Credit Card Firms: Spawn Of Satan? Betcha!

Sunday, March 26, 2006 at 04:00 PM

Was I kidding last time I posted a story like this one....?

Lovely. Armed with the "green light" from the OCC to demand more usury...oops...higher payments, seems the very credit card industry is now dragging their very customers down! Oh, golly gosh, imagine that, eh?

"The problems Tom and Nancy are facing -- who both asked that their names be changed to keep their personal financial issues private -- are all too common to Steubenville bankruptcy attorney Roger Isla.

"You end up basically being an indentured servant to your credit card company," Isla said.

"The marketing that credit card companies are doing is unconscionable."

Isla said companies often offer interest rates as low as 2 percent to those with mediocre or bad credit scores.

In the fine print of these pre-approved agreements is a clause that states the creditor reserves the right to change the interest rate -- often advertised as "fixed" -- at any time for any reason."

So, we get firms, who, are basically, what, committing outright strong-arm robbery? If I did such a thing? Can we spell F-R-A-U-D?

Wake up, folks. Shred those cards immediately!