CC companies keep running havoc!

[Eddie Ziv]

Seems to be prompted by the good intended consumer protection law, the credit companies keep raising interest rate like it was 1979... I just received a letter from Shitibank that they raising my credit card interest to 18.99%. About six month ago, it went from 11.99% to 14.99%. Now it's getting crazy. Needless to say, I've been paying them on time religiously and my FICO is way over 700.
Any ideas?

[Brian Levredge]

Originally posted by Eddie Ziv:

Well, they are shooting themselves in the foot since that practice would cause more to people default on their cards. It seems to me, from business perspective, that it is not how much they can squeeze the customer, but what is the customer's tolerance level. The "good" old days of taking a equity loan against you home to cover those credit cards debts are over. So what do they expect the average Joe and Jane to do?

For starters, people could actually spend less than they make. This would allow them to pay their balance in full every month. But this is the problem we have when we live in a debt based society.