Wow just opened BofA statement and my interest went from 1.99% to 28.99%

[ready2puke]

$688. just interest this month. In Dec. when my other 2 Citi are late and they are huge bal. it'll really hard to swallow...

[PoorGrammyinBK7]

Seems to me these credit card companies are just shooting themselves in the foot by raising the interest rates so high that most people can't possibly pay and are forced into BK. Just does not make sense. Crazy!!!!

[ready2puke]

Well Im 90 days late on it so there goes the into special....

[magyar123]

It's called "universal default". If a credit card company that you have been paying on a timely basis, no lates, no over the limits sees that you are very slow on others, lates on others, etc., they'll jack up your interest rates. They figure that since you are slow on others sooner or later you'll do the same to them. Banks are like criminal "cults" - remember David Koresh in Waco, Jim Jones in Guiana, the Nixon White House, the current Bush White House.

[AngelinaCatHub]

Well Im 90 days late on it so there goes the into special....

Just wait till after the election. All Hell either way will occur. Just, be happy you are in line or done, and stay home with your family Tuesday, and if you have a side-arm, have it at your side.

[AngelinaCatHub]

It's called "universal default". If a credit card company that you have been paying on a timely basis, no lates, no over the limits sees that you are very slow on others, lates on others, etc., they'll jack up your interest rates. They figure that since you are slow on others sooner or later you'll do the same to them. Banks are like criminal "cults" - remember David Koresh in Waco, Jim Jones in Guiana, the Nixon White House, the current Bush White House.

See above.

[ready2puke]

In line or done? Im not either, still in waiting limbo

I just may be in court on Tues. This is my week for guess what? Jury duty...yuck..so looks like another week of no income, just what I need right now..yah right!

[AngelinaCatHub]

I just may be in court on Tues. This is my week for guess what? Jury duty...yuck..so looks like another week of no income, just what I need right now..yah right!

I actually admire you. I have been called to duty two times in my life. I served once and was not chosen (as I was too intellegent {except I can't spell worth a dammmnt}) and I kinda resent that.

I would also log your paperwork for any example that could come up. After all you really have no choice but to serve. My old company paid me in full and let me keep the stypend. That probably in not today thoug. 'Hub

[ready2puke]

You know if it wasnt for the lack of money I think it would

be really interesting to be on a jury. But I need the money to pay my bills. What good would it do to log anything? Just wondering what you mean? some of my weeks have been so slow no one would even notice.

[dealingsdone]

I noticed my BofA account also was jerked up to 28.99%. Although I am in deep poopy, I had continued to pay on time...but this month I will likely be toast, over 550 in interest alone.
The one thing I am guilty of is being over their credit limit which in itself may have been enough of a violation to jerk my rate up so high.

[ansky0007]

Seem's 28.99% in the norm for these companies. Do they actually think if someone missed a payment and them jacking them to 28.99% and more than doubling the payment will make it easier on someone to not default.

PNK Bank was the one that did this to me which made up my mind about going BK, I was at 3.9% on a balance tranfer and it expired so they jumped me up to 28.99%... At the same time PNC Bank sent me new checks to transfer another balance at 1.9% for 6 months so I sent them a full payment from another card to clear my balance with them and then used the 1.9% check to bring the balance back.

After I did this they decided not to honor the 1.9% check and hit me with the 28.99% on the new transfer and to make thinks worse they charged me a $750 fee for using the check. After they hit me with the $750 fee my account now reached the limit so they dumped me with over the limit fee's as well.

And these banks are the ones getting bailed out. Maybe if they did not rape their customers the customers might be able to pay. They are getting money from the Gov't our tax money are like 1% and charging us 28.99%... Its unreal...

[Flamingo]

I just may be in court on Tues. This is my week for guess what? Jury duty...yuck..so looks like another week of no income, just what I need right now..yah right!

Tuesday is a federal and state holiday and no court will be in session.

As to your original topic, what you received should be no surprise to you. Pull out and read the original information you signed when you obtained the card and agreed to their terms and conditions. Everyone should read that stuff when they obtain a credit card or sign for a loan. It will amaze you what is in there that no one ever reads. Make it a habit from now on when/if you ever apply for credit again to read all that information. When you actually sign, you indicate you have read and understand the terms and conditions for obtaining credit. As soon as you miss that first payment, you are in breach of contract. Most people, after reading all that, would not sign to obtain the credit or the loan.

[banca rotta]

Seems to me these credit card companies are just shooting themselves in the foot by raising the interest rates so high that most people can't possibly pay and are forced into BK. Just does not make sense. Crazy!!!!

I thought that too but I guess unlike any of us here there are those people that have substantial assets and the cc companies are betting that these debtors may borrow against a 401k, take out home equity or pull any money if available out of the bank to pay it off and close the account.

They are still in business so it must be the above. You're correct though. It does not make any sense but they are doing it so they must be getting something by it.

[Tbornetun]

Tuesday is a federal and state holiday and no court will be in session.

Court will still be in session in our district, there are cases scheduled all day.

Election day is not a holiday in Minnesota. There are only 8 states in the USA that consider it a holiday. Delaware, Hawaii, Kentucky, Montana, New Jersey, New York, Ohio, and West Virginia.

[StartingOver08]

IMHO I think the banks do it because they can...they do not even wait until you pay them late. They can do it for any reason, like you have excessive balances on the rest of your cards or a high utilization. As long as they give you 15 days notice they can charge you what ever the market will bear.

And of course they are making money hand over fist - at a 29% interest rate you would NEVER pay off that debt if you paid the minimum payment. That is the intent of the cc company's - then we are their annuities! Or their slaves to our own debt....they know this, it is part of their business plan.