If you’ve had your credit limit cut below your balance or your interest rates have been hiked by 10% or more, you’re not alone.
Complaints to the Better Business Bureau about credit card companies reached 8,988 last year, up 17% from a year earlier, according to one report in The Wall Street Journal. And that number appears to be rising still. In the first quarter of 2009 alone, more than 2,400 complaints were filed against the creditors, the Journal said.
What the Credit Card Companies Are Doing
Banks have been taking drastic money-making measures before new, consumer-protecting credit card legislation takes effect.
Credit limits have been slashed, and interest rates and fees have been hiked on credit cards from banks like Chase (Stock Quote: JPM), Citi (Stock Quote: C) and Bank of America (Stock Quote: BAC) as well as credit cards from retail stores.
How Consumers are Pushing Back
In addition to filing formal complaints, frustrated credit card holders are increasingly taking their anger out on credit cards themselves (as seen in videos like the Tennessee Credit Card Massacre).
What the New Credit Card Bill Means for You