Credit Protection Laws



Over the past hundred years of serious banking, or so, there have been many credit
protection laws that have been passed to protect you, the consumer, from large and
corporate conglomerate banks that have been over the years accused of taking advantage
of people that just don't know any better. One great reason that credit protection laws
have come so many leaps and bounds over the years is credit cards and their related
debts. Many companies, unfortunately, have procured some rather unscrupulous practices
that they have used to lure consumers into high interest credit card debts that seemingly
would take forever to pay off, if at all possible. Then they are riddled and stacked with
tons of fees, like annual fees, activation fees, late fees, you name it.



Add that up to the variable interest and some other nasty tricks that banks have devised to
confuse and take money from consumers. Things like if you are late paying your bill just
one time, your interest rate skyrockets. Or other things like if you make a late payment on
another, unrelated card, they check and then ham up your interest rate to get you. That's
how many people sadly view these entities today: as the fallout of the blunder of a bunch
of greedy bigwig executives that care more about the value of their stocks than they do
about their most important facet: me and you; their business. Sadly, this has gone on and
on, and over the years the US government has created a vast array of credit protection
laws so that consumers are protected against these misleading tactics that the credit card
companies and banks love to lure unsuspecting consumers in with!

New Laws Have Been Passed
There has been a myriad of new laws and acts that have been passed over the last decade
alone. Some of these laws were actually passed against the credit card companies by our
current sitting US president because there have been so many consumers that have been
going bust lately, post the huge banking fallout and the crash of Wall Street a few years
back. Some of the newer credit protection laws actually really do a whole lot of good. For
example, one such law does not allow the credit card companies to hike your rates if you
default to another card or your score goes down. Another law requires full disclosure, all
their terms and conditions and not in fine print. If you have been getting little letters from
your company, chances are it is because of these laws that require that they divulge to
you everything that is going on with your account.

Bribery Laws