Recently many Americans have received the news that their credit card lender
has decided to increase their credit card interest rates to increase their
profitability on their end or to adapt to the challenging economic
environment. However by increasing the interest rates and minimum payments
is only going to make the problem worse with more consumers getting into
Banks are in severe trouble due to their horrible decisions during the real
estate boom of the early decade and they want to recover as much revenue as
they possibly could. However with these banks being bailed out by the
federal government it seems the little guy is going to suffer.
Consumers are given the opportunity to write to disagree to the changes to
their standard APR and reject the revised APR. Doing so may close your
account, but this will help send a message to the banking industry that
nickel and diming your customers will only backfire in the long run.
We are living in a new economic time where credit will no longer be easy to
access as it used to be. Maybe our grandparents actually did have useful
advice where we should live with as little debt as possible and if we cannot
afford something, we do without or save up until we do.