Released on = July 30, 2007, 3:57 am

Press Release Author = Jack Payne

Industry = Law

Press Release Summary = Legal Con Man Game? Credit Card Rigging
--to Card Holders\' Disadvantage
--How the credit card Industry has changed and what this means for you. Evolution
to revolution?

Press Release Body = Magalia, California--July 30th, 2007--In 1982 2-cycle billing
was virtually unknown in the credit card business. \"Today it\'s rampant,\" says
author of 55 business books, Jack Payne. There\'s more. Much more.

Twenty five years ago fees for cash advances and balance transfers were 2% or less,
with a maximum fee of $10. Today fees are 4% and up, with no maximum whatsoever.

In 1982 late fees were seldom over $5. Today they average $35. And, postmarks are
now meaningless. The card holder is charged a late fee for as little as 10-minute
late arrival at the credit card office. The aim of the credit card companies to
build up the \"late fee\" segment of their business is focused. Last year this
segment brought in $1.5 billion, and was their third largest revenue stream.

In 1982 the customer was not crowded on his / her first cycle billing payment. A
25-day grace period was commonplace. Now 20 days seems to be standard. And, this
includes travel time,from the statement date to the customer\'s date of receipt. The
card holder is being ever-pushed, it appears, closer and closer to the late payment
fee \"edge.\"

In 1982 over-limit charges were unheard of. Why? Simply because card credit limits
were enforced. Excessive draw, no pay. No way. That was policy. Now card
companies will permit the customer to overdraw. One catch.. in exchange for this
\"convenience\" the card holder is charged another small fee. (If this \"convenience\"
is offered, why even have a card limit? one might ask.)

Payne, author of the legal thriller, Six Hours Past Thursday, has a \"take\" on the
present-day credit card market:

\"With more than half its customer-base on life support--that huge market the \'Bad
Credit\' people are always appealing to-- the credit card industry should be wary
indeed,\" Payne says. \"They are walking on thin ice. Too many \'consolidate your
bills\' people are out there right now, to complicate the problems of the card
issuers and processors--the very problems that the card vendors, themselves,
created. Thus,, in this evolutionary climate there are a couple of things you must
remember: Stay away from multiple credit cards and rollover debt usage. If you
seek credit card diagnosis and help, like the health patient, you want a doctor with
a stethoscope, not one with a catheter. And, in the meantime, It is only prudent to
stay away from all of the tricks the credit card issuers use to \'endear\' you to
them.

\"Evolution in the credit card market is in full swing,\" Payne adds, \"Will this lead
to revolution? If so, don\'t let yourself get sucked up in it..\"

About:

The Con Man\'s Blog, and first two chapters of Jack Payne\'s legal thriller book, Six
Hours Past Thursday, are now available online. Readable for free. You are invited.
www.sixhrs.com


Web Site = http://www.sixhrs.com

Contact Details = Jack Payne
Impact Books
Box 1677
Magalia, California 95969-2626

jackpayne@sixhrs.com

(530) 877-5462