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Sly

The credit card companies are systematically raising APR's on customers with good paying habits and

good credit scores. They are attempting to recoup monies they lost through GREED in their predatory lending practices that now have us mired in this economic mess. Here again is a case of American Corporation greediness in it's finest hour.
MaggieD:

The credit card companies have been under-regulated for years. They are making their customers (the good ones) pay for the theft that happens with their cards (thru not requiring PIN's for every transaction...and to pay for their woeful underwriting standards that give credit cards to people who can't buy lunch and who soon default on payments. Blame Congress.

If you have credit card revolving debt, shop for zero interest 6-month promotions -- they're out there..and transfer your balance. Don't let the bad guys win. And complain to your congressmen for they are at fault.

MaggieD:

Chase Visa Platinum example: Zero interest for up to 12 months on balance transfers: http://www.everlife.com/balancetransfercard.php

Sly:

Hello MaggieD-thanks for an excellent input-I hope many will read it and govern themselves accordingly-I have.

SULLY:

Hello Maggie, (elexa) Good to see you. Loved the answer. However my Congressman is on a trip to Mecca............and we only have one Senator!
I won't even begin to address your State! I am pretty sure those e-mails, faxes and
letters are getting shredded at the door. The time has come for civil ..............

Nevermind!

MaggieD:

@ Beans -- thank you!!
@ Elexa -- I won't even mention IL either!! Hahahahahaha!!!

Great to see you both! And Merry Christmas!

Jim D:

It used to be that one credit card company expected to be paid off every month. That worked well for me, as I only then had to pay a yearly fee to use it. People should generally do that, as credit card use can get out of hand.

Sly:

We cautioned our children about maintaining sensible credit habits-didn't do any good. The key is-as you say-don't let credit card use get out of hand.

Checkthefacts:

The cavalry is coming. Starting in July, the credit card companies will not be able, by law, to do this. Finally, someone on The Hill, has heard the millions of screams of consumers being squeezed by their whatevers.

Sly:

Finally is right magicman-and thank goodness for that

Ika:

I owe $2300 on a credit card that was at an 8.99% rate. I have never been late on a payment and usually send large payments because I don't like being in debt. I got a letter from them saying they are raising my rate to 15.99% after January....just because they can, and since I've been laid off from job, I can't afford to pay it off in full. So, talk about taking advantage of the poor, eh?

Sly:

Seems like they are looking over your shoulder and know your situation-anyways GOOD LUCK on getting another job and in liquidating that CC debt.

Ricke124:

Makes me glad that I don't have any credit cards.

Sly:

There are something's that they are absolutely necessary for patpat-other than that we very very seldom use ours.

Kinkley:

Those with good credit scores are not severly impacted by this practice. When my daughter, in college, went over her credit limit by paying for an emergency, the rate soared to 28%, so I just paid it off, and she got another.
As with many practices, it's the people on the margins, who are not able to pay them off, who are hurt most.
It can be argued that it's THEIR fault, not the banks, for buying things they can't afford, and racking up large debt.
Nevertheless, 28% seems excessively (greedily) high. If you think a cap should be set, write your federal and state congresspeople; if you don't know who they are, go to www.congress.org, and enter your ZIP. I strongly disagree with the statement that your emails will be ignored! (they will be ignored if only one or two people write, but if a large number write, they MUST listen and act...)

Sly:

good points Jim D-We keep ours at a limit that we can do as you did-thanks for you insight

Sly:

(sp) YOUR-not you insight

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