05/17/2009 - Imagine buying a car. You finance the cost by agreeing to a particular interest rate and the corresponding monthly payments.
Then a few months later the lender decides to change the contract it has with you and increase the interest rate on your payments.
Interest rates being raised without notice or credit lines being reduced are just a few of the issues consumers face. A study by the Pew Charitable Trusts, which has been researching this issue for two years, looked at more than 400 credit cards by the 12 largest companies. It found that all of them—100 percent—have at least one practice that qualifies as "unfair and deceptive" under Federal Reserve guidelines.
Read the full editorial Unfair Practices: Bill of Rights Aids Credit Card Holders on U.S. News & World Report's Web site.
Pew is no longer active in this line of work, but for more information visit the Safe Credit Cards Project on PewHealth.org.