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Article: CREDIT CARD SHOCK: ; What to do when the credit card company changes your account terms
- Article from:
- Sunday Gazette-Mail
- Article date:
- August 16, 2009
- Author:
CopyrightCopyright 2009 Sunday Gazette-Mail. Provided by ProQuest LLC. (Hide copyright information)
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Higher credit card interest rates, lower spending limits,
increased minimum monthly payments and closed accounts are putting
many West Virginians in financial jeopardy, according to a state
consumer group.
The changes to the terms of people's accounts come less than a
year before new federal credit card rules take effect. The Federal
Reserve regulations were designed to limit some of the credit card
industry's most egregious practices.
"People are wanting to know what they can do because their
interest rates are going up," said Stacy Skaggs, a debt management
counselor with Consumer Credit Counseling Services of Southern West
Virginia. "The credit card companies are using this period to ...