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Freddie Mac published their Weekly Primary Mortgage Market Survey today. Their survey shows mortgage rates were stable over last week with an average 30 year fixed rate home loan priced at 4.80%. This is still just above the survey’s all time low a few weeks ago of 4.78%. As we mentioned last week, it looks like mortgage rates have found a short term range near the all time bottom.
It looks like banks are making another go at reducing credit limits. A few months ago we warned about precipitous reductions in credit limits on home equity loans and credit cards. SmartMoney.com is reporting that credit card issues are again getting “slash happy” on credit card limits. In some instances credit card issuers have reduced limits below what is actually owed by the cardholder. And the kicker, this is done without notice to the cardholder. This situation not only puts the consumer in a bind when new charges are unexpectedly declined, but also instantly makes the account over limit unbeknownst to the cardholder. As most know, being over limit can bring about higher interest rates and fees. According to this article people are getting hit with fees in this situation.
Credit card companies are within their rights to reduce credit limits without notice. They can also charge fees for being over limit. However, to reduce a credit limit without notice and then charge extra fees is reprehensible and not what I would consider dealing in good faith with its customers. If you have been hit by a fee for overcharging when you didn’t know or by being over limit when you had no chance to pay the account down, I would encourage you to contact the credit card issuer and request the fees be removed from your account.
If you have an experience with this situation, please share in the comments below.
According to the leading authority on everything, Wikipedia, Thanksgiving is a time to give thanks and reflect upon our spiritual and material possessions. Hopefully, upon reflection we are strengthened spiritually even though we have been materially weakened this past year. We must continue to reach out to those less fortunate, if not with our money, then with our time. And because so many have recently lost so much material wealth, the holiday this year will have a deeper meaning for many more people. I wish everyone a day focused not on what was lost; but with deep gratitude for what we have, the great country we share and the opportunities ahead.