20.99%. rate on a credit card.
03/03/2009
To fix the economy, it’s time to look at the banks and their credit card extortion.
I opened my credit card statement last month to see what I needed to pay: I had charged some items on the internet on the card for connivance. As I looked down at the rate I was astonished to see it had jumped up to the highest interest rate I have ever seen 20.99%. I called the card company to see why the rate had jumped. I was told “we adjusted all the credit card rates due to the prime rate going up.” There was no change in my credit score, no late payments, no apparent reason for the rate hike. That is a complete lie; the prime rate is at a low of 3.2 %, the lowest in years, so it is a fabricated response. The bank is trying to make a 17.79% gain on interest. I normally don’t run a balance on my card: I got the house remodel paid off last year, after they jacked up the rate on my card from 8% to 12% collecting a whole bunch of extra interest after the initial purchases.
I have a plan for the elected officials: force the banks and credit card companies to drop the astronomical rate charges, stop the hemorrhage of money going to their outrageous rates and get them back in line. If you want the “main street” consumers to start spending again, get the credit card rates back to a reasonable rate. If a bank or financial institution wants government money, force them to drop those rates. No wonder the economy is still crashing: if you had a balance on a credit card, there is little chance you can pay it off at these usury rates. I am sure the credit card rates are affecting more people than the “sub prime mortgage” crisis.
I wonder what rate other people are paying. Have a look at your statement and post the rate below: you can remain anonymous.
