If a credit card company raises your rate and you have a high balance all you must do to prevent this increase is to call the card company and tell them you opt out. Now, this will cause them to close the account but you will still repay your outstanding balance at the OLD RATE. Then go get yourself another card such as Discover who right now has good rates. I have a 750 score and CHASE just raised my rate from 9.0 to 15%. I closed the account. The banks who received TARP monies are just trying to cash in so they can pay the money back on our backs even though we the American people lent them the money. Next time we will let BOA and CHASE go under.

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I love to hear people whining about how high the credit card rates are. I wonder how long it took her to write this down before she filmed herself? Its always amazing how everyone who gets their rates increased just happens to have a great credit score. WRONG! 99% of people who get their rates increased are people who might have paid one credit card on time but they are paying poorly on the other debt they have. Refusing to pay a debt? Yes, that is the adult way to handle your debt: refuse to pay. Maybe she should have used her card to buy some better hair dye instead of those "collectible" cars. This is the same kind of person who gets a card with $5000 limit and within 6 months have already maxed it out. Do you know what that tells a credit card company? It tells them YOU are a risk, a high risk. A risk that is too risky. In this new economy, banks can no longer afford to give someone the benefit of the doubt. You have to pay to play and if you play too much you will pay too much. Call credit card companies scumbags. That is a cheap shot. Its easy to blame a large company when its actually the end user who has ruined there own credit. Try to remember back a few years ago when getting a rate below 18% was AMAZING. It will be the same now. This article makes it sound like everyone is getting their rate raised. In fact, its not the truth. The real truth is some people have very bad credit because they have no self control and no sense of economics.

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If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it (the bank) has.
- John Maynard Keynes

If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem. -
J. Paul Getty

With the credit card unless her balance is large- she has a problem.

On the other hand- it seems that we have a problem with the banks and the money we lent.

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I took that tactic with several of my credit card companies that tried to raise my rate for no other reason other then they could. After a month or two they caved in and all (3) gave me rates under 6%. My credit score took a hit (750 to 650) for a year but I already own a house and didn't plan on buying (financing) a car. So it wasn't a big deal.

Zac, your advice is bad. This is nothing more then legalized loan sharking. People should be outraged and they should do something about it. Personally I'm all for 100,000 or so people getting together at the BoA headquarters for a rather graphic display of our displeasure. But in my case I just wrote my congressmen. Oh Zac, you forgot to mention that people could call their credit card companies and opt out of the rate raises. In my case, I travel months at a time for work and that was the window when I got the notices. Why is it CC companies don't assume you'd rather close your account then accept the new loan sharking rates. What a tool you are Zac.

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There should be a ratio between what a bank can charge you for credit card interest vs. what they pay you in a savings account. After all, when we save, we are in effect lending the bank money. That would be the revolution to start.

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Simple math... Big companies do it. Which is more cost effective, FIX THE PROBLEM(continue to pay as you have been doing) or SETTLEMENT(stop paying until they offer a settlement). The life cycle of a negative mark on your credit profile is 7 years, if it takes you more than 7 years to pay off the debt then the answer is simple(It's not personal just business). Warning: be prepared to live without the aid of credit during this period, it is not without peril, you will survive. Be vigilant in disputing all your negative marks as they will eventually stop responding and will come off your report, if you are lucky as I have been this happens usually within 18 - 24 months, (7 years if you don't do anything). It's your life, you only get 1, make a choice....

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Well said an i stand right behind you Ann! These banks are trying to recoupe their loses on the good standing customers. An absolutely well said their no better than loan sharks,the only difference is they stand behind the government who should also be ashamed of themselves for letting this happen without closely analysing what is being done. I to have been in contact with the bank for something similar an your right they told me to stick it up my ass in so many words.
Yes i also plan on giving them nothing! Since they chose to be ruthless in there practices. I like you have always felt like I needed to pay an always have. An yes they can call me all they want cause I will not cut any of my bills for them to get bailed out by the government an that they can continue to ride in lear jets while we starve to pay a bill. How fair is that? Hope all goes well for you. If you need to start a class action im with you!

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Ann, guess you didn't see this one coming . you need not frett "misery does love company",eventually we all get BONED. I've had a credit card at wells fargo for years (i have a fantastic credit score) when i went in to b.o.a. to get an additional checking account the bank manager came out to offer me a credit card with a 75,000 limit I asked him" if he was stoned" he politely smirked and said " NO" what else could he say? I politely told him thanks but "momma didn't raise no fool" but if it's any consolation I have been snookered before & I'd be a foolish man to think it aint gonna happen again.

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Poster "Paul" who said that most people who have their interest rate increased have bad credit..... not so at all. Banks are raising interest rates on their best customers. Why? Because they can! I have no mercy for the banks. Banks who increase credit card interest to 25-30% are raping their customers and I think it's about time we all STOP paying excessive interest rates. If Americans banned together and stopped paying high interest credit card payments, the banks would drop their fees instantly.... Americans have the power but we don't enforce that power. I think a revolt is just what the banking industry needs to feel. Good for Ann... more Americans should tell their bank to "stuff it"...

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Unfortunately, banks are increasingly worried about consumer being over-exposed to credit cards and other debt. Even if you are not behind on payments and never missed any of them or paid late fees, if your credit report shows that you may be extended, they are reacting as never before, raising interest rates, cutting credit limits and imposing extra fees. If you can do so, OPT OUT of all credit cards that are really aggressive and try to go with more reasonable ones. Obviously, it would be better to close and pay off as many as possible. The truth is, these card issuers should have limits so they are not able to drown people who are trying to swim in today's economy. Since they are in bed with most of the legislators, the lenders have had a free hand to abuse consumers.

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AN EASY SOLUTION- PAYMENT STRIKE


In front of the tricks of Credit Cards Mafia it's a very easy
solution: Stop the payments of the Credit Cards. Oh no you would kill
your Credit Score, somebody could say. If all the Credit Cards
costumers, stop the payments, the Credit Score Agencies couldn't
lower their scores. What they are suppose to do is to low the Credit
Cards Mafia ilegal and fraudulent charges... Let's use the Credit Cards Mafiosi
CEO-s bonuses to pay for their higher interest rates....

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while we were happy as can be watching more sports and filling our shopping carts at wallmart with china junk big business and the wealthy bought congress.

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Forget the opt out crap and lets get right down to the task of getting rid of the fed goverment as we have it now "doing " us no good " but instead backing with force the illgotton goods the Banks and the Fed reserve have fleeced from hard working americans .There is a New political party force that is emerging very fast which utterly will get rid of all force backed goverment operatons that run over the commen American .,such the Irs .the local reps in the states the congress and the senate of the US .these people we have now spend all their time there not for you and i ,,but to keep themselves continuasly in the golden cash cow and perk perches .no thought is ever and i mean ever given to the welfare of everyday people the Banks as we know them now and our "broke" goverment will all be changed again "FOR THE PEOPLE BY THE PEOPLE " not "forget the people put more and more in my pockets system that is now in place in all levels of elected authority that we suffer under now .'"That authority is no longer needed in America or the world for that matter except for protective issues we must remain strong .We the People have watched and watched or years of savings go to the very criminals that caused it to be fleeced ,and now we are to be charged the bill for those "criminals in ties "to shore up the credit and money systems they destroyed ...here is the summary ........The IRS .seeks nothing but to destroy people ,take every thing they have and leave them destitute ..The FDA has done nothing but put individual medical breakthroughs in the dumper and caused millions of deaths that need not have happened they squelched the cure for cancer ,we know that by dragging it s feet because the people in power have invested so heavy in what the call current top of the line radiation treatments etc ..that they can not let go of the super super cash cows the have created in conjunction with the drug companies . creaters of machines ,that really do nothing but kill most paitients ,those people are guilty of murder and they know it , "hope they can sleep well?"It s time we take back control of our lives or lose the freedoms that the present authority in elected positions want us to lose so they can live in laps of guarenteed luxery and benifits Kennedys were the leaders ..watch for the new Political party to emerge it will prevail

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Paul-you are dead wrong on your analysis. I have a credit score over 800, pay my bills on time and carry no credit card balance(I pay it off monthly), and have never been late on a payment for any bill my entire life. In January 2009, My credit card co, Citibank, raised my interest rates without notifying me in advance. Being an attorney and customer of theirs for 20 years, I called them complaining and threatened them with litgation and they finally lowered my rate and send me an apology letter.

Folks need to step up and protect themselves..otherwise, people, govts, and companies will take advantage of you if you allow it.

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I have excellent credit and B of A(ss) did the same thing to me. My interest rate went from 12.99% to 27%. After calliing and complaining, they did me no favor by lowering it to a whopping 21%. Am I overextended...yes. Am I behind on payments...no. Why are the banks going crazy now with the inceases in rates and reductions in limits? All I can see is that they will be causing more problems not solving the existing ones. I got myself here, but I don't need the banks help to get me any further in debt.

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fire them all, no more worring about fico score let them come to us for our business, even if 30% quit paying we could bring them to their knees. While we were getting our sports fix and filling our baskets at wallmart with china junk big business and the wealthy bought congress, now it is time to stop the devide and conqure system they use against us. Time to band together and take back our country. lol

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