… credit card companies have already introduced new “rules” that effectively allow them to hike interest rates and/or add outrageous fees despite the CARD Act.

In response to the credit card industry’s attack on this CARD Act, legislators are now looking into new legislation that would place a cap on the credit card interest rates at 16 percent.  Of course, most credit card industry “experts” claim that such a law would bring lending to a screeching halt.  Do you believe it!  …

Tags: Credit Credit Card Act Financial services Interest rate

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… such as Bank of America, Chase and Discover have switched many credit card customers from fixed rate credit cards to variable rate credit cards ahead of the new credit card legislation that will limit the credit card industry’s ability to increase rates in the future. But in an effort to counteract the bad press received about their actions, several credit card companies have pledged to not increase credit card interest rates before the new law takes affect.

The article said:

“Bank …

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YouTuber stages debtor revolt after Bank of America hikes her credit card’s interest rate up to 30 percent. The YouTuber says that she tried to negotiate with her credit card lender; but they refused to budge.  She’s paid her credit card bills on time; but still they refused to negotiate AND they transferred her to a credit counseling and debt consolidation service.  Well this YouTuber is fed up and staging a debtor revolt that threatens to gain a huge following …

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… make use of the credit lines, some companies are taking the opportunity to increase their interest rates. Many credit card consumers don’t realize that they may have the right to “opt-out” of an interest rate hike in most cases. The first thing credit card consumers need to know is that although the current law governing credit card companies does NOT REQUIRE that companies allow consumers to close their variable rate account and pay off the balance under the old rate, many …

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… the Credit Card Act becomes effective, many credit card lenders are placing borrowers in “pick-a-rate” programs that gives the lenders a lot more flexibly to hit borrowers with interest rates way above their expectations.  In a report released by the Center for Responsible Lending, it was discovered that many credit card lenders were using the program to get around the Credit Card Act’s interest rate hike limitations by changing how interest rates are determined.

Under the pick-a-rate …

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The best and simplest way to avoid high interest rates on your credit cards is to pay off your balance every month. But for those of us who are already inundated with debt, doing so may seem next to impossible.  So here are a few tips on how to avoid high interest rates, even if you have a balance:

Pay your credit card on time.  This tip may seem obvious; but many credit card consumers fail to make timely payments and find …

Tags: Credit card Debt Interest Rates Personal Finance

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… seems to be tweaking it’s payday lending business in a way that would allow it to charge higher interest rates and offer longer term loans, a move that could help it get around existing payday lending regulations.  Could other payday lenders follow Check Into Cash’s lead?  Blogger W. Bolton, summed it up nicely…

Why the change? Could it be because the state’s new law is supposed to go into effect by February? You know, the one that requires a database to track loans in an effort …

Tags: Cycle of Debt Interest rate Multiple Loans Payday Loans

… paid his card down. He tells ConsumerAffairs.com that when Chase acquired WaMu last year, his interest rate shot to 29.99 percent and his account was closed. He says Chase refused to re-activate the card, citing late payments.

Eventually, the credit card borrower was informed that his payment was deemed late because his due date fell on a Sunday and despite the fact that the borrower paid the bill on that Sunday, the credit card lender did not process it until that Monday making it …

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Payday Loans are designed to make you “broke.”  With interest rates that equal as much as 400% payday loans are just never a good deal. Even loan sharks often have better rates.  Many people take out payday loans because they are trying to weather some financial crisis, such as a missed mortgage payment or car payment; but they often end up in a worse situation because they cannot afford to repay the loan because of …

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… are launching a massive, but silent revolt against credit card companies in response to higher interest rates, outrageous fees and unwarranted cuts to their credit limits.

The article said:

“…consumers cut $11.98 billion in borrowing in August, trimming their outstanding debt to $2.46 trillion, representing a 5.8% annual rate of decline and deeper than economists had expected. Credit-card debt dropped the most, falling 13.1%, or $9.91 billion, to $899.41 billion. It was the 11th …

Tags: Consumer Reports Credit card Debt Interest rate

… because they could affect how much money you pay to lenders in the long-run.

Changes in interest rates.  Sometimes, when a credit card is taken over by another bank, interest rates may change, most likely they increase.  It’s important to pay close attention to changes in ownership of your credit card for this very reason. If your credit card has changed issuers, give them a call and see if your interest rate is changing now or some time in the future. You …

Tags: Banking Services Credit card Financial services Interest rate

Every since the new legislation passed restricting credit card companies’ ability to raise interest rates, among other things, credit card companies have been using every dirty trick in the book to “get back” at borrowers and squeeze every cent out of them. According to an article in the Star-Telegram, some credit card borrowers are reporting that their minimum monthly payments are rising as much as 3 times what it was originally since the new law passed.

The article said: …

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