By Joyce Kryszak
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Albany, NY – The New York Consumer Protection Board wants to know if the new federal credit card reform act is having any unintended consequences.
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The law signed by President Obama last month offers new protections to credit card customers. Among the reforms, credit card companies will be barred from unannounced rate hikes and arbitrary fees.
But those reforms do not go into effect until next year. And the Consumer protection board is already hearing complaints that companies are taking preemptive actions against their customers. Deborah Sturm Rausch is spokesperson for the board. She said they need to know how widespread the abuses are.
She said consumers, so far, are reporting a host of abuses. They include: interest rates being hiked, sometimes dramatically, before the new law kicks in; changes in terms; lowered credit limits and added fees.
And the actions are being taken against even good customers who pay on time.
Sturm-Rausch said the survey is away to let consumers report these or any other abuses. But she said that the survey will do more than just let consumers blow off steam.
The agency acts as an advocates for consumers to help combat any potential abuses. Additional information as well as the email link and the survey are available at New York Consumer Protection Board.