Thankyou BIG government! In response to the new credit card laws the Congress and Pres. Obama put in place, credit card companies are jacking the rates of customers to maintain profitability! Even those with great credit are being hit, and they are doing it quickly to beat the start of the new law.
Will you keep your cards if they jack the rates?
I have no credit cards...and now an SO glad! Of COURSE this is going to happen. That's like the idiots that screamed for min wage to be increased b/c no one cal raise a family off of it....well first of all you aren't meant to raise a family on min wage......but mainly what do you think happens to the price of goods when employers are forced to give raises to the lowest on the totem pole? They RAISE PRICES to make up the difference. Then those same people STILL can't afford what they couldn't afford before!! Cause and affect!
Answer by momof030404 at 7:46 PM on Jul. 21, 2009
Answer by lovinangels at 7:43 PM on Jul. 21, 2009
Answer by tnmomofive at 7:43 PM on Jul. 21, 2009
Answer by micheledo at 7:45 PM on Jul. 21, 2009
Answer by jewjewbee at 7:51 PM on Jul. 21, 2009
Answer by yourspecialkid at 8:03 PM on Jul. 21, 2009
People don't live within their means anymore. A lot of them are going to be forced to start and it will be painful.
And this is why, our economic problems started WAY before BUSH. I remember being in college '91 and there were credit card booths everywehre. kids were signing up for a credit card just to get a free t-shirt. wtf? It has only gotten worse.... People can't blame the government. THey need to look at themselves.
Answer by grlygrlz2 at 8:24 PM on Jul. 21, 2009
The Discover card that we have had for about 14 years has a raised rate...29.99%. We have never had a late payment and pay the balance in full each month.
THIS HAS BEEN THERE POLICY! that is the reason for the new laws....
Answer by sweet-a-kins at 8:34 PM on Jul. 21, 2009
Well know your laws, they aren't allowed to raise your rates when you signed and agreed to a different rate. Call and complain, tell them they are violating the law, cancel your account if necessary. Don't just eat the extra interest, they are counting on you doing that.
Answer by SRiveroC at 8:36 PM on Jul. 21, 2009
Answer by stacymomof2 at 9:18 PM on Jul. 21, 2009