I was just watching this brief clip on TV that showed in the US apparently people are trying to work on a bill that would prevent credit card companies from being able to slap on late penalties or increase oneâ€™s interest rate for credit card users who donâ€™t pay their bills on time without some kind of warning such as a 45 day notice.
They then interviewed some people and used examples such as how a person was one day late and as a result his interest rate went up by over 10% and other things such as a one time late penalty fee. From a consumer point of view I suppose it can be a good thing. At the same time though, this is one of those things where I tend to ask how much is too much in terms of giving people too much lenience for issues like this?
Iâ€™m sure there are many people that this type of bill would help whereas some people will just use it as another way to procrastinate from having to pay a bill on time Iâ€™d say. So in that sense it wouldnâ€™t be helping the overall picture. I personally always viewed a credit card as a privilege and not a necessity and so if you have a hard time managing it then maybe it isnâ€™t the right time to have one.