Feds urge credit issuers to shape up

[admin]

http://www.bankrate.com/cic/news/cc/20020726b.asp

[momof5]

You can imagine it was always in their best interest! My Visa was at $600 and my minimum payment was $15! At that rate they would rake in a huge amount of interest! If my limit was $600, then that month's interest would have put me over and there is another fee to add.

The consumers bill keeps getting bigger until it is unmanageable. Then when the consumer defaults they get to declare ALL those interest and fees (which often triples or quadruples the origingal balance) as charge off! Nice tax deduction!

Sickens me. Of course, I paid my payment 2 weeks early and more than 10x the minimum!
Next month, I pay off the balance until the next time I need the card! :D