Judge tosses out suit against credit card issuers

[calawyer]

It's going to be a tough couple of years for consumer lawyers:

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2002/12/24/MN130285.DTL

[admin]

Interesting article, they are taking away the requirement of CC companies to clearly give examples on how long it would take to pay off debt by just making the minumum payment. One of the things the spelled out was this:

A $5,000 balance, for example, would take 40 years to pay off at a total cost of $16,305, using a 17 percent interest rate and a 2 percent minimum payment.

[LadynRed]

Heaven forbid consumers should be told just how MUCH profit the banks are making on minimum payments !! Most people haven't a clue, but the card issuers foster that ignorance and count on it and count on people who ONLY make minimum payments to line their own pockets !! CC issurers HATE people who pay off their balances monthly, they make NOTHING on finance charges .. so they started penalizing people who DO pay-off monthly, buy adding other bogus charges and finding other ways to penalize them. They even call those kinds of payers "FREELOADERS" - how rude can you get ???

The credit system is CORRUPT... that's the name of that game !