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Originally Posted by Martha
FinanceDude, I am sorry about your sister. If interest has accrued on her accounts, I would ask the credit card companies to forgive it. I have seen them do this when someone dies.
I see no good reason for the cross default provisions that are becoming quite common--where if you are behind on one card, another credit card company can charge you higher interest even if you timely pay them. I see it as punitive only. It may even increase the likelihood of tipping the person over so they can't pay any of the debt.
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FD, my condolences as well.
As far as universal default goes, I wonder if it is connected to the bankruptcy law passed last October that made it harder to declare bankruptcy? How do I invest in Visa/MC/AMEX? They may begin to do very well by being able to charge 30% and get away with it.
On a related note, my bank recently sent me information that they were getting into the "paycheck advance" market -- I could set up a line with them and borrow any time at something like 12% *monthly* -- it was crazy. The fine print said that such loans were subject to the laws of Ohio, I think, which apparently has no usury laws. Interesting because I neither live in, nor is the bank I am referring to headquartered in, Ohio.
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