Interest Rate Raised On CC

[kenshirley]

I am not sure why, nor does it make much difference, but one of our credit card companies stated in the last statement that they have raised our rate from 8.5% to 17.99% due to our delinquent status.
I have told them we are about to file Chapter 7.
I guess this gives them more money to write off on paper?
Maybe they can get more bailout money if they lose more???

[Flamingo]

The reason why is because it's contractual - you agreed upon signing for the credit when you obtained the card that if you don't make your payments on time they have the right to raise your rates or take any other steps mentioned in the contract. So it's money you would owe them whether or not you filed bankruptcy. It's more for them to legally write off due to that agreement if you do file. Has nothing to do with bailout money.