Eric
Stockton,#2Consumer Suggestion
Thu, July 06, 2006
You ask an interesting question. What can we (consumers) do to stop the giant credit card companies? Simply put, live within our means. Stop using credit cards unnecessarily and pay them off every month. I have had a Providian card and a Capital One card. According to a lender I spoke with, these two cards, along with Sears are the worst cards one can have. Their practices, while leagal, are predatory. They apparently supply inaccurate reports to the reporting agencies on a regular basis and do little to correct the reports, even after consumer complaints. Fortunately, I was able to pay these off completely and close the accounts. Credit card companies can be stopped cold in their tracks if the American consumer will use a little wisdom when using credit cards. 1. Pay your card to a zero balance monthly. 2. Do not exceed 50% of your card's maximum limit. 3. Limit the number of credit cards you carry to no more than 2. By practicing common sense, the consumer can kick these companies into shape.