices are affecting you, your family and\/or your
\nbusiness. Urge them to pass this new law before more Americans are
\ndriven into financial crisis and insolvency. Enough is enough.<\/p>\n

Peace & Blessings!<\/p>\n

<\/font>
<\/p>\n","protected":false},"excerpt":{"rendered":"

Before the recession began a little over a year ago, credit card companies were offering some of the most attractive rates and balance transfers ever seen. Many people were using credit cards to not just supplement their lifestyles, but many also began using these offers as a means of financing their businesses. 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