This has become a huge problem. Once those interest rates get bumped up, that in turn bumps up the minimum payments sometimes double even triple what it was. Which in turn makes you late and then they will tack on more fees such as late and over the limit. It is called the "credit treadmill" the bank wants you to stay on for as long as possible, squeezing as much money out of you as they can.

Those practices are abhorrent. Credit card lobbyists have the U.S. government under their thumb, and the consumer is the one who suffers. I've got friends who reduced their debt with companies like creditsolutions.com, which allowed them to finally get back on track financially.

The credit card companies are completely in both the Democratic and Republican Party's pockets. It's especially obvious in light of the misnamed "Bankruptcy Abuse Prevention and Consumer Protection" law of 2005, which made it dramatically more difficult to file bankruptcy for overextended consumers.

I completely agree Robert that law is going to cause so many americans to not be able to get a second chance. horrible law in my opinion.