Citibank Cancels Credit Cards with Little Warning
New York, NY: Beyond the sometimes onerous fees associated with many credit cards,
credit card abuse takes other forms—not the least of which includes the allegedly unjust termination of a credit card. [
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$336 Million Settlement for Credit Card Fees Lawsuit
Manhattan, NY: A
credit card abuse class-action lawsuit that's been in the pipeline for about eight years and approved in 2006 has won final approval from a US judge. The settlement will see $336 million spread amongst a whopping ten million-plus claimants who alleged credit card consumer abuse and unjust credit card fees. [
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Credit Card Abuse: To Be Continued?
Washington, DC: On March 13, 2008 five credit card consumers were ready to testify at a House Financial Services subcommittee hearing regarding credit card industry practices and
credit card abuse. But it turned out to be a waste of time: GOP staff members asked them to sign waivers allowing public disclosure of their private financial matters—which they refused to sign. One witness said that the waiver “seemed very intrusive.” Sounds like it was written by the credit card industry. [
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Credit card abuse is rampant. Credit card companies are increasingly offering teaser rates and then dramatically increasing the rates without notice on the basis of a single late payment, or an overlimit, or some other pretense. These unfair practices are driving interest rates out of sight.
