New Credit Card Law
Credit card companies are raising interest rates in advance of the new federal legislation limiting credit card interest rates and fees. The raising of interest rates is happening for most of the credit card companies customers. They are raising interest rates for even the most credit worthy individuals. The raising of the interest rates can make credit cards all but impossible to repay on a monthly basis. Many consumers are seeing interest rates in excess of 30.00%. The credit card companies are rushing to increase rates before the new federal law goes into effect in February. At a 30% interest rate even a $20,000.00 balance equals payments of around $6,000.00 per year. Is it any wonder that people need to file bankruptcy given these types of interest rates and repayment schedules? This is a link to an article discussing the changes in a bit more detail http://www.bankrate.com/finance/credit-cards/8-major-benefits-of-new-credit-card-law-1.aspx.
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