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Credit Card Companies Can Still Profit Off Of Unsuspecting Consumers

Posted on Feb 26, 2010

February 25, 2010 - Washington - The recently enacted Credit Card Act of 2009 does offer a new level of protection for consumers, but that doesn't mean you can relax and trust that they will now watch out for your interests.

Some of the new rules will not prevent credit card companies from generating plenty of profit off of unsuspecting consumers, meaning the public needs to stay vigilant about the dangers of predatory lending practices.

According to ABC News, any methods these companies have not yet enacted could easily be pursued down the line. Some of the actions that ABC hypothesized the credit card companies may do include:

Creating new fees and keeping many of the old ones in place
Unexpectedly raising your minimum payments
Closing your account for several reasons
Increasing your interest rate on new purchases, as long as they provide 45 days notice

Credit card companies are for-profit corporations, not non-profit entities, which means they will constantly be considering more ways to improve their bottom lines. While the Act limits some problems experienced by many cardholders, consumers will likely experience a host of new issues as credit card companies do what they can to recapture lost revenue.

It's been reported that many cardholders have already suddenly had their account closed, interest rates increased, and reward programs eliminated or reduced. Be on the lookout for such actions by your card company in the coming months and know that you have rights as a consumer.

The Massachusetts class action attorneys at Phillips & Garcia will fight for your consumer rights in your credit card company class action case. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. If you have been injured in a Massachusetts accident, contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.