CREDIT CARD RATES INREASING

[dragonfire101]

Is there anything one can do about credit cards interest rates increasing. I pay all my bills on time more than the minimum and my rate shave doubled. I called up the cards and they say they can't do anything that is just the way it is. I know they passed that bill that rates can't go up to a certain amount. That takes affect next year is this one of the reasons why.Does anyone know the details of that bill that was passed.

[Ness]

Well partner the days of living on easy credit is over for now. Id pay them off asap or consolidate all your debt into a lower rate. I know its really hard at times but if you dont have the cash in the bank then dont put it on credit. Tough stuff but its prudent lending.

I know a land developer who payed his monthly dues on time every time. As a result of other bad developers, the bank came to him and asked for their potential losses in cash right away. The developer didnt have it and they foreclosed on him. Its the day we live in and you can thank all the idiots out there who put us in this mess to start with.

[maldorf]

Originally Posted by dragonfire101

Is there anything one can do about credit cards interest rates increasing. I pay all my bills on time more than the minimum and my rate shave doubled. I called up the cards and they say they can't do anything that is just the way it is. I know they passed that bill that rates can't go up to a certain amount. That takes affect next year is this one of the reasons why.Does anyone know the details of that bill that was passed.

I havent had this problem. Our credit card rates actually went down when I called and complained they were too high this past summer. maybe it hasnt hit us yet. We do pay off our entire balance each month though, so never pay them any finance fees since we dont carry a balance. They must hate us for doing so, but still seem to like to give us credit.