The law allows credit card companies to change your rates and terms at any time, for any reason.
More Quotes from Ed Mierzwinski:
It doesn't hurt to overreact, but it's not worth it to obsess.Ed Mierzwinski
Understand that the credit-card company is trying to trick you into running up a bigger balance or paying late. Don't fall for their tricks. Pay on time, as early as possible. And don't just make the minimum payment.
Ed Mierzwinski
If you have someone doing the paper shuffle -- sign here, sign here, sign here -- there is tremendous opportunity for mischief.
Ed Mierzwinski
I'm encouraged that some issuers are doing this. I think penalty fees are a disingenuous way of making money, ... I'm encouraged the marketplace is responding to pressure from lawsuits and consumer complaints.
Ed Mierzwinski
Credit cards offer convenience. Credit cards offer emergency life preservers. If you start to use your credit card for daily expenses, and you start paying for pizza at 18 percent interest -- do the math.
Ed Mierzwinski
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