The-Hogs.net - Washington Football Discussion, Redskins to Commanders Era

Rate Jacking

"In my case, from 9.5 percent to 16.99," the 54-year-old nurse from the Long Island hamlet of Merrick, New York, told CNN. And his wife's rate zoomed from 7.95 percent to 16.99 percent, he said

For no reason except they're DPing the consumers. We pay their bail-out with tax money and they raise the APR.

Here's the kicker.

On Thursday, the Federal Reserve is expected to vote on its own new rules regarding credit cards, rules in the works for four years that could clamp down on rate-jacking.

Citi told CNN that anyone unhappy with the new rates can opt out and continue paying the lower interest, but they must close their account when their card expires. It's all in the fine print.

My way or the highway.

Whatever is passed, Maloney said, probably would not take effect until 2010.

That gives the Credit Industry at least a full year to rape the consumer. I mean, we can't let those credit card company execs go without their multi-millon dollar bonus, now can we?


USAA just did this to me yesterday as a matter of fact. Granted, it was a lesser evil (only 2%), but it's real.

I was wondering when this type of thing was coming from the credit industry. Agriculture/Foods Inustry with smaller packaging/same price.

I love this Country.....but MAN

We've been HighJacked by the man and the machine..

This is exactly why I don't use credit cards. I learned my lesson early. I turned 18 in boot camp, did Marine Combat Training and then went to MOS school. My school was on an Army base, and it was Christmas '93. I was making like 1000 a month if memory serves, and I was broke. I went to the base exchange (AAFES) to buy a small present for Niki and they asked me if I wanted to apply for DPP (delayed payment program). I could use my military ID as a credit card at base PXs. I was stoked. I was making $1000 and got approved for $1500. I promptly maxed it out getting Christmas presents. It took me forever to pay that junk off. I ended up having to pay them $200 a month for 10 months to pay it off, and then they came back and said I owed them more interest. Since then, other than a corporate card, I have lived by the creed, if I can't buy it with cash, I can't buy it (with the exception of things like cars and homes, of course).

Credit Cards are a scam unless you are like my father and have perfect credit.

JansenFan wrote:This is exactly why I don't use credit cards. I learned my lesson early. I turned 18 in boot camp, did Marine Combat Training and then went to MOS school. My school was on an Army base, and it was Christmas '93. I was making like 1000 a month if memory serves, and I was broke. I went to the base exchange (AAFES) to buy a small present for Niki and they asked me if I wanted to apply for DPP (delayed payment program). I could use my military ID as a credit card at base PXs. I was stoked. I was making $1000 and got approved for $1500. I promptly maxed it out getting Christmas presents. It took me forever to pay that junk off. I ended up having to pay them $200 a month for 10 months to pay it off, and then they came back and said I owed them more interest. Since then, other than a corporate card, I have lived by the creed, if I can't buy it with cash, I can't buy it (with the exception of things like cars and homes, of course).

Credit Cards are a scam unless you are like my father and have perfect credit.

I wish I was as smart as you as early... this is the 1st Christmas I've been able to pay for everything with cash.