RE: http://www.military.com/opinio...15202,203485,00.html

THIS SOUNDS JUST GREAT BUT THE CARD COMPANIES HAVE BEAT THEM TO IT. THEY HAVE BEEN RASING RATES AND FEES AS FAST AND AS MUCH AS POSSIBLE IN THE LAST FEW MONTHS. MINE, EVEN WITH VERY GOOD TO EXCELLENT CREDIT HISTORY AND PAYMENT HISTORY HAVE DOUBLED ACROSS THE BOARD. SO WHERE'S THE HELP?
FED UP WITH TOO LITTLE TOO LATE

I wondered why I got a letter from our credit card company the other day saying they were raising our interest rate (ALOT) when my payments have been on time and I have had no problems with the card or my payments. They are rushing to get the rate raised before this goes into effect. Why is it that something that is supposed to protect us is actually hurting us?

ARGH! I hate credit card companies.

So did the credit card companies just find a loop hole by raising our rates exponentially? With our credit card we have paid on time every time for years and had the same rate for years too...suddenly its going up 2% because of this new legislation!
So the option is to pay the extra interest on our current balance (which in the long run costs us a lot more for a balance we are not able to pay off currently in lump sum) or close the account and continue paying at current rate (which I cannot even imagine what that does to our credit rating-which in the long run will end up costing us more also)!
When the government gets involved in this type of legislation it just causes more harm than good!
This didn't do any good for me or my family just made it a lot worse when we are already strained!

so what about if you have a credit card now with a company you had for yrs and they raised the rate already & it says in here that if you pay on time for 6 months straight it will go back to original rate. does that just apply to new cards or old ones too? because i have payed on time for months now so will mine go down?

I too have had the interest increase problem. My cards, several, have all been increased to horrible rates. I have a good credit history and payment history with everyone. I agree, every time the Government gets involved to help they do nothing but hinder. Even I could see this coming when they changed to required disclosure rules. Credit companies and banks always contend that it costs them so much more to accomplish the new standards. The must be kidding. I have yet to see any company actually pay increases or losses on anything. They just pass it all on to the comsumer. Taxpayer money bailed a lot of them out and they just used the money as they wanted and then layed off, dismissed or otherwise passed the problem on to the already burdened taxpayer. I am so sick and tired of being used by all of them. I have written my Congressman, Senator and even Pres. Obama and if I got an answer it didn't even address the subject I wrote about. Hope you all have better luck than I have had.

Ex-military member, ex-wife of retired member, Mother of exmember. Government please stay out things unless you can really help (never going to happen)

quote:

Originally posted by 20049919:

Ex-military member, ex-wife of retired member, Mother of exmember. Government please stay out things unless you can really help (never going to happen)

The military IS the "government".

Where would you be without all those "government" benefits?

Is this thread for real?

Looks more like a political ad.

For those of you with good credit complaining the Card companies have rasied your rates just wait until after the law is in place and then call them and say if you do not get a decreased rate you will change companies even now that works in the vast majority of cases if you are paying their standard rate and it will work again after the change in the law is in effect and the companies start competing again.