Credit Card Rates
Credit card companies are always changing the rules. They constantly
make changes in terms of interest rate on any particular credit card
just because they can. They give someone an introductory rate of say
3.9% and then just arbitrarily raise that to 10%, 18%, 24%, 28%. I
think it is horrible. Their argument is that there have been changes in
the card holder's credit rating. Many times that is true, but actually
so many people have done very well, and they keep paying on time.
Still, they get the increases. The total debt that the Americans have
right now is $9 billion in credit card debt. That is an average of
$2,200/household. When you look at the impact this has on every
household in this nation, there needs to be some way to constrain the
credit card companies from just raising fees, hiding penalties, raising
interest, and internally just making these cards so expensive that it
dooms the card holder.