PBS, in its "Frontline" program tonight, ran an excellent program called "The Secret History of the Credit Card." The primary focus was both upon the reason why credit card interest rates, considered "usereous" in most other financial fields, are permitted by credit card companies, and on the unregulated ability of credit card companies to change their prior contracted interest rates at their whim whenever a client has any late payments on ANY other type of loan or credit card with ANYONE. An excellent program that is a must see for anyone using credit cards. Contact your local PBS station to inquire on dates for rerun of the program in your area. It will open your mind, I guarantee you!!!!
The secret to avoiding interest rate increases on a CC is to never carry a balance high enough for interest rates to matter. Say you're carrying a $22 balance and they threaten you with a ratejacking. The proper response is (dripping with sarcasm): "Oh no, I'm SOOOOO scared, PLEEEEASE don't do that, anything but ANOTHER $2.23 in annual interest payments..."
- - - - in a credit-scoring postnuclear Stone Age...
Wow, the audacity of these CC companies. They know for the most part, consumers may glimpse over the credit card agreement, but they don't really understand it unless they have an attorney sitting right next to them explaining. This should be illegal, we are getting ripped off.
How can it be that credit is so important, yet the creditors take advantage of us and our lack of informity concerning things like that hurt us in the end. I see why so many people take the cash only route.