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Kjsacramento,

Congress passed and the President signed new legislation on May 22, 2009 to stop the practices that you experienced. Unfortunately for consumers, card issuers have until August of 2010 to fully implement the elements of the new Act. For more information on the new Act check out the slideshow here on LoveToKnow Credit Cards.

-- Contributed by: SusanWeber

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First Advanta raised my rates from 17% to 35% on the 1 year anniversary despite excellent credit, so I was lucky enough to be able to pay them off. Then they came back offering me a 3.99% rate for the year on balance transfers when the payoff was a hardship and things were tough for me. I had just used the card for a minor amount but paid it off first and then requested some balance transfers. They did not apply my payment to the prior balance but instead, started charging me for the balance transfers prior to funding them and applied my payoff to that instead! Sucking me into 35% interest on the paid-off prior balance! Now, a month later they decided to close all their business accounts and are dropping my limit so interest is causing me to go over my limit and forcing escalated payments on me to cover the regular payment and the amount they CLAIM is over my limit! I can't afford to have them escalate the payments! And I don't like being cheated on the interest rate. I am expecting any day to have them drop my limit to 0 and try to escalate the whole thing!!! Someone help me with these crooks! Isn't there a regulatory agency I can turn to about these outrageous practices?

-- Contributed by: kjsacramento

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Cory,

A card issuer can take a person to court for any unpaid balance if the cardholder has not held to the Terms and Conditions. In most cases, however, with an $800 balance a card issuer is more likely to shut down the credit card and attempt to set the cardholder onto a monthly payment plan. If unsuccessful in collecting the debt, the card issuer would then "sell" the debt to a collection agency. If you are having trouble paying off the $800 in debt, contact Capital One and see if you can renegotiate your debt and set up a payment plan.

-- Contributed by: SusanWeber

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Can Capital One take a person to court for $800.00

-- Contributed by: Cory Harris
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