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Credit Union (AXcess News) Washington - A consumer advocacy group has crafted an animated satire that's available online highlighting the increasing number of financial pitfalls faced by credit card consumers. Titled, "It's Always Christmas for Credit Card Companies", the animated satire takes aim at the unexpected fees, interest rate hikes, and misleading contracts that are contributing to the spiraling amount of credit card debt in the U.S.

Chapter 22, the only entirely new chapter in this Second Edition, explores controversial policies of credit card companies that fail to report their card holders' credit limits to credit bureaus, a practice that can lower credit scores. It also examines credit card companies that practice "universal default, " meaning they will raise card holders' even if they've never had a late payment with that particular company.

Merchant Credit Guide Co Every holiday season, Americans are flooded with attractive, low interest credit card offers in the mail, but consumers should beware," said Norma Garcia, senior staff attorney for Consumers Union. "Credit cards have become much more perilous as card issuers squeeze consumers with new penalties, fees and high interest rates."

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Apply Online For Credit Card The satire animation and song released through the Internet is a light-hearted take on how credit card companies are racking up record profits as more and more Americans get trapped in the jaws of debt. After viewing the animation, viewers can send an email to Congress asking lawmakers to support legislation to provide consumers with new safeguards and rein in abusive lending practices.

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By Card Credit Debt Debt Guide Consumers enjoy few protections when it comes to credit cards. There have been no meaningful limits on interest rates for years, so a temptingly low APR can quickly balloon to double digit rates at the whim of a credit card company. Or it can climb to 30 percent when a consumer signs up for another card, inquires about a car loan, or makes a single late payment to any creditor. That's because nearly half of all credit card companies have so-called universal default policies, which allow them to raise rates on a consumer's card under such circumstances even if the consumer has never been late with a payment for that card.

The Equifax report lists the codes showing how consumers are classified when they don't pay their bills on time. Along with these numeric codes, a credit report can have a letter showing the type of credit, i.e., "R" for revolving (credit card) and "I" for installment (personal loan). The code for someone who always paid her credit card on time would be "R1." Here are the numeric codes.

Credit Repair Since 1996, the average fee for making a late payment has more than doubled, with four of the top ten issuers now charging $39. Card issuers are systematically mailing statements closer to the due date, giving customers less turnaround time. Rather than rejecting charges that exceed a consumer's limit, issuers today often let them go through but then charge a hefty penalty, which averages around $30.

Active Credit Credit Guide Consumers Union is urging Congress to pass reform bills like S. 499 (the "Credit Card Accountability, Responsibility, and Disclosure Act") and H.R. 3492 (the "Consumer Credit Card Protection Act"), which include some of the following provisions:

Credit Score -- Ban "universal default," which can raise the interest rate on all debts even when a consumer only makes one late payment on another debt;

Bad Car Credit Guide Loan -- Prevent late fees if the bill is postmarked on time;

Bad Credit Loan -- Require that each bill give consumers special information about paying just the minimum payment, such as how long it would take to repay the balance and how much it would cost;

Credit Definition Derivative -- Ban retroactive interest rates -- changes that apply a higher interest rate to prior charges;

Bad Credit Mortgage -- Ban finance charges or extra fees for on-time payment and for payment in full;

The Insider Guide To Credit -- Improve disclosures related to artificially low "teaser" rates, and

Business Credit Card -- Prohibit over-limit fees if the card issuer has pre-approved the charge.

Banker Complete Credit Guide "Our holiday satire of the credit card industry is a humorous take on a serious problem faced by millions of Americans," said Garcia. "It's time for Congress to ban abusive credit card practices and empower consumers to better manage their finances and reduce credit card debt."

Credit Card Application To view the satire animation, go to http://www.CreditCardReform.org

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