|
Class Action Suits - A Personal Reflection |
By:
Quinn Redmond |
|
|
Class action suits seem to be all the rage these days. I am only stating this because I am part of three different suits. The odd thing about the whole thing is that I have absolutely no idea why. Part of the problem with some class action suits is that those of us in the class haven’t been paying too much attention.
In fact, one of the class action suits has me looking a lot closer at my monthly credit card statements. It seems that a certain retail giant that offers credit cards to its customers was doing a little underhanded dealing with our interest rates. The rate was being raised without notifying the cardholders.
The sad thing about this is that many of us had absolutely no idea that this was going on at all. It wasn’t until I received the details about the class action suits that I became aware of the hiked interest rates. I looked at my statements from the past and I got out my calculator to determine the damages.
After a lot of head-scratching and adding, multiplying and subtracting I discovered that I really didn’t lose out too much on the hike. I could have, though, if my card were more active. The good thing was that I didn’t carry a balance from one month to the next during most of the year.
The class action suits have me looking very closely at my monthly statements and they have me inspired to read the fine print. I discovered that a 0 interest credit card that I was carrying gradually increased to a 12 percent interest card over the course of a year. This is all perfectly legal because it was in the fine print on the agreement.
While these things can be really detrimental to many cardholders, I was fortunate enough to start looking into things. The class action suits really brought things to light for me and I am glad that I have an opportunity to take my borrowing a little more seriously from now on.
One of the class action suits has been settled. This is the one with the retail giant. I received a gift certificate for 17 dollars and some odd cents. I wound up spending 50 bucks in the store when I used the certificate. Oh well, at least I got the real payoff from the class action suits. I know to do some research and track my bills when I use credit.
|
|
Article Source: http://www.statssheet.com/articles/article50586.html |
|
|
|
|
|
