Financial analysts have recently related some implications in response to the rising complaints of many credit cardholders about their credit card companies’ fee and interest rate changes, along with the very short notice at which they make information on their fee and interest increases public.
Given stories of account owners who have already narrated how they shunned their credit cards due to what they call the “dubious” fees without even any notification. Credit card industry authorities believe that a lot of consumers are already following to do away with their credit cards.
John Chintle says what’s particularly bad, however, is that the option of doing away with one’s credit card recently entailed getting away with credit debt for many of the previous account owners as well.
Also a problem, he adds, was that the “short” if not “non-existent” notification by the credit card issuers about their fees and interest rate changes gave more reasons to the cardholder to leave a lot of things unpaid on his or her account.
Chintle opines that those who do away with their credit cards along with their credits might have long been wary of the fees charged here and there by their credit card companies. The lack of notice on these changes, and even information that explains the need for the increases may just be the one remaining thing needed for the same people to finally flee from their financial responsibilities on their credit card accounts as well.
Chintle disclaims that there were however cardholders who also shunned their credit cards recently but paid before leaving their accounts altogether. They share that these were people who waited for the “right” time to finally free themselves of their credit cards.
Chintle thinks that for those “responsible” people, they needed to make sure that in the future they have the capacity to maintain a particular payment method, given the changes in fees and interest rates. With the changes, he believes the previous cardholders with responsible handling are again taking time to consider how they might find a comfortable set-up to best address their financial conditions.
With the growing concern on a disenfranchised market that recognizes the necessity of credit cards, but cannot seem to fully maintain their accounts given the changes, Chintle concludes that laws are yet to be created getting the acts of credit card companies together, protecting cardholders’ interests at best, and securing that authorities protect all stakeholders.