Ban On Forms of Universal Default
The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 prohibited the practice of retroactively raising any annual percentage rate, fees, or finance charges for reasons unrelated to the cardholder's behavior with their account. One of the intentions of this law was to shield customers from arbitrary rate increases if they have been on time with their account.
However, this law did not prohibit all forms of universal default. Credit card companies have begun the practice of canceling altogether the accounts of customers who are delinquent or in default with other credit agencies even if the customer is still in good standing with the credit card company.
Read more about this topic: Universal Default
Famous quotes containing the words ban, forms, universal and/or default:
“So in peace our tasks we ply,
Pangur Ban, my cat, and I;
In our arts we find our bliss,
I have mine and he has his.”
—Unknown. Pangur Ban (l. 25–28)
“The delicious faces of children, the beauty of school-girls, “the sweet seriousness of sixteen,” the lofty air of well-born, well-bred boys, the passionate histories in the looks and manners of youth and early manhood, and the varied power in all that well-known company that escort us through life,—we know how these forms thrill, paralyze, provoke, inspire, and enlarge us.”
—Ralph Waldo Emerson (1803–1882)
“The axioms of physics translate the laws of ethics. Thus, “the whole is greater than its part;” “reaction is equal to action;” “the smallest weight may be made to lift the greatest, the difference of weight being compensated by time;” and many the like propositions, which have an ethical as well as physical sense. These propositions have a much more extensive and universal sense when applied to human life, than when confined to technical use.”
—Ralph Waldo Emerson (1803–1882)
“In default of inexhaustible happiness, eternal suffering would at least give us a destiny. But we do not even have that consolation, and our worst agonies come to an end one day.”
—Albert Camus (1913–1960)