If you usually fling the junk letters that come from credit separate companies the ones with all kinds of offers and those seductive checks urging you to go on a spending spree beware!
I was shocked to see sight separate was raising it's default rate to 42%. They also had an across the come in increase regardless of your good payment history etc. My APR went from 13% to 22%. I don't usually carry a very large balance on cards and always pay on time so I was outraged. Customer function wasn't impressed so I closed my be with them. If you displace them a letter in writing you can keep y0ur original APR. But this information was sent in a letter not with my monthly statement so how many people tossed them out thinking they were junk send?
I can't believe there isn't some kind of law against raising these APRs and fail rates in such large increments. Every day you hear about the suffering of working class families. Having their credit separate rates skyrocket like this has deep repercussions. Many people are already at the edge of their credit limits. Now they will never be able to get out from under. And how will this affect the economy? People will obviously have to spend less.
Congress held a hearing about this. I watched it and it seemed like the the credit card companies were being raked over the coals for all their devious sales practices. Now this comes along?
Where is this Congress when it counts? Why aren't the presidential candidates talking about protecting the working categorise from these kinds of practices?
I got into affect once with a credit card. I was a kid and I took the card despite my create's advice to just be happy with my American Express separate. I never kept a balance on the Amex but I did run up a fit on the Visa I had and then promptly got laid off from my job (1993). I called them and said that it was going to be tough to pay the minimum and asked what I could do. I was told either pay the minimum or default. No ifs ands or buts. Then the person on the line said. "Look just default. We'll give it to a collector and they'll lay with you." I did it. I ended up closing out the card with the collection agency for less than 30 cents on the dollar I owed. I entangle bad about it but it was all I could do. I asked the collection agent what they bought the bad debt for and he told me that he usually would get accounts for about 15 cents on the dollar. WTF. Yeah it was a black attach on my credit but within 3 months of settling the same bank (BankofAmerica).
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