What Every Debt Collection Agency Should Know About The CARD Act
On February 22nd, 2010, the Credit Card Accountability, Responsibility and Disclosure (CARD) Act took effect. The CARD Act had one major purpose: to attempt to harness in credit card practices and set limits to the fees that credit card companies charge consumers. It was designed with credit card holders in mind, limiting the amount of credit made available to them in this recession “for their own good.”
Advanta Credit Card Scam
I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. November 2008 I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.
Avoid Getting Burned By Debit Cards- Part One
The majority of people do not think anything of it when they hand over a debit card to purchase something, but not those that have been burned by debit card theft, debit cards that can be used like credit cards to be exact. Last summer, a native of San Jose, California used his debit card to book a rental car that he planned to drive from Memphis Tennessee to Saint Louis while he took a vacation over there.