Bucks County Consumer Protection Director Michael Bannon says credit card holders who are upset about companies raising interest rates, adding new annual fees and charging inactivity fees for not using the card enough should fight it to the end and never give up. He says some companies are treating good customers very badly.
“It’s such a slap in the face for them to be going hog wild on us now because we know what they’re trying to do, but it’s tough stuff. We’re dealing with a lot of those complaints right now. You need to dispute that and do what you can to try to negotiate with them and be prepared to take steps.”
He says the companies brought on their own problems by giving too many people too much easy credit for too long.
“It’s sad how society has learned to become a credit society, and I think that’s changing and we’re going to be going back to a pay as you go kind of thing, which I think is probably wiser in the end anyway.”
And Bannon says if you apply for a credit card, or a car loan or any other kind of credit, read the agreement very carefully and understand what you’re getting into. He appeared Thursday on the WNPV talk program Comment Please by Univest.