But, since they can no longer raise your rate for longer than 6 months no matter what, everyone is going to pay and have sky high interest rates. That way, the CC companies are covered against people who miss payments, go over the limit, default on their cards (all things that would normally have preciptated a permanent interest rate hike if not outright card closure). Those of us who don't do those things get to pay too. AIn't credit card reform wonderful
You're probably right. However, I'm noticing recent rate increases by certain lenders, especially among HSBC cards.
The best thing for us to do is PIF before the statement hits. That's my plan of action from now on.