Thursday, February 25, 2010

Daily Show February 23rd, 2010

A few interesting points made on this particular episode of the Daily Show, my favorite portion is regarding a new Credit Card approach with the new Credit Card Accountability, Responsibility and Disclosure Act. Basically, there are new regulations (boy, that word comes up a lot) on credit cards, which technically is needed, as these companies were allowed to, for example, raise interest rates without warning or change the due date without notice. So, this would have been alright if maybe the government didn't warn them 9 months in advance that this was going to be taken place. Not only were they warned, but they did a whole lot to prepare/compensate for it. Many people found their interest rates jacked all the way up to 30% and their date's changed which caused late penalty fees. John Stewart puts it all very nicely, I have to say, with a nice interview from Correspondent Wyatt Cynac featuring a former employee of Bank of America. One thing she says is that an old inside joke between Bank of America employees, "Upstairs they give you the credit, downstairs they collect on it."

Check it out, definitely funny but some good information given, the link is below.

And btw: A new fee for not using your credit card regularly???? ... Our world keeps getting better and better, huh... For the banks, yes. Is it not bad enough that whatever late fees (or any fees at all) they give us, those fees are then charged interest on?

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