Credit card rates could skyrocket

Credit card rates could skyrocket

There are 113 comments on the WOOD-TV Grand Rapids and Michigan story from Apr 15, 2009, titled Credit card rates could skyrocket. In it, WOOD-TV Grand Rapids and Michigan reports that:

As if opening that credit card bill isn't stressful enough, many cardholders are getting notification that by this summer, they will pay more interest on their balance.

Join the discussion below, or Read more at WOOD-TV Grand Rapids and Michigan.

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Since: Sep 08

Muskegon

#1 Apr 15, 2009
That's crazy. Why would anyone choose to have a credit card where they can raise the rates that high? I'm glad there are a few out there that aren't, but I think that the credit card industry needs to be regulated better. I'm all for pushing up the date. This is part of what caused the economic crisis.
just me

Middleville, MI

#2 Apr 15, 2009
Chase actually lowered my fixed rate by 3% last month - I didn't request it, they just did it.
Wonder what's in store for me now?
Ellen

Montague, MI

#3 Apr 15, 2009
radell wrote:
That's crazy. Why would anyone choose to have a credit card where they can raise the rates that high? I'm glad there are a few out there that aren't, but I think that the credit card industry needs to be regulated better. I'm all for pushing up the date. This is part of what caused the economic crisis.
There you go, more government intervention. I have a better idea, be more responsible with your finances. Quit relying on the government to do, what you should already know.
I have three credit cards with $10,000 limits plus. I don't owe a dime on one of them.

Since: Mar 09

United States

#4 Apr 15, 2009
Cut the ding dang things up,people!If you can't afford to pay cash for something,then maybe you just don't need it!
WHAT

Grand Rapids, MI

#5 Apr 15, 2009
well said Ellen I agree with you.....but I have NO credit cards and an emergency fund.....no need for the cards if I have a problem

“Dude, Where's my car?”

Since: Jan 08

Location hidden

#6 Apr 15, 2009
WHAT wrote:
well said Ellen I agree with you.....but I have NO credit cards and an emergency fund.....no need for the cards if I have a problem
I agree. The best way to avoid high credit card interest rates is to not have credit card debt.
Ellen

Montague, MI

#7 Apr 15, 2009
WHAT wrote:
well said Ellen I agree with you.....but I have NO credit cards and an emergency fund.....no need for the cards if I have a problem
Agrees, Only you know what you can afford or can't. I prefer paying cash for whatever I need.
Guru

Greenville, MI

#8 Apr 15, 2009
I have 2 of them, always need one if you have a situation where you have to stay in a hotel or fly, most hotels won't take you in if you don't have a card and you can't fly without one either. I had an aunt learn that last year when she tried getting a ticket to Florida to visit my parents with a card with a $200.00 limit on it. I use the credit card companies, I don;t got for the bait and let them use me!!!
WHAT wrote:
well said Ellen I agree with you.....but I have NO credit cards and an emergency fund.....no need for the cards if I have a problem
Doc

Bancroft, MI

#9 Apr 15, 2009
This is just another symptom of greed folks, the money economy is having major fluctuations, the banks are worried about investments, the liquid debt in America is out of control. This action was warned about by Allen Greenspan when he discussed a economic meltdown. The average debt carried monthly is over 25k in credit. Our Government just added to their own by the 2.2 Tillion stimulus. The credit holders want their part of stimulus money and it will be coming out of your back pocket. By increasing rates they are hoping to recoup some of the bankruptcy money and the chapter 11 money that has been put on hold by the rules. We will all pay for the credit one way or another and this is the first step in putting a knife to the card holders and extorting more dollars. Poor leadership in the larger companies, lack of quality jobs, lack of manufacturing base, lack of technology base and all you are left with this the service based work, whereas we all feed off of one another and the rates for all will be high to keep the whole machine going. This is simple economics and the fact the administration is breaking all the rules of good stewardship is just a sign that things are getting worse and not better.
John

Deerfield, IL

#10 Apr 15, 2009
The defaults on credit cards will be the next domino to fall and drive this depression in even further. Those who can not make ends meet have no choice but to max out credit cards to keep paying bills. Then what happens when you have no credit? You just walk away and let it all go, holding the tax payer to pay the bill. It is going to get even uglier people!
Old Rocker

United States

#11 Apr 15, 2009
Ellen wrote:
<quoted text> There you go, more government intervention. I have a better idea, be more responsible with your finances. Quit relying on the government to do, what you should already know.
I have three credit cards with $10,000 limits plus. I don't owe a dime on one of them.
You are absolutely right. We all need to manage our own spending responsibly. To me, it really doesn't matter what the interest rate is because I NEVER carry a balance, and I will never ever borrow money for anything again as long as I live. I have one card that I rarely use, and always pay the balance in full when the bill comes. I prefer to use cash or my debit card and stay within my budget.

It's none of my business, really, but if you have a zero balance, why do you need three credit cards?

“Dude, Where's my car?”

Since: Jan 08

Location hidden

#12 Apr 15, 2009
Guru wrote:
I have 2 of them, always need one if you have a situation where you have to stay in a hotel or fly, most hotels won't take you in if you don't have a card and you can't fly without one either. I had an aunt learn that last year when she tried getting a ticket to Florida to visit my parents with a card with a $200.00 limit on it. I use the credit card companies, I don;t got for the bait and let them use me!!!
<quoted text>
That's a sad myth that the credit card companies keep perpetuating. My debit card can be used for both credit or debit and in the meantime my money is collecting interest. I've traveled all over the country and never once had a problem with a reservation, hotel, tickets etc.

Since: Feb 09

nowhere

#13 Apr 15, 2009
i wish all the credit card companies would do something useful with the bailout money and wipe out a 1000 off everyones credit card bill, that would make me happy and i know im not the only one
Ellen

Montague, MI

#14 Apr 15, 2009
Old Rocker wrote:
<quoted text>
You are absolutely right. We all need to manage our own spending responsibly. To me, it really doesn't matter what the interest rate is because I NEVER carry a balance, and I will never ever borrow money for anything again as long as I live. I have one card that I rarely use, and always pay the balance in full when the bill comes. I prefer to use cash or my debit card and stay within my budget.
It's none of my business, really, but if you have a zero balance, why do you need three credit cards?
Rocker, its a valid question. I ask myself that to when I see them. Now, the thing I have read and heard about is how you can affect your credit rating when you cancel cards you have had for a significant time. Now, I can't confirm that, its only what I've read and seen stories on about credit cards. I need to find the facts out about that myself. These credit card companies are one step from "crack dealers".
Old Rocker

United States

#15 Apr 15, 2009
colie26 wrote:
i wish all the credit card companies would do something useful with the bailout money and wipe out a 1000 off everyones credit card bill, that would make me happy and i know im not the only one
So, you want a $1,000 handout because YOU ran up your credit card balance? I, for one, don't wish to contribute to that with my tax dollars. Pay your own bills.
Brent

Rockford, MI

#16 Apr 15, 2009
Thanks Old Rocker! I agree, it's time for people to pay their own bills. I don't want to pay other people's mortgages either.
Tom

Chicago, IL

#17 Apr 15, 2009
I don't really care if they raise my credit card rates. I only use them to pay off certain bills, and I pay off the entire balance when the statement comes so that I don't incur any interest. Plus with my Meijer credit card, I have made/saved almost $100 from them with the 10 cents off gas in the summer, and the $10 gift certificates I get after spending $1000 on food. I budget for it. It's great that they are paying me to use their card, and yet they have not gotten a cent in interest payment from me :-)
smith

Coldwater, MI

#18 Apr 15, 2009
Guru wrote:
I have 2 of them, always need one if you have a situation where you have to stay in a hotel or fly, most hotels won't take you in if you don't have a card and you can't fly without one either. I had an aunt learn that last year when she tried getting a ticket to Florida to visit my parents with a card with a $200.00 limit on it. I use the credit card companies, I don;t got for the bait and let them use me!!!
<quoted text>
Have you ever heard of a credit/debit card?? I use it all the time to fly or stay in a hotel. I use my own money! if I can't pay for it with cash. I DON'T GO!! or DON'T BUY IT!!!!
Miss Miss

Greenville, MI

#19 Apr 15, 2009
I also carry no balance on credit cards however far be it from me to judge those that do...we don't know their situation therefore no one here should be passing judgment...congrats to those of us who don't need those credit cards but a lot (especially in my area) have no other choice as there jobs have long since hitched a ride to Mexico...quit judging people!
Scott F

Puyallup, WA

#20 Apr 15, 2009
I had a happy fixed rate 9% card with Washington Mutual but after JP Morgan Chase took over they raised my rate to 28% without so much as an email. The first notice I got was on my statement. Even though I am carrying a high balance I always pay over the minimum and on time. Needless to say I am extremely upset with the situation as now my payments barely keep up with the interest charges. I am dumping Chase as my bank.

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