(John from South Carolina) My interest rate just went up on my credit card even though I keep making the minimum payment. I heard that rates were going up, but mine went from 14% to 25%. Why did this happen? (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Archive for the ‘Interest Rates’ Category
Quickest Way Out of Debt
The quickest way out of credit card debt is to dramatically cut your interest rates. There is no other factor that matters as much as the rate in which your finance charges are compounded. So how do you eliminate credit card debt? Here’s how. (more…)
Credit Cards Defy Interest Rate Cut
The Federal Reserve Board is expected to cut interest rates on December 11. This reduction normally is followed by interest rate reductions by major lenders.
Major credit card issuers normally adjust their rates accordingly within a 30 day time frame. However, it appears consumers will not see the relief this time. (more…)
Senate to Debate Credit Card Rate Increases
The Senate is reexamining some of the common practices of credit card issuers. One item that is being scrutinized is the credit card rate increases resulting from reviews of your credit report.
Credit card issuers cite the need to balance increased risk with higher interest. They check your credit regularly to look for signs of financial weakness. Did you know that your rate could increase even if you never missed a payment? (more…)
Chase to End Universal Default Penalties
Chase Card Services announced that it will cease to penalize cardholders that made a late payment on other credit cards. Chase will no longer raise interest rates based on a review of a customer’s credit report. Their clear and simple program begins in March 2008.
What is universal default? Who else is ending universal default? Here are the answers, and a sign of the newest trend about to hit the credit card industry. (more…)
