My credit card interest rate is now 30% - you would get better rates from loan sharks

[beforeyoureyes]

Okay.

The FIRST time they raised it, it was for ZERO reason, just because they could.

It went from 11 percent to 22 percent.

This time I was two weeks late, I called and explained and I sent a big chunk on it to reduce the card although I might just not pay it down further in protest and do a youtube campaign to fight back against these legalized loan sharks.

They did send me the obligatory notification that they were going to do it. (Thanks ever so much for the credit card 'reform' bill, Mr. Obama).

This is my only credit card and I will be working to knock it down to zero over the next few months. No gurantee with how tenuous the finances are right now. But, this is perfectly legal. If I paid the minimum payment now do, they would get 8,000 dollars for a 3,000 dollar loan. A loan that I used for such luxuries as food for my child and oil last winter.

There is ZERO defense for these rates. ZERO. It is usuary. And, the fact that Obama can stand up there today and point to credit card reform as some big victory for the common person just makes me want to toss my cookies.

The game is so RIGGED, and god help you, if you slip. There is no mercy or forgiveness. There is no help or hand up. It is a deliberately designed system of enslavement.

[brooklynite]

1. But they don't offer points...

[Dappleganger]

2. They raised our rates

and we have never been late. I think they didn't like the fact that we paid ours off every month and they weren't making enough money off us.

[beforeyoureyes]

4. I always paid off mine every month until my husband's business went under last winter

Unfortuantely, he did not receive a bailout.

Unlike Chase, a subsidy of JP morgan chase which received close to a 100 billion dollar bailout, there was no bailout for the family

http://www.seiu.org/a/profilechase.php

[glinda]

11. Just got a notice today that they changed our CC rules "due to the economy" and raised our minimum

over double.

[NNN0LHI]

3. CC companies don't come and break you legs for failure to pay

So they have that going for them.

Don

[Cronus Protagonist]

5. quit paying it

What are they gonna do? Tell them to use the TARP funds they got to write it off... after all, they wrote off billions for corporations, how could they complain about your tiny little drop in the bucket?

[w4rma]

6. Lock your previous rate in by calling them up and cancelling it at the previous rate. (nt)

[pipi_k]

7. OK, so the first time they raised the rate for no reason...

and that didn't get you pissed off enough to cancel the card or find one with a better rate and transfer the balance?

[flvegan]

8. Actually, the vig from a shark is 10% per week

But your point is well made. Still horrible.

[stray cat]

9. Why did you think they were not loan sharks? Of course they are - they loan you money at interest

Without collateral

[sandnsea]

10. Go to Consumer Credit Counseling

See if they can't help you make a payment plan and get that rate reduced.

I think this is the reason so much debt is being paid down the last year. People are seeing what the total due will be and freaking out. That is a good thing that wasn't disclosed before.

I also think there is some kind of grant program that was in the credit card bill, that will help people cut their debt. You might look into that as well.

And the next thing we do need to do is fight for a cap on interest rates. It is ridiculous. But if it were capped at 18%, people would be mad it wasn't 15%, so that's not 100% solution to angry voters either.

[eridani]

12. Psst! Credit unions!!

I still have a 6.9% rate on my credit union card. My CU sets its rates by your credit score when you apply, and doesn't change them afterwards.