| Answering the question of why a great
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| | lender charging a higher price when their
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| number of credit card bills arrive from
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| | customer defaults with another lender has
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| Sioux Falls, South Dakota and what the
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| | been compared to having a cartel, or
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| term "universal default" means.
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| | price fixing structure. A major concern
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| Many people often wonder why it is that
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| | to many folks is the possibility that the
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| their credit card bills come to them from
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| | credit card shown as being in a state of
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| Sioux Falls in South Dakota. The simple
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| | default may not simply be so. It very
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| reasoning for this is that South Dakota
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| | well could be the result of an error on
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| is the home of very liberal laws
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| | the part of the credit card issuer. In
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| concerning consumer protections for
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| | cases such as this, the consumer may have
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| credit cards. The state of South Dakota
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| | full legal rights to have their credit
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| receives a great deal of revenue from
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| | report corrected to reflect the truth of
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| it's partner in crime, the credit card
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| | the matter, the credit card issuers are
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| industry. Albeit it is certain that the
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| | under no obligation to revert the
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| absence of corporate income taxes plays a
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| | interest rate back to what it was before
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| huge factor as well. There are many
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| | the mistake occured. It simply goes
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| financial service companies located in
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| | without saying that this sort of position
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| South Dakota include Great Western Bank,
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| | leaves many credit card holders in a
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| Total Card Inc., BankFirst, Capital Card
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| | state not unlike that of anger. Simply
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| Services, HSBC, PREMIER Bankcard, and
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| | put, this is not right.
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| Wells Fargo.
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| | There have been attempts by members of
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| Credit card fees over the years recently
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| | congress to simply outlaw universal
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| have skyrocketed from $2.6 billion in
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| | default. One such congressman was Sen.
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| 1980 to over $22.5 billion in 2006. The
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| | Chris Dodd, D-Conn. Still, these card
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| kicker that has most ticked off consumer
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| | companies are also amongst the political
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| advocates is a practice called "universal
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| | party contributors, and seeking
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| default". In this scheme when you are
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| | meaningful changes such as these in the
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| late paying any bill, the credit card
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| | face of subtle corruption has always been
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| company will raise your rate, sending
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| | a daunting task. "I've never been able to
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| some rates far higher than 20%. There
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| | get a bill passed of any major
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| have been many criticisms of this
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| | significance because they're so big and
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| structure including the concept of one
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| | so influential," says Dodd.
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