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Credit Card Companies Charging 33% And 99.7% Change Rates Without Notification [Video]

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Credit card companies continue to treat consumers like targets as they jack their interest rates to as high as 33%. The Pew research company found that 99.7% of credit card companies change their rate without notifying the consumer, of which they have a contract with.

This is simply outrageous and it is outright lone sharking.

Consumers have a contract with a credit card company and for the company to change the terms of that contract they should have a mandatory obligation to notify consumers. I am in favor of business, but this borders on illegality. There needs to be regulations in place to crack down on this practice.

I argue that with 2 people entering into a contract it should be illegal for one of those parties in the contract to vastly change the conditions of the contract. Especially when it comes to the terms of a loan. Imagine the outrage if you signed up for a mortgage at 6% and the mortgage company had the right to change the interest rate to 20% without notification and within a one month period. It is simply outrageous and should not be put up with any more.

Some would argue that the example above is not a good one, as adjustable rate mortgages fit in that category. However, mortgage companies have regulations on them and the mortgage company cannot change the rate beyond a certain percentage amount within a fixed period of time.

Credit cards are under no such restrictions and can literally change your rate from 6% to 20% in one month... and they don't have to tell you about it.

This needs to change and people need to demand that it change.

Lou Dobbs on the credit card ripoff

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Posted by Digger on November 5, 2009 11:55 AM (Permalink)

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The contract they have with the customer specifies when, how much and under what circumstances they can raise the rate. And there are regulations that crach down on this.

Consumers can cancel a particular credit card at any time if they don't like the terms of the contract or the interest rate.

I don't see a problem.

Posted by: Ralph on November 7, 2009 04:59 AM

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