A 54 year old, Rich Stevens, and his wife just got a notice from Citibank that their rates just got jacked from 9.5 to 16.99 on their credit card but here's the scary thing...they have great credit.
Credit card holders livid about 'rate-jacking'- From Drew Griffin and Kathleen Johnston
CNN Special Investigations Unit"Aye, the Vig just doubled"
I use this gangster vernacular because it seems like loan sharking now. I know that higher risk credit card companies are not afraid to give you a high rate of 20% and above but Citibank.
CNN contacted Citigroup and no one would talk on camera.Apparently you can opt to continue to pay the lower rate but you have to close the account when the card expires...It's in the fine print. (Suggestion, try getting a card from a Credit Union.)
The Federal Reserve is expected to vote on new legislation regarding credit cards in the meantime the people are caught in the crossfire.
Imagine for a moment(maybe you don't have to) that your behind on your mortgage and you've been using credit to help get buy to shore up the "lifestyle" that you've become accustomed to and then they rate jack your credit cards.SALT TO THE WOUND.
This is another reason that examining your own credit at the end of the year is a great New Year's Resolution. To take control of your financial Report Card as it were. These Credit Card companies are coming after you and if you don't pay attention it will affect your pocket book but more importantly when you need to make a large financial move it might be more difficult later than sooner...LIKE NOW!
CNN contacted Citigroup and no one would talk on camera.Apparently you can opt to continue to pay the lower rate but you have to close the account when the card expires...It's in the fine print. (Suggestion, try getting a card from a Credit Union.)
The Federal Reserve is expected to vote on new legislation regarding credit cards in the meantime the people are caught in the crossfire.
Imagine for a moment(maybe you don't have to) that your behind on your mortgage and you've been using credit to help get buy to shore up the "lifestyle" that you've become accustomed to and then they rate jack your credit cards.SALT TO THE WOUND.
This is another reason that examining your own credit at the end of the year is a great New Year's Resolution. To take control of your financial Report Card as it were. These Credit Card companies are coming after you and if you don't pay attention it will affect your pocket book but more importantly when you need to make a large financial move it might be more difficult later than sooner...LIKE NOW!
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Corey Goldstein founder of FixMyReport.comAn Expert on credit and commercial financing for investors, builders and developers. Extraordinary solutions for unique clients.
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