Monday Morning Coffee With Al & Dee

In the last year, have you experienced a credit card interest rate increase, a fee you felt was unfair or a credit line reduction for no specific reason? If so, did you receive any notice or explanation as to why? To pour salt on the wound and highlight the magnitude of the challenge, it was reported that credit card providers collected around $15 billion in penalties fees each year.

HERE IS THE GOOD NEWS!                                                   
The good news is that Washington is trying to rectify some of these challenges with The Credit Card Accountability, Responsibility and Disclosure Act of 2009 - commonly referred as the Credit Card Act - which went into law on May 22, 2009. And just in time we just received a noticed from the JC Penny Credit Card company advising us that our rate will increase to 23.99% and anytime there is a penalty the rate will increase to 29.99%!... and this is on our zero balance card.  Well, there is a way out of this increase you may not have noticed.

In small print you it says that you have the right to reject certain of these changes if you call the toll free number. We did, and they kept our current interest rate at the 19% rate which we think is still too high! Regardless, if you get a notice of increase, you can challenge it.

The Credit Card Act also states that if for any reason you miss a payment with one creditor, another cannot automatically increase your interest rates or drop your credit limit. It also requires that anyone under the age of 21 will need to have a co-signer or a job in order to get a credit card. In addition you now have 21 days instead of 14 to make a payment on your card.

So if you get a notice of an increase in your credit card interest rate, make a call... it'll surely save you money! 

Of the people that you know, who do you think will be selling or purchasing
a home now or in the near future? It would be our pleasure to help them with service beyond what they would expect. Please call us at 228.374.0002 or contact us through our email.

   

NEED A CMA? Or do you know of someone who may need to know to their home is worth? Perhaps you would like to know what the home down the street sold for? Regardless, give us a call and we'll get right on it. Call us at 228.374.0880 or send us an email and we'll call you right away.

Contributed by Al & Dee Allegue
Contact Us | (228) 374-0002 | www.alndee.com
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