Hidden Fees Add Up Fast

Fees that are added by credit card companies and banks are profitable for them and are something they have gotten away with. There are laws that are catching up with these types of tactics that cause the consumer to suffer. These fees can include changing interest rates and hidden fees the consumer is not aware of when they make an agreement. This causes them to suffer financial loss and sometimes at the expense of their credit rating. The one way consumers can stop this practice when they have been harmed is to join a class action lawsuit.

Standing Up Against Interest Hikes and Hidden Fees

There are laws that protect the consumer, but this does not stop credit card companies and banks from continuing to make a profit from excessive fees and interest charges. If you have been a victim of these practices of hidden fees and changing interest rates contact Ehline Law.

• Hidden Fees: Credit card companies often find ways to add hidden fees to the individuals statement. Banks have an advantage when charging hidden fees, they have the ability to deduct the amount from the individuals bank account immediately. This can include the decision that a checking account is no longer free, and it can be a hardship on the individual that believes they have a certain amount of money in the bank.
• Interest Rates that Change: Interest rates that change without notice by credit card companies or lending institutions is illegal. The card holder or borrower has the right to be notified of changing interest rates due to market flocculation or other valid reasons. Not being notified means that the credit card holder or borrower was unable to make arrangements for the money that was owed.
• Fees: Fees can be in the form of an overdraft and can snowball until it drains the individual’s bank account. The individual might not have been notified about the additional fees or the bank policies might not be clear.

When a bank, credit card company or other lender uses fraudulent tactics for one individual there are many more individuals that have been harmed by these practices, while the lender profits. Class action lawsuits can stop lender fraud of hidden fees and changing interest rates. When you have been a victim of lender fraud it is time to call Ehline Law and join others that are fighting against these unfair practices.