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Credit Card Companies Attack The Weak And Vulnerable
Times are hard. Since the mortgage industry fell apart, there has been a domino effect that has trickled into the rest of the economy. The Fed tried to curtail a recession, but it hit us anyway. People are struggling with the ability to balance work and family while money is tight. There is talk that the recession is over,[link widoczny dla zalogowanych], but it is really hard to tell what lies ahead for us.
Many people are trying to capitalize on the negativity. Companies are offering ways to stop foreclosure or to improve credit reports and credit scores. But oftentimes, these strategies are to the disadvantage of the homeowner.
One of the most troubling signs of abuse that I have seen lately is the way that credit card companies are preying on those who are currently financially challenged.
Higher interest rates
In December 2007, Congressional leaders met with credit card company executives to discuss company practices that I find unfair. Credit card companies have been raising interest rates on credit cards held by cardholders whose credit ratings had recently dropped. This higher rate takes effect even if the cardholder has not been late on the credit card in question.
Senate leaders argued that the credit card companies should honor the original interest rate if the cardholder has been meeting the expected obligations. The credit card companies countered that lower credit scores represented higher risk, and the higher interest rate was one of their ways to manage that risk.
This practice falls under the "universal default" rule, which assumes that once a borrower begins defaulting on one account, the potential for default on other accounts increases.
Does loyalty count anymore?
I find it appalling that a credit card company would raise interest rates on a customer who has been trustworthy and loyal in meeting the expected debt obligation. Even if the customer is only paying the minimum payment, there is no reason to impose a penalty.
If this is the case, what incentive does the customer have to continue to make on-time payments? If funds are limited, why should the customer maintain loyalty to a company who is not loyal to its customers?
Once interest rates go up, the amount that goes toward paying down the balance is reduced, making it harder to pay the card off. It makes the customer feel like he or she is not making any progress,[link widoczny dla zalogowanych], and it becomes more likely that the credit card will fall lower and lower on the priority list. These households are struggling emotionally,[link widoczny dla zalogowanych], so it doesn't take much to push them over the edge.
Although credit card companies are in business to profit, there should be something in their mission statements about customer satisfaction and customer retention. If they continue to prey on the weak, the negative feedback will slow the potential for growth.
Help families who are hurting
Why not be proactive and assist those who have fallen on hard times? When everyone else is attacking them, why not offer a lower interest rate that encourages them to pay off the debt?
I remember my dad teaching me that a part of something is better than all of nothing. If these companies lived by those words,[link widoczny dla zalogowanych], fewer accounts would end up in collections. These companies would also have a better chance of collecting on debts that usually end up written off.
Capitalism may create more opportunity, but combined with greed, it just ends up hurting America's families.
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