New Survey from Credit.com: Despite New Credit Card Law, Banks Hammering Consumers

San Francisco, CA — July 8, 2009 - President Barack Obama has signed into law the Credit Cardholders Bill of Rights, but according to a new survey from Credit.com, a third (33%) of consumers still say their card company has recently made one or some combination of the following changes to a credit card account:

• Increased their interest rate 19% (up from 15% in February survey)
• Increased their fees 14%
• Lowered their credit limit 14% (up from 8% in February survey)
• Increased their minimum payment due 12%
• Reduced their rewards program 9%

"It's certainly open season on consumers between now and when the law goes into effect in February,” says Adam Levin, co-founder of Credit.com and a former director of the New Jersey Department of Consumer Affairs. "We hoped credit card companies would start to implement these reforms, but now are warning everyone to brace themselves for even more fee increases, rate hikes and other changes to their account."

This national telephone poll was conducted for Credit.com by GfK Custom Research North America from June 12-14, 2009. A total of 1,000 interviews were completed, with roughly 500 female adults and 500 male adults. The margin of error is +/- 3 percentage points for the full sample.

About Credit.com, Inc.
Credit.com, a leading consumer education and financial services company, is one of the Web's premier personal finance sites. Credit.com was established in 1995 to give consumers access to comprehensive credit and financial education, straightforward answers, and "best of breed" credit products. The company’s goal is to help consumers of any credit standing navigate their financial life stages, from establishing and wisely using credit, to managing and rebuilding it. Credit.com works with industry experts to create clear paths for consumers looking to improve their finances.

Press Contact: Tony Berlin/Credit.com - 212-317-9179 - tberlin@credit.com