|
If you are like us, you probably never paid much attention to the credit card letters that were sent to you over the years. Typically, there was some obscure change to privacy or a change in the minimum fee for balance transfers. Small changes that weren't likely to cause you to cancel a credit card. But things are different now and if you receive a letter from your credit card company, you had better read over it completely and thoroughly. Because of the economy and the change in credit card lending laws set to take place in February, banks are making drastic changes to their accounts. The most popular change is to jack up your rate to some obscenely high level even if you have made your payments on time for the last 10 years. The banks are free to raise your interest to a whopping 29.99%. You have the right to opt out and if you call them up you may be able to get this new rate reduced even if it takes a supervisor to get it done. Don't be passive about it, the combined increases in your rate and the minimum payment could result in you paying 300% more each month. If all else fails opt out and pay the card down to zero.
|
Facebook 
Twitter 
RSS 