Have you gotten your yearly privacy notice from your credit card company yet this year?

If you have, chances are good that you tossed it aside without reading it.

Let me tell you a secret that you simply can’t ignore…You need to read that pamphlet (although it may seem boring at first). Inside that tiny-print pamphlet, you will find critical information that could save your finances this year or ruin them.

Credit card companies have had to change certain policies and procedures this year to stay in business. These changes are extremely detrimental to the American consumer. They include:

Interest rates that have doubled
monthly service fees as high as $25/month
increased monthly payments
credit limits that have been drastically reduced
and more

In the past, people with poor credit sort of expected these circumstances. But with the recent collapse of the American economy, credit card companies have begun to pass these changes on to all consumers including people with good or excellent credit.

Some analysts say that these changes are all part of a sensitive business cycle. When the economy is going well, credit card companies lend to almost anyone. When the economy takes a turn for the worst, these same companies put up their defenses.

So, what does this all mean?

Basically…it means that credit card companies were not responsible enough during the good times to treat the consumer the same during the bad times. Consumers are not being held responsible for the credit card companies’ poor lending habits.

What should you do?

Lie low. If you have good credit and your interest rate goes up, contact your credit card company immediately. If your credit limit is decreased, contact them immediately. Make sure that you stand your ground and put up a fight with your credit card company. Don’t let them take advantage of you during these economically hard times.

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