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WOODVILLE REPUBLICAN

WOODVILLE, MS

Circulation:: 2550
WEEKLY
10/14/2010 •
1111
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BBB Issues Warning AboU'~

Bank
'}:... \
Card Fee Increases
The Better Business Bu­ they don't make any new pur~
reau (BBB'}8erving Missis­ chases. If any new purchase:;
warns consumers that are made, the higher rate will
are increasing credit be enforced.
card rates and fees in Febru­ • Find a better deal d~('
ary, an action many con­ where. Other credit card com
sumers have forgotten about panies might be ouerin!! bei
because it was approved ter deals (such as low
eight months ago. While ductory rates) that will
con:3umers can shop around the holder a less
for a better rate, there may way to pay down
be little they can do about piug around often pays oft:
tho increases other than be • Manage credit responsj·
aware of them. Consumers bly. According to banks, most
need to especially guard rate hikes affect people who
against scammers using maintain balances on their
these increases as 'an oppor­ card or have rates that are too
to steal personal in­ low for the market. TherefoIT',
formation from individuals one of the bOb;; ways to avoid (1
looking for better rates. sudden interest rate hike is to
"Many banks are chang­ use credit cards rcsponsibl~r
ing interest rates and fees (which includes paying bilL;
before a new set of"'$r,,~>,,;,.ti~"~g a
signed to protect consumers 'ba1anre).
will go into effect in Febru­ "Consumers sl10ulCl neVI'
ary," explains Bill Moak, give personal or financial il;
President/CEO of the Mis­ formation on the
sissippi BBB. "This legisla­ unless they initiate the caJ!
tion was passed so long ago and know and tmiSt who limy
that most consumers have are talking to," explained
forgotten the increases are Moak. "Consumers should
coming." wait to receive information
Scammers are using this from their banks concerning
as an opportunity to steal any mte and fee change. Omx'
personal information and they have this information,
use it to commit fraud later they should contact their fi­
on. The typical sram prnce­ naocial institution dil'f'c.tly tv
durn reported to the BBB by discuss and ne!,'Otiatc H Jowor
consumers is that they re­ rate."
ceive calls from organiza­ The BBB has'ooen
tions promising lower credit Mississippi consumers
card interest rates. To ac­ businesses since 1964 in
complish this, the callers say moting an ethical and
need personal infonna­ marketplace. Visit their Web
tion, such as social security site (www.ms.bbb.org) foi'
and bank account numbers. further consumer tips.
The BBB offers the fol­
lowing advice that con­
sumers can take both short­
term and longer range to
help them obtain lower
rates:
• Contact your credit card
company.~em~tinterest
rate hikes affect only cus­
tomers who carry a balance,
some customers in good
standing have seen their rates
increase as well. Anyone who
believes their rate was in­
creased by mistake should
contact their credit card com­
pany. There is evidence that
credit card companies might
be willing to negotiate rates in
order to keep cardholders as
customers
• Pay off the account. Ifthe
cardholder doesn't want to ac­
cept the new rate, they can
choose to keep their current
rate and payoff their out­
standing balance, as long' as