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What is a credit agreement?

I found an interesting clause in my new credit card agreement, what do you think?

  • I know that credit card companies are up to no good now that the CARD act is in place, so I decided to take the time and read every single line of my new "agreement" they ...show more

  • Answer:

    I think all that the default statement just gives them the option to drop you or change the terms of your agreement based on your income. If you have a loan out for $500,000 and you lose your job and have no other income, why shouldn't they have the right to cut you off? It is invasive and it's a real shame that the whole intent of this legislation (to give more rights to the consumer) is actually hurting us all even more! If you have paid on time and keep low balances I wouldn't worry about it for yourself. . . but others will undoubtedly be screwed over by this backhanded attempt to use fine print against the credit holders. SMH!

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I suggest you simply quit using that card ... you can keep it open or close it ... although closing it could have a negative affect on your credit score as it raises your debt-to-credit ratio. As long as you pay in full every month you have no worries. Credit card debt can really eat at your ability to save for the future. Find a different bank to do business with, but they are about all the same.

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