In essence you incurred the balance while you were much more credit worthy in the eyes of the credit card company.
More Quotes from Ken McEldowney:
We would have preferred the new rates be phased in over a year or two, so consumers had a chance to adjust to it. It's going to be sticker shock, especially because it hits right after Christmas.Ken McEldowney
There's no reason for someone to have a bounce-protection plan. Seek out the overdraft-protection plan.
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This is not brain surgery. This is common sense. I'm baffled. I really am.
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I think people expect government agencies to protect their personal financial information more than private industry. As this shows, that's not the case. They're just as sloppy.
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If a consumer is paying late, or not making credit card payments, they know that before it hits a credit report. The only thing this might be a safeguard against is some kind of fraud -- and my understanding is that the credit reporting agencies have safeguards.
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