Credit Card Debt and Rate Jacking – OMG, My Interest Rate Went From 6.9 Percent to 17.99 Percent
If you do not know what rate jacking, hold on tight! In its simplest form, is when a set of jacking up credit card company (without due cause) increased dramatically, (AKA Jack up) your interest rate. It is not uncommon for a person's sentence, from 6.9 percent to 17.99 percent or more, to go all in one blow not. Mind you, we're talking about somePeople with good credit and great credit. One such couple, Jackson, was indicated in the mail that their prices went up on the two cards they held. They went from 7.99 percent to 18.99 percent and the other went from 6.99 percent to 17.99.
Needless to say, they were amazed! So much so that she sought legal counsel. Unfortunately, after consultation with a number of lawyers and advise them they had no legal standing, they are making adjustments to payto announce the new prices, and then both cards.
When asked if "you be worried?" The answer is "Yes!" Our Constitution begins with "We the People …" In this case, people we be intimidated by the credit card company. What they do – is it legal? Definitely yes! "The companies make it clear in the fine print in their credit card debt-sided information that they have a right to make adjustmentsit deems necessary. This is with or without your permission.
Jacking rate is ethical? A thousand times no! The best way to describe it is: government sanctioned loan sharking. Where else can a person, group, society, or only transitional and double your interest and you do not dare to pay? Um … sounds like the Mafia to me, what do you think?
This is the thanks for rescuing the banks?
Thanks to our legislators, "We are the people …" are paying the piperBailing out the bank and this is the thanks we get? Citigroup, one of the recipients of bailout funds out rate jacking instructions about the same time he was twenty billion U.S. DOLLARS in taxpayer-funded government bailout money sent. Am I missing something here? If not, "We the people hold" Credit card companies such as Citigroup accountable? Or do we leave them with their corporate lobbyists continue to rake consumer of coal?
Here's whatCitigroup, spoke about his rise … "For the financing in this difficult credit and funding environment, Citi is a reassessment of a group of customers." Are you kidding me? Repricing a group of customers because of the economy? We, the people are already having a hard time economically and your only solution is to the things difficult for us to survive so that your credit card debt cash cow? Where are the heroes, if the consumer advocate, we needthem?
How To Avoid Credit Card Debt Rate Jacking
Currently, the only protection you have against this unethical tactic is to pay off your credit cards as quickly as possible and then the cards that you do not cancel. The bottom line is this, how you pay and you pay your credit card debt, the less will be at the mercy of these credit card companies. A long as you have balance, you areto see them and create, in a legal way, the burden of your guilt.
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