With the new laws designed to protect credit card holders from unfair practices set to go into effect next year, many credit card companies are taking action now to shore up profits.
Recently, several major credit card companies have started raising interest rates. Many consumers have also seen their credit limits cut, which in turn hurts their credit scores. Many Chase credit card customers even saw their minimum payments more than double, causing some to become delinquent on their accounts.
Perhaps the most trouble part in all of this is that customers across the board are being affected. Consumers who have good credit and have always paid on time are being affected by many of these changes, causing some to fall behind for the first time in their lives.
The good news is that there are resources that can help you if you any of these changes are causing you financial trouble. Higher interest and payments on credit cards can break many families’ budgets, especially in these trying economic times.
If you are having trouble paying your credit cards, you should speak with an accredited credit counselor. The counselor can help you figure out your best options, and can even help you get lower interest and payments through a debt management plan.
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Lower Interest Rates, Lower Payments on Credit Cards
2 responses so far ↓
1 Sandy // Feb 16, 2010 at 2:51 am
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