The credit card companies are raising the interest on people that have never missed a payment or even been late. The are also lowering the credit line and charging over limit fees if the card ends up higher then the new limit. Has this happened to you?
Nope i once declined to pay the annual fee, telling them I had never been late with my payment and didn't really need the card bad enough to pay a fee. They cancelled the yearly fee.
No this hasn't happened to me but raising the interest rate on people that haven't missed a payment is wrong. Especially the way the economy is right now. This could put some people out of business. Please let me know anything else you find out.
Debt consolidation -- take hard-to-pay bills and turn them into one impossible-to-pay bill. Debt settlement -- trash the credit and try to convince the creditors that the only way they can get anything at all is to accept a percent of what is owed. Hmmm...why do I have the feeling that there are other options here?
Unfortunately, for people who are already carrying higher balances than they can handle, or who are used to using credit cards to "fill in" in lieu of proper money management, the higher interest rates can definitely cause some issues. I guess about the only option most people have is to stop using them as much as possible and get their balances paid down to something affordable...though I do have a few opinions of my own about the credit card industry, seems like if it were any industry that had less money to throw at politicians that would definitely be illegal.
The credit card companies, Wychic, are fraudsters. I wrote a hub about how usury is no longer even a concern of our federal government. It no longer matters what they charge. I say walk away from the debt if you are able to do so, and I realize that all are not able. But if people would stick it too these big banks it would make them more careful about lending and not make loans that people likely cannot pay back.
Rochelle you were fortunate. Meredith Whitney has said that credit card rates will go up and credit lines will go down because of the long recession we are facing.
I haven't owned any credit cards for the past 10 years, I hate debt.
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