Credit Card Companies Changing Payment Due Dates

Reader Question: Why are the credit card companies allowed to change the dates on payment due dates? I'm talking about anywhere from 1 to 6 days. Then I get hit with a late payment fee along with a rise in my interest rate. I do everything electronically and they still find a way to get me, forget the fact that I've never been late in the past and my financial situation has not changed.

You are not alone. Do a Google search for this topic and you'll find a lot of angry folks out there who've been through the same thing. In fact, this happened to one of my relatives recently.

Basically, this is the latest scam being used by credit card companies to bleed their customers dry and protect their bottom line. Did I just accuse them of perpetrating a scam? I think I did. I make no mystery of the fact I dislike the credit card companies. They're not a big fan of my blog either, but I'm willing to accept that. :-)

This is just one of many abuses perpetuated by the card companies over the years. It's also why the federal government is finally -- FINALLY -- taking strong action about it.

In fact, a new piece of legislation is going to be introduced tomorrow. It's one of the strongest laws in quite some time, as far as the credit card companies go. It is intended to put an end to many of the "tricks" these companies have been getting away with. It will also establish a Cardholder's Bill of Rights designed to protect consumers from such abuses. The new legislation is expected to pass without much opposition, and if so it would go into effect in 2010 (about a year from now).

CNN Money just ran a story about this yesterday. You can read it here.

Related Q&A Sessions:

• Credit Card Laws and Consumer Protection
• Why Did the Rate on My Card Suddenly Go Up?

Hope that helps you out.

~Brandon