8. Debtors’ Rebellion

Although we aren’t warm toward debtors, neither do we collectors have any feelings of fellowship toward the lenders who make our livelihood possible. We know that the banks are hardly blameless in the battle between creditors and debtors. In fact, Congress outlawed many common credit card practices in the Credit Card Accountability, Responsibility, and Disclosure (Credit CARD) Act, which was enacted in May of 2009. The act restricted overlimit fees, limited surprise interest rate hikes, and banned the practice of raising rates retroactively on a balance that is in good standing. In attendance at the bill-signing ceremony was credit card user Janet Hard, a nurse and mother from Michigan. She had seen her interest rate jump ...

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