Credit Card Rates

[blowndodge]

financial publications have recently reported that major credit card companies that have reported record losses due to the housing forclosure debacle had have been sending out notices to comsumers with good credit and no deliquencies.

These notices are that the interest rate on their balance is going up. To some it's from 9.9% to 24%. Your only option is to pay the balance off right now (which for some is impossible) or pay the increase rate.

There is no law forbidding this. For those who have outstanding balances you should check your statements to see what your interest rate is.

Bank companies that make huge profits give millions of dollars in bonuses to the few executives but when they lose money they socialize the losses to the American Consumer. How cool is that?