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9/22/2017 12:11:25 AM
Posted: 1/28/2006 4:49:14 PM EDT
[Last Edit: 1/28/2006 4:53:43 PM EDT by AKSU-74]
Is there anything that can be done regarding a CC Co. that raises your interest rates? A relative of mine just had their interest raised by$200 a month and the CC Co. only said that do to my relatives credit that it was warranted. The CC Co. did not explain what that meant. My relative has never been late and usually pays more than The monthly minimum. The CC Co. said that my relative could also not opt out, what ever that means.

There was a thread here a while back that has to do with this and what could be done. Dose any one have a link, or know who to contact about this, or what can be done to bring the rate back to what it was previously? Thanks for the help.


ETA: I just found out that this is the second time the rates have been raised in the last 2 months, don't know if that means anything.
Link Posted: 1/28/2006 4:54:53 PM EDT
Get a new credit card with better intrest, transfer the balance. That's what I'm looking to do, on a NRA visa, they jumped the intrest to 20%
Link Posted: 1/28/2006 5:02:43 PM EDT
I just had a minimum payment on one of mine go from $30.00 to $96.00.
Link Posted: 1/28/2006 5:04:12 PM EDT
[Last Edit: 1/28/2006 5:10:18 PM EDT by AKSU-74]

Originally Posted By ARkie:
Get a new credit card with better intrest, transfer the balance. That's what I'm looking to do, on a NRA visa, they jumped the intrest to 20%



Thanks for the suggestion ARkie, but unfortunately my relative tried that and was denied, with no explanation given as to why.

ETA: One more question, has anyone heard of rescuedebts.com? Apparently they negotiate a settlement with your creditors, I don't know any thing about them or this kind of service so any info would be great.
Link Posted: 1/28/2006 5:20:10 PM EDT
Have your relative go down and get a book by Suze (Susie) Orman on this subject - she discusses it in a few of her books. They can page through at Barnes and Noble etc. to get the right one.

The companies that "Help " with credit companiesare basically 2 very different animals. They do not want to use ANYBODY but a real Consumer Credit couseling service. Fees vary - but basically around $5 - $20 per month and they handle the transactions. DO NOT EVER STOP PAYING YOUR PAYMENTS - as is suggested by the other type of company.

Also - It is likly that not just / if their interest was raised. But as mandated by law they very likely saw a change in their minumum payment instead. AS MUCH AS A PAIN IN THE ASS as this can be - IT is for the Credit Card holders benefit and the Card companies were/are against raising the minimum payments. The longer they take interest only (or less) payments from you the longer they screw you and the more money they make. By paying a larger minimum payment - You get out of the debt faster. That is why the law changed.

Good luck to anyone dealing with this problem.

The book is worth the money - it is one of many good books out there that can change you life for the better!

best regards,
Link Posted: 1/28/2006 5:43:07 PM EDT

Originally Posted By Gartchen:
Have your relative go down and get a book by Suze (Susie) Orman on this subject - she discusses it in a few of her books. They can page through at Barnes and Noble etc. to get the right one.

The companies that "Help " with credit companiesare basically 2 very different animals. They do not want to use ANYBODY but a real Consumer Credit couseling service. Fees vary - but basically around $5 - $20 per month and they handle the transactions. DO NOT EVER STOP PAYING YOUR PAYMENTS - as is suggested by the other type of company.

Also - It is likly that not just / if their interest was raised. But as mandated by law they very likely saw a change in their minumum payment instead. AS MUCH AS A PAIN IN THE ASS as this can be - IT is for the Credit Card holders benefit and the Card companies were/are against raising the minimum payments. The longer they take interest only (or less) payments from you the longer they screw you and the more money they make. By paying a larger minimum payment - You get out of the debt faster. That is why the law changed.

Good luck to anyone dealing with this problem.

The book is worth the money - it is one of many good books out there that can change you life for the better!

best regards,





Thanks Gartchen,
I'll check out that book, and it was the inerest rate that was raised by $200, the monthly minimum was raised to but only by $9 a month. That's what I thought sounded odd, but it was the APR that went up to 29.99% which there was no prior notification, they just raised it an it showed up on the last bill.
Link Posted: 1/28/2006 5:53:54 PM EDT
[Last Edit: 1/28/2006 5:56:21 PM EDT by Chesh97]
Actually, you really have to watch these credit card companies now adays. As far as most peoples "minimum amount due" doubling, well thats the .gov's deal. Before your minimum amount due was like 2% of your total balance. Well, they thought that they could help consumers pay off their credid card debt quicker and be in better financial shape by raising the "minimum amount" percentage. I think its now 4%-resulting in several people now having double the payment they used to. Now as far as APR goes, you have to be careful which card/terms you have. Some card companies now will base your APR off of your credit report. They will check it once a month, and if they see you have been late on other bills/loans, then they will view your account as a "risk" and subsequently jack your rate to prime + whatever which usually gets your 29.99%. The kicker of it is, you don't even have to be late on their bill, just other creditors, and they can raise your rate same as if you defaulted by having late payments on their account. Always have to read the small print...

I guess one way to look at it/avoid it--pay all your bills on time and you won't have to worry about it!--I know, easier said than done most of the time- thanks to THIS DAMN SITE!!!

ETA-GET BOTH!!!

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