Big banks are fighting the government to keep you in credit card debt.

Lexington, KY. August, 28th, 2008

There is a bill pending in Congress that is attempting to protect the average consumer from going further in to credit card debt. The United States has almost 1 trillion dollars in outstanding credit card debts. Consumer credit card debt has almost doubled since 1996. Given the current recession, it might be a little late. But, yes Uncle Sam is trying to help you get credit card debt relief.

The bill hopes to reduce the amount of “bait and switch” tactics used by credit card companies. Currently those of us with credit card debt only have 14 days to be notified of an interest rate changes. The House hopes to pass a bill which will give consumers a 45 day window to see an interest rate increase.

``Less risky borrowers will have to absorb the costs posed by riskier borrowers if issuers can't price everyone based on the risk they pose,'' said Ken Clayton, senior vice president of card policy at the American Bankers Association based in Washington, D.C.

As it stands now, if your interest rate goes up, your payment would be applied to the balance at the lower rate. This leaves the higher rate balance to continue to grow. This bill will help separate the two different interest rates.

Consumers typically are so bombarded with mail and offers from their credit card companies that they often throw away anything that comes to them in the mail. Often times they throw away something that might be warning them of an interest rate jump on their credit cards.

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