I told them I didn't get any letter and they don't care. She told me that the reason it went up is because of trying economic times. More like it's because they want to raise every one's rates before that legislation takes affect! All these credit card companies that are raising their rates on good, stable customers are going to find themselves in a predicament. Customers will start paying off their balances. Then they will start living within their means and not use credit cards anymore. The credit card companies will have no one to blame except themselves when they go out of business!
We plan on paying off the rest our credit cards just as soon as I get a job. Hubby has a Capital One card that will be going up to 6% in November (from 0%) and he received a letter two days ago saying that effective in April 2010 his rate will jump to 15% and will not be a fixed rate. We owe about $600 to Capital One for hubby, $700 for hubby's Juniper, $2400 for my Juniper (this was used a lot while hubby was on strike a year and a half ago), and $1100 on my Capital One. When we got our tax refund we paid off Best Buy ($390), Bill Me Later ($600) and my other Capital One ($100). So, we are on our way to getting these paid off and we don't use them anymore so that helps. Now if only I can get a job, we would be well on our way to getting these paid off as quick as possible!
Punishing people who have good credit will not make these companies more money. It will just tick the good customers off and they will no longer be customers!!!
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