Credit card rates are raised according to rules and formulas.

When they are raised to penalize a cardholder for a violation of contract terms (by applying a penalty rate to the account) that change in rates is called repricing. [Read more →]

Lauren K. Bodenski left this comment, and her situation is common.

“Our credit card company, Chase, just raised our credit limit to 27.24% (from 12.99%) from June to July statements. When I called to ask, I was told that the federal government has frozen interest rate changes pending enactment of the Credit Card Reform Act implementation (six+ months from now?) Is there any truth to this assertion by the Chase representative or is it the line of bull I suspect it is?” [Read more →]

February has been a month of change, yet not the type that the average credit cardholder needs. Credit card lenders have spent the month advising tens of millions of customers across the U.S. that their credit card interest rates are about to change. 

EXPECT DEFAULT INTEREST RATE INCREASES BY MID-MAY

Across-the-board increases in interest rates are occurring and may prove to be a death blow to the finances of those Americans who are in debt and have lost their jobs.

The good news – if there is any – is that not all of the increases are effective immediately. [Read more →]