Comments on: Credit Card: It’s About to Get Ugly for You

By: Robert Yates

Robert Yates — Thu, 15 Oct 2009 21:17:34 +0000

Already been gouged. Don’t carry a balance, good credit history, and I got a rate hike from 9.99 to 19.9 percent. $6600 credit line.
I can;t opt out, because they’ll close my account. It’s my oldest one by far, and I’m not willing to take a hit on my credit rating. So I’ll shred the card.

By: Credit Card Companies Race to Increase Interest Rates « Credit Cards, Credit Reports, and Debt Topics

Mon, 13 Jul 2009 17:57:18 +0000

[...] regard to what credit card companies can do, and when they can do it. In order to beat the punch, credit card companies are penalizing consumers while they still can with relative [...]

By: What to do When Your Minimum is Raised : Yielding Wealth - Personal Finance Tips - Money Management Advice

Mon, 29 Jun 2009 20:04:01 +0000

[...] that Chase is raising the minimum payment on its credit cards. Last month, I wrote a post about things are about to get ugly for consumers in terms of their credit card accounts. So it was no surprise when that post (although a month old) saw this recent comment from a reader, [...]

By: Miranda Marquit

Miranda Marquit — Sat, 27 Jun 2009 17:24:22 +0000

If your credit is as good as you say, you should be able to find some sort of consolidation loan that might help you lower your payments. You might also try balance transfers to other credit cards. You can also call your creditors and ask to negotiate a payment plan, if you are in a great deal of trouble. P2P lending may also help you. What you should not do, however, is use a home equity loan to pay off your cards. This will turn your unsecured debt into debt secured by your home. In the end, though, you might consider consulting a fee-based financial planner who can help you map out a plan. It is impossible for someone like me to truly advise your in your personal finances.

By: Lisa McElhiney

Lisa McElhiney — Fri, 26 Jun 2009 19:29:09 +0000

Yesterday (6-25-2009) I got a notice saying my “minimum” monthly payment was going from 2% to 5%. That means my payment of $345.00 will start to be $810.00 in August. I will not be able to afford that. Mind you, I always pay my bills, don’t get late payment charges and the last time I checked, my credit score was like 797. Yes! I’m having financial troubles and am just barely holding on. This will send me over the edge – especially if my other credit cards follow this one. I’m scared and I don’t know what to do – or where to turn to for help and advice. What really gets me, is that I’ve always been such a good customer that I get these really good “rate break” offers, like … 2.99%APR until balance is paid off – as is the deal on this (Chase) credit card … HELP!

By: Credit: Harder to Come By : Yielding Wealth - Personal Finance Tips - Money Management Advice

Sat, 06 Jun 2009 13:03:04 +0000

[...] tightening of credit card availability is likely to be further exacerbated by the recently passed Credit CARD Act of 2009. While the intentions are good, and many of the reforms are sorely needed, credit card issuers are [...]

By: Miranda Marquit

Miranda Marquit — Sun, 31 May 2009 23:08:54 +0000

It really does some like in a lot of cases the responsible foot the bill. If you don’t carry a balance, the interest rate hikes won’t be too bad, but the contraction in rewards is going to be a real bummer.

By: Jim

Jim — Thu, 28 May 2009 17:17:02 +0000

I think this bill is going to result in an overall contraction of consumer credit. The credit card companies are going to withdraw credit for their most risky card holders, and the responsible, once again, are going to have the privilege of subsidizing the irresponsible, and get hit with higher fees and interest changes; many of them are going to voluntarily give up their credit cards and move to debit cards or cash. I am seriously contemplating closing out all my credit card accounts.

By: Credit CARD Act of 2009: How it Affects You | Personal Dividends

Credit CARD Act of 2009: How it Affects You | Personal Dividends — Thu, 21 May 2009 20:10:09 +0000

[...] for nine months, it is important that you remain vigilant between now and then, and consider the affect this legislation might have on you. Watch for interest rate hikes on your credit cards. Some issuers may try to raise rates while they [...]

By: Congress Passes Credit Card Bill « Credit Cards, Credit Reports, and Debt Topics

Thu, 21 May 2009 15:24:43 +0000

[...] Also of concern is what will happen between now and February, when the changes take effect. Will credit card companies try to stick it to consumers between now and [...]