OK have you ever missed a payment on your credit card and not only had to pay a hefty late fee but also had your interest rate raised in the process. I know we all should be making our credit payments on time and if possible making them early to avoid late fees, but to me personally the interest rate tactic is too much. I can see if your 60-90 days late but not only a few days over your due date. There is some good news, the Federal Reserve Bank wants to hear from you, now is your chance to express your concerns about the credit card industry. According to the Fed they are looking to hold talks about making some reforms in the industry. If your interested in giving your comments you have until August 4th to do so.
I wanted to see how everyone felt about the tactics the credit card industry uses when someone is late on a payment.
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