Please check this artical out about credit cards

Guys I about fell in my office floor on this one.
For years we have been told to pay off credit card balances, not to open to many cards, etc.... Well I guess since the "new" consumer laws on credit cards and such have went into effect the rules have changed..check this out.

finance.yahoo.com...

Very good information to know. I had no idea so much had changed. I wonder how many people will not hear about this and end up hurting themselves?

Thanks for posting this.

so, now they are telling us to max out our cards, and open more cards? regardless of how it affects your credit its still BAD!! if people cant pay off their cards now how are they gonna pay when they have 5 more cards? it doesn't make sense, its just another way for the credit card companies to make money, and to further ruin American lives

reply to post by tsloan


Hi,

Thanks for the post -really informative especially as the card companies never advertise this.

Recently I received a letter from Amex saying that I had exceeded a limit (that I didn't know I had - always thought Amex was open ended) as I hadn't used my card for a year or so and that this 'limit' was calculated on usage (or apparently, in my case, non-usage).

Was a little peaved especially as the letter said I wasn't to use the card.... (so how do I get the limit back up?)

Peace!

reply to post by The Wave


The easiest way is to pay the balance and then call them and try to cancel your card. These leeches will do almost anything to keep you on their teet!

Zindo

[edit on 3/17/2010 by ZindoDoone]