Why Credit Card Holders Need Protection


	Why Credit Card Holders Need Protection

debbyski

10-25-2009 12:44 PM

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10-26-2009 10:53 AM

Kelika

I got one of those letters. It starts off about them needing to increase rates due to the rising cost of business...

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/53b638d0-04f9-4ce3-a97c-3742f4ad3fc8/1894DF33-0B3B-44DE-BCA8-97DBB6B2860C/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column" href="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column" style="font-size: 11px;">www.latimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column"><div align="center"><img src="http://content9.clipmarks.com/blog_cache/www.latimes.com/img/1052EFBB-192D-431E-A42F-AD62B37FD3B2" alt="Credit cards" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column"><DIV>
Ed Myska works as executive vice president of El Segundo's Bank of Manhattan, so it's pretty fair to say that he knows a thing or two about keeping his financial house in order.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column"><DIV>Yet he was among numerous people who have been notified by Citibank in recent days that the interest rate on their credit cards is soaring to almost 30%.</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column"><DIV>Letters being mailed out by Citi say only that the rate increase will allow the company "to continue to provide our customers with access to credit."</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column"><DIV>"If we ran our bank the way Citi runs theirs, we wouldn't be in business," Myska said. "Our clients wouldn't put up with it -- and they shouldn't have to. Fees and rates should be fair."</DIV></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.latimes.com/business/la-fi-lazarus25-2009oct25,0,876064.column"><DIV>That's precisely the purpose of the Credit Card Accountability, Responsibility and Disclosure Act, which President Obama signed into law in May. Most of the law's protections aren't scheduled to take effect until Feb. 22. Some won't kick in until the end of next summer.</DIV></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/1894DF33-0B3B-44DE-BCA8-97DBB6B2860C/blog/" title="blog or email this clip"><img src="http://content6.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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