Topic: Credit Card Debt

[Stocker]

  Heads up in case anyone has missed it.... banks will be significantly boosting credit card fees (among other charges) to help offset $50B revenue lost to new federal rules & regs.
http://online.wsj.com/article/SB10001424052748704162104574630360393559766.html

This will affect a whole lot of folks... check any communication you get from your financial institution, make sure you understand what's gonna happen with your accounts. If at all possible, make it a priority to reduce or eliminate credit card debt. It's a cash cow for banks, just try to avoid getting milked. 

[*FFC*]

This already bit me in the

Hubby and I were 3 days late on BOTH of our credit card payments through the same place, and we got hit at $65 per card.... Plus they upped our monthly payments

[David]

Bail out/robbery really helped us didn't it.

[axled89]

YEP!!!    and people thought that it was good.    ROBBERY!!!!!!!!!!

[germ]

My parents just got one of those "agreement update" thingys in the mail. It said that their "effective APY=130.15%"

I just about fell over. Fortunately they don't have a balance on the card, so it doesn't really mean anything in actual $$, but I can bet you they cut that card up and sent it back to the bank.

Erik

[emsvitil]

My parents just got one of those "agreement update" thingys in the mail. It said that their "effective APY=130.15%"

I just about fell over. Fortunately they don't have a balance on the card, so it doesn't really mean anything in actual $$, but I can bet you they cut that card up and sent it back to the bank.

Erik

If there's no annual fee, you keep the card and don't use it.............

Costs the credit card company to keep sending you stuff in the mail, and to keep you in their system.........

 

[red]

except for some places will be charging inactivity fees

[Rockcrawlintoy]

weird my visa rate just went down.

[red]

as of Jan 17th i'm headed to pre-deployment training then onto the middle east by feb 15th, only credit card i have with a balance on it is through my bank USAA. they put all interest at 0% when i'm deployed and i'll pay it off in a few months.

[Stocker [OP]]

For red ^ Thank you for your service! Stay safe over there.

[Stocker [OP]]

Learned a bit more from AARP (go ahead, laugh) about CC rates.

"Credit card interest rates are regulated by the state where the issuer is headquartered or chartered, not by the federal government. Most card issuers set up shop in Delaware, South Dakota or Utah, states with weak - or nonexistent - usury laws that place no cap on interest rates. However, under the Credit CARD Act that takes effect Feb. 22, rates can't increase if your account is in good standing; and if you're hit with an increase, you can cancel your card and pay off the balance at the old rate."

[red]

hence the reason some companies are trying to raise their rates before feb 22nd