Money in the Middle

Sandwich Generation Talking About Money Up, Down and Across Generations

Credit Card Relief Ahead?

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There might be releif ahead for those struggling under mountains of credit card debt that grows with each new fee and penalty.

 

“The days of any time, any reason rate hikes and late fee traps have to end,” President Obama said today in a meeting with credit card executives.

 

That would be good news for not baby boomers caught in the middle – with their own credit card issues, or trying to help older and younger generations with their credit card headaches.

 

There’s no doubt that some have used credit cards irresponsibly and gotten themselves in trouble with too much debt.  But that has been compounded with the frequent rate increases and new fees the credit card issuers have been piling on.

 

New rules are schedules to put a stop to much of this next July (2010).  But the call today from Congress and the President was that the practices have to stop now!. Especially as the taxpayers are funneling billions into the banks.

 

So, if you’ve got credit card troubles, continue to watch that change of term statement that comes in the mail.  And pay attention to what is changing and if you can, switch your balance to a less onerous card or stop using it if that will stop the fee increase.  If you’re working on a plan to get your credit card bills under control, keep at it.  Steps to stop the fee increases will help, but you need to keep paying down that debt, too.

 

We all have a tendency to toss those envelopes aside when they come.  Open the envelope and understand what changes are coming your way.  And let’s hope that action comes soon from Congress to put a stop the many of these outrageous fees.

 

This is an issue that has impacted one out of four families.  It could save a lot of money for lots of people.  Let’s hope the Federal Reserve steps in and puts the new rules in effect right away.

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Written by Laura Rossman

April 23, 2009 at 10:53 pm

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