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Federal regulators proposed some changes to the way that credit card companies are allowed to operate and conduct their business. These bills are now creating better oversight and regulation on credit card companies but still face tough resistance from the industry. And this resistance is coming in the form of added fees and an increase in the current fees you already pay to make up for the losses that credit card companies are planning to take from these changes.

Although the changes were originally not set to take place until July 2010, Congress had rushed to pass the bill that was meant to protect consumers from unfair credit practices such as interest rate increases, and the bill was passed back in February. The Obama administration is claiming that along with these increases, predatory lending practices have contributed to the economic crisis we are facing.

In the past, it has not been uncommon for credit card issuers to increase your interest rate if you fail to make all of your payments on time. But they had only seemed to be worried about your credit standing with them and disregarded how you kept up with your other credit lines and loans. Recently though many of them had started increasing your interest rate for reasons like a sudden drop in your credit rating, or going above your available credit limit. So say you failed to make a payment with one of your credit card holders and you have three other credit cards, then all of their interest rates might increase just due to that one missed payment.

Since the so-called recession started about a year and a half ago there has been a large increase in the amount credit card delinquencies and defaults that spawned around the same time that credit card companies started dramatically increasing their interest rates. Many consumers can not continue to keep up with the higher monthly payments that these rate increases cause, making them start to fall behind on their payments which in turn, will damage their credit rating.

If you find yourself to be among the many average consumers whose credit report has been negatively affected due to credit card debt, there are many free resources available on the web that can help you to rebuild your credit rating. There is a lot of good information listed on the Federal Trade Commission’s website about any credit related issues and it is a very good place to begin. Other websites are out there as well that help you to learn how to view, monitor, and even repair your credit without costing you anything like FreeOnlineCreditGuide.com. While searching for this kind of information please be advised that there are a lot of websites and companies out there that claim to help you with your credit, but only after you sign up for their services. A simple search with the Better Business Bureau should always be done before doing business with any companies online.

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Unfortunately we live in a time where if there is money, there is fraud. When it comes to down to it, credit cards are no different. On credit cards just as well as in a wallet there is money to be taken, even more so then you would carry on yourself. Although credit card companies boast that credit cards are the easy and safe way to pay, I have to say that I dissagree! As a matter of fact, credit card fraud is known to affect more victems and cost more money each year than robery and burglary combined. There are a few things to know that can make the credit card a safer way to pay:

1. Only use credit card accounts on trusted websites – A good rule of thumb is that if you don’t know who you are buying the item from over the internet do buy it! Also, there are other ways to tell if your information will be safe online. First off, when you do anything online, you are accessing what is called a server to view webpages, servers can be secure and unsecure. Any time you are completing a form that requires information to charge you, look at the web address at the top of the browser. If the web address starts with http:// such as http://www.JemCreditCards.com then that server is not secure therefore, you should not give credit card numbers on this site however if the web address starts with https:// such as https://www.JemCreditCards.com then this website works from a secure server and your information will be completely safe. Also, as far as over the internet transactions, if you use E internet explorer there is a pad lock image on the bottom right hand corner, if this is open the site is not secure and if it is closed the site is secure.

2. Keep tabs of your outstanding credit card balances – This has to be the easiest part, however, I have to say that less than 10% of my clients actually know what the exact balance is on their credit cards. If you know your balance, you are able to quickly identify fraudulant transactions.

Now that you know ways to prevent it I think it is also crucial that you know how to reverse fraudulant transactions on credit card accounts as well. This is actually pretty simple, call the toll free customer service phone number and explain to the representative that there is a transaction that you do not recognize posting to your credit card account. That representative will then transfer you to the claims, fraud, or disputes department depending on which credit card company that you are utilizing. Once you get to the department that can help, explain the cituation and the banker will send some paperwork for you to fill out. Simply fill the paperwork out and send it back in, and if the investigation proves the charge to be fraudulant, you will not have to pay for that charge. Also, I would like to point out that in my experience I have found that Discover cards are the best as far as customer service with billing disputes.

For more information on this topic or to discuss another topic feel free to contact us:

By phone – (561) 355-0069
By email – Support@JemCreditCards.com
On the web – www.JemCreditCards.com

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