Banks Are Using Deceptive Credit Card Debt Practices Without Remorse

According to Consumer Affairs reports every bank they studied engages in unscrupulous credit card debt behavior.The Pew Health Group for a safe credit card project reports that internet banks and credit card debt issuers are violating many and most the new credit card debt reform laws that will go into effect early next year. And an alarming 100% of those surveyed were doing so.

The twelve biggest credit unions and bank credit card debt lenders were included in many of the surveys. These are financial institutions with ninety percent or more of the credit card debt owed by consumers today.
 
The time period covered was December of 2008 to present and the research and data gathered by the Pew Safe Credit Cards Project included as much as 400 plus credit card debt accounts.
There were such violations as credit card interest rate increases. Not just on customers who defaulted on accounts payments but on any and all account holders. It didn’t matter how long a customer had banked with the institution or that they had always been in good standings on their credit card debt accounts.

There were increases on outstanding balances or the monthly amount left unpaid to 6.7% or more. This was done without any consent or notice to the customer until after it was done. In essence the banks were simply changing the rules of the original contract to make profits on their customers.

There were twenty percent increases on credit card debts lowest advertised bank rates and as much as 13 percent increases on the highest bank advertised rates of credit card debt.Also one of the new credit card debt’s greatest incentives which were to protect consumers from unfair credit card penalties was and is being violated repeatedly.

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