Banking committee examines credit card industry

Well its about time. Today Senator Dodd is holding a hearing to examine ways "to tighten rules related to the credit-card industry's billing, marketing and disclosure practices."

I hope this a first of many hearings that will take credit card companies to task for the outrageous fees they charge. Take the the interchange fees, for example. It’s bigger than late fees, even bigger than overdraft fees! Visa and MasterCard collect 2-3 percent of the price each time a credit card is swiped. It pisses me off because its basically a secret surcharge that’s inevitably passed on to consumers.

I feel like nobody is aware of this type of fee. Am I wrong?

They are also billing on a 28 day cycle instead of a monthly. That means your due date changes every month and since most of us don't notice it there will be a few months in a year that you will be hit with a late fee. Depending on the card it can be quite high.

Originally posted by streeter
I feel like nobody is aware of this type of fee. Am I wrong?

I hardly ever use my credit card because it's more trouble than it's worth. It's nice to have in case of emergencies, but no, I don't know much of the fine print, but at least I'm aware that I don't know it. True wisdom is knowing what you don't know.
I've also been the victim of identity theft, and the credit card companies are not helpful at all in that situation.

And the more I think about it the more I ask myself

What would Tyler Durden do?

I cut up most of mine a few years back and now only use my visa that takes money right from my account. For me it's been the best. I now watch what I spend and the few cards I did keep I pay off when I do use them. The credit companies hate people like me because they aren't making any money off me. The hell with them. They are in third place behind pay day loans and loan sharks.

Originally posted by streeter
Well its about time. Today Senator Dodd is holding a hearing to examine ways "to tighten rules related to the credit-card industry's billing, marketing and disclosure practices."

That's like the Gotti family investigating the ethics of the construction business in New York City, most of the elected in DC have their campaign coffers stuffed with some high finance cash.

This is hot air, if they want answers it would have to come from a criminal investigation, involving untainted searchers of truth.

Is there anyone out there who knows who should be investigating this activity, I am having a difficult time coming up with anyone I could trust to do this.