Missionaries of the Sacred

Certain practices make it harder for people to manage their debt. For instance, exorbitant interest rates and fees, such as those often charged by places that offer payday loans, can make it difficult for a person to pay off the initial loan, resulting in an extension of the loan (for an additional finance charge) and creating a very destructive cycle.

Credit card companies also sometimes engage in unjust practices, some of which are being addressed through the Credit Card Accountability, Responsibility and Disclosure Act. For instance, starting February 22, 2010, credit card companies are obligated to give you 45 days notice before they can increase your interest rate. Beginning August 22, 2010, credit  card companies are obligated to give you a reason if they increase your APR. They also can no longer charge you multiple fees for a single event or transaction and cannot charge you a late payment fee that is greater than your minimum payment.