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Released: March 04, 2009
It’s time to hold credit card issuers to account
Source: David Lazarus, LA Times (Free Registration)
Mark Huba is one of numerous Capital One cardholders nationwide who pays his bills on time and hasn't missed any payments -- yet has just been notified that his interest rate is soaring to almost 18%. Cap One's rate hikes are the latest example of how the credit card industry is turning the screws on customers even as many of those same lenders receive billions of dollars in taxpayer-funded bailouts. Huba, 38, is an account manager for DS Waters of America Inc., the bottled-water company that owns Sparkletts, Alhambra and other well-known brands. He's been a Cap One cardholder for 12 years and carries a balance of about $1,700. In other words, at least from Cap One's perspective, he's a model customer.Read Full Article: It’s time to hold credit card issuers to account
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