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.
by sandra rinck8 years ago
Let me start off with roolllff! Everytime I look at a bill I get sick, everytime I need to bust out a credit card just to make it to the next month I wanna puke. Trying to get along in a busting economy is...
by Rebecca Graf7 years ago
What questions would you like to see answered about credit card debt?
by alaze20038 years ago
Now, what comes to your mind when you think of credit cards? Well, to some people it means having alot of extra cash that doesn't belong to us, at that moment, but we have an option to spend it. If decided to spend the...
by first million8 years ago
is anyone able save money?
by Gary Anderson6 years ago
I just wrote a hub on this, but what I want is to have a discussion here. This is the issue: the senate voted on 5/19 to forbid the states from setting caps on interest rates for credit cards. The injustice of this is...
by Susan Reid6 years ago
JP Morgan Chase is considering capping debit card transactions to $100 or even $50. It's all about fees they charge per transaction, currently $.44 and proposed to be slashed by Congress to $.12.That's a big hit for...
Copyright © 2017 HubPages Inc. and respective owners.
Other product and company names shown may be trademarks of their respective owners.
HubPages® is a registered Service Mark of HubPages, Inc.
HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.