Sunday, April 7, 2013

Some BANKS and CREDIT CARD Companies are literally robbing the Consumer!

Does anyone else think that it is ridiculous that Credit Card companies wait 7 or more days to apply your payment to your balance and available credit?  Everyone else is able to credit your payment (utility companies and other service providers) to your account within 24 hours.  Credit Card companies are making a fortune in two ways:   Even though they claim the 7 or more days is for a check hold, they get our money in their bank within 24 hours making interest plus they are charging us interest on our balances ever day starting the day we make the purchase.  In the age of INSTANT   EVERYTHING, Banks and Credit Card Companies should be required to apply your payment to your balance and available credit within 24-48 hours.  (Oh, I forgot to mention that several Credit Card Companies will apply your payment to your balance within 24-48 hours, IF you PAY AN EXTRA FEE-sometimes $10 or more!!) I wrote to my U.S. Senators and Congressman to suggest that they draft legislation to correct this unjustified greed and abuse! They certainly subject our purchases to interest charges within 24 hours! How is that fair?

Of course, I realize you won't get charged interest if you pay your entire balance every month, but sometimes I can't and many people aren't able to either.  

It is time to take a stand!  Not only in America, every citizen should contact officials in their governments to end this fiscal abuse.