Re: Overlimt Fees
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Posted by ANON
(12.212.58.156) on October 05, 2003 at 23:50:27:
In Reply to: Overlimt Fees posted by Gina on October 05, 2003 at 23:00:50:
It's very common and aparently/unfortunately legal. When you first showed signs of trouble, your credit card (the upstanding good guys that they are) probably jacked up your interest rate to the point where paying the minimum will not cover the finance charge. Until the fed/your state government decide to put a serious cap on credit card interest rates (some states do have a cap although high) many consumers will continue to keep getting into your situation. In the end it means the bankruptcy rate will continue to rise and the credit card companies will continue to lobby for BK reform instead of lowering their rates. About the only thing you can do is pay more than the minimum or file your own BK.
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