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Credit Card interest rate increases

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posted on Aug, 18 2009 @ 12:04 PM
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I have had it!

Just because I don't use my cards that often does not give those credit card companies the right to increase my interest / APR rates! I've had to opt out and cancel three cards in the past month because I refused to accept their new terms.

Everything is going up... electric bills, property taxes, credit cards. Everything but my income. How can cost of living not increase when the actual cost of living does?!





posted on Aug, 18 2009 @ 03:29 PM
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reply to post by The Soothsayer
 


Credit cards need new sources of income now that they cannot get students to sign up unless they have a co-signer. All that income form late payments (many college students are forgetful with all the class work and activities, so the bill is late and their parents have to pay the late fees).

There was a part in the bill to cap the top rates at 18%, but that did not go through. The banks and Wall Street is too powerful for any real change.



posted on Aug, 18 2009 @ 03:32 PM
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reply to post by The Soothsayer
 


One thing you may want to do is get a separate checking account with a debut card. Keep the balance at $1 so no one can steal the money through fraud. When you wish to buy something, transfer the money from a savings account to the debut card. Then take out the remaining amount so the balance stays at $1. ($1 is usually the minimum allowed to keep the account open.) That way you can use the card for shopping online of for a big cash purchase if you do not want to carry the cash alone. No fees or interest is tacked on, as it is your money.



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