Comments on: New credit card legislation coming soon – interest rates rise, limits go down

By: Sioux falls cars for sale

Sioux falls cars for sale — Wed, 23 Dec 2009 21:48:02 +0000

We have several credit card companies locally and recently made national news with a card that will have a 80% interest rate to replace the $250 annual first year fee that has now been outlawed.

By: PennyStocks

PennyStocks — Wed, 23 Dec 2009 12:57:11 +0000

Thanks for the updates. These quick changes in credit card rates can kill you financially. I refuse to leave a monthly balance but not everyone can do that.

By: bondChristian

bondChristian — Wed, 23 Dec 2009 00:06:13 +0000

Thanks for the update. I didn’t know about the credit card news. I currently don’t have any credit cards, but I’m sure the consequences of this change will eventually shift a lot of other things as well.

-Marshall Jones Jr.

By: Bob

Bob — Tue, 22 Dec 2009 23:10:00 +0000

@Christina
Wow. that is pretty scary – I have heard stories like yours quite a few times now. I can’t help but think behaviors like that from the credit card companies are just going to get consumers frustrated enough that they stop using them – time will tell, I guess…

By: Christina

Christina — Tue, 22 Dec 2009 22:09:09 +0000

Our credit card (the only one with a balance) raised our interest rate from 7.99% to 17.99% a few months ago. We have excellent credit and never, ever missed a payment. I called them 3 separate times, all they told me was that there was “nothing they could do” and whenever I asked why they raised it, they told me they did a credit check and decided to raise it. I came to the conclusion that they raised our interest rate just because they can. Which shows just how true the verse is about the “borrower is a slave to the lender.”

By: Nicole @ Rainy-Day Saver

Nicole @ Rainy-Day Saver — Tue, 22 Dec 2009 16:49:13 +0000

I was just talking about this yesterday. I have a credit card that says my low interest rate of 7.9% will become a “promotional” rate come January — but they’ve decided to extend this “promotional” rate for me until June. Good thing card will be paid off next month! Although same creditor did just raise (actually, double) my credit line for the first time since I got the card in 2003.