Credit Card Debt and Rate Jacking: (How Your Rate Can Go From 6.9 Percent To 17.99 In 10 Seconds Flat)

Credit Card Debt and Rate Jacking (How Your Rate Can Go From 6.9 Percent To 21.99 In 10 Seconds Flat)

Credit Card Debt and Rate Jacking
It happened in the moment of the twinkling of an eye; one couple’s financial spiral downward started with an arbitrary interest rate increase; better known as rate jacking. They never had a late payment and their credit score was in the high 700s. But that didn’t stop one credit card company from raising their rates. As soon as they did, it started a domino effect; their other credit companies followed suit by slashing their line of credit and also increasing their interest rates. If you have ANY credit card, you had better read this!

Credit Card Debt 101 - What is Rate Jacking and Should I Be Concerned?
If you don’t know what rate jacking is, brace yourself! In it’s simplest terms, rate jacking is when a credit card company (for no justifiable reason) dramatically increases, (A.K.A. Jacks up) your interest rate. It is not uncommon for a person’s rate to go from 6.9 percent to 17.99 percent or more, all in one fail swoop.

Mind you, we’re talking about some people with good credit and great credit. One such couple, the Jackson’s, received notices in the mail that their rates were going up on both of the cards they held. One went from 7.99 percent to 18.99 percent and the other went from 6.99 percent to 17.99.

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Needless to say, they were flabbergasted! So much so, that they sought out legal help. Unfortunately, after consulting with a number of attorneys and being advised they had no legal standing, they made adjustments to pay the new rates and then cancel both cards.

To the question, “Should you be concerned?” The answer is, “Yes!” Our Constitution starts off with, “We the People…” In this case, we the people are being browbeaten by the credit card companies. What they are doing - is it is legal? Unequivocally, yes!” The companies make it crystal clear in the fine print, in their one sided credit card debt disclosures, that they have a right to make any adjustments them deem necessary. This is with or without your consent.

Is rate jacking ethical? A thousand times no! The best way to describe it is: government sanctioned loan sharking. Where else can a person, group, company or gang just up and double your interest rates and dare you not to pay up? Uhm… sounds like the Mafia to me what do you think?

This is The Thanks We Get For Bailing Out The Banks?
Thanks to our legislators, “We the people...” are footing the bill for the bank bailouts and this is the thanks we get? Citigroup, one of the recipients of bailout funds sent out rate jacking notices about the same time it was receiving TWENTY BILLION DOLLARS in taxpayer-financed government bailout money. Am I missing something here? Shouldn’t, “We the people” be holding credit card companies like Citigroup accountable? Or, do we allow them, along with their corporate lobbyists, to continue raking consumers over the coal? Here’s what Citigroup said about its rate increases…

“To continue funding in this difficult credit and
funding environment, Citi is repricing a group of customers."

Are you kidding me? Repricing a group of customers because of the economy? We the People are already having a hard time economically, and your ONLY solution is to make things harder on us so that your credit card debt cash cow can survive? Where are the consumer advocate heroes when we need them?

How To Avoid Credit Card Debt Rate Jacking
Currently, the only protection you have against this unethical tactic is to pay off your credit cards as quickly as possible and then cancel the cards you don’t need. The bottom line is this; as you pay down and pay off your credit card debt, the less you will be at the mercy of these credit card companies. A long as you have balances, you are subject to them finding and creating ways to legally increase the burden of your debt.

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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