Chase Credit Card APR Increase

[Mathguy]

Originally Posted by sskkc

I currently owe about $9500 on the card, so unfortunately the rate increase effects me in a big way.

The worst part about things like this is that people don't read the fine print, then come online and pass along wrong/bad/misleading information. Then other folks that don't read believe it and pass it on... it's a cycle and it is just another indicator of what is wrong with people in today's society. IMO you shouldn't HAVE a credit card if you don't READ the fine print. There SHOULD be a TEST!

The new law does NOT allow them to charge you the interest on an outstanding balance without giving you recourse. It is only on NEW purchases that the interest rate takes affect. Most cards will not even try to charge the new rate on the old debt. Here's what you do (according to the fine print)- You can call/write the company, give them notice that the new policies are unacceptable to you and cancel the card, but keep paying as agreed previously. You just won't be allowed to charge new debt.

Credit IS being extended to people. People ARE still getting home loans for little to ZERO down. The only thing that changed is the rules. If you are a "rule follower", things will continue as usual for you. If the credit card companies are not making money off of you, then they are not going to continue to give you a good credit rating. I don't see why people think they should get something for nothing. If you don't EVER carry a balance, then the credit companies don't make money... which is what they are in business for. They are NOT a CHARITY.

Only idiots don't think companies should be allowed to make money. Idiots, communists and those who voted for Obama.

Generally an excellent post except.... I never carry a balance but the credit card company gets a cut from the places I buy stuff from. I spend enough money on the card to generate the same revenue as someone that carries an active balance of a few thousand bucks.

In general though, credit cards are like liquor. Some people can handle it and find it quite enjoyable while others go crazy with the stuff and wind up with major problems. Debt problems are documented back thousands of years so this is nothing new.