According to a published report in USA Today yesterday, credit card banks are beginning to add many new fees. You would think there are enough already, with late fees, overlimit fees, cash advance fees, etc. But no! One bank will start charging $19 fee if credit card borrowers have no account activity for 12 months; an "inactivity" fee! They must have people sit around and think this sort of thing up, over strong drinks.
Discover will reportedly start charging 2% fee on purchases made outside the U.S. Another bank will start charging a "reinstatement fee" to be able to redeem accumulated reward points, if the credit card borrower has paid late. This is just the kind of treatment of consumers that gets them coming into my office to file bankruptcy.
One prospective client this last week, said that he saw how he was not going to be able to pay his payments, so he called his credit card bank to try to work something out, ahead of time. "Sorry," they told him, "unless you are delinquent on your payments, we can't help you." "Wow," he told me, I am trying to keep my payments from BECOMING DELINQUENT, but they won't help me." Unfortunately, I hear that a lot.
If credit card banks would just listen to people, and try to work things out (some of them do), I would not be such a busy bankruptcy attorney these days. If you are having financial troubles and want to review your options, and live in the Houston area or surrounding counties, please give my office a call at 713-772-8037 for your first free appointment with me.