The credit card issuers are pulling a fast one. Some of them, BofA for one, are jacking up the interest rates of their cards without informing the credit card holders. Customers are only finding out the new interest rate when they open their bill up. Some have jumped from 8% to 25% overnight. I have been getting offers in the mail for credit card that have a credit line of only $1000.00 for 25%. Are these people (the card issuers) crazy! Those interest rates use to smack of loan shark years ago.
Consumer watch dog groups are advising consumers to pay off their credit card pronto and cut them up permanently. Start with your highest interest rate card first and pay it off. Don't forget to call the credit card company to cancel the card before the last payment or you might incur some monthly or yearly fee that they had planned to charge on that last billing cycle.
0 comments:
Post a Comment