Comments on: OCC Requiring Credit Cards to Report all Interest Rate Increases in 2009 http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Thu, 31 May 2012 23:50:27 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Debtbytes http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-198486 Debtbytes Sat, 19 Sep 2009 20:11:29 +0000 http://www.consumerismcommentary.com/?p=7184#comment-198486 Kamantha, I can confirm your "might push already fragile people over". Recent rate jackings by card issuers, though a practice long in play, has accelerated in the past 6 months. I can attribute more than 50% of the consultations I have done this year to banks increasing interest rates on consumers who were close to the edge, and the increased minimum pushed them over the edge. Perhaps the banks line of reasoning is to "get some, while the gettin's good", but I see this backfiring in the same way the bankruptcy law changes from 2005 backfired. Kamantha,
I can confirm your “might push already fragile people over”. Recent rate jackings by card issuers, though a practice long in play, has accelerated in the past 6 months. I can attribute more than 50% of the consultations I have done this year to banks increasing interest rates on consumers who were close to the edge, and the increased minimum pushed them over the edge.
Perhaps the banks line of reasoning is to “get some, while the gettin’s good”, but I see this backfiring in the same way the bankruptcy law changes from 2005 backfired.

]]> By: Kamantha http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-196619 Kamantha Fri, 07 Aug 2009 16:20:37 +0000 http://www.consumerismcommentary.com/?p=7184#comment-196619 Yes. Chase (United Mileage Plus card) upped my already high rates from 14.99% to 18.99%. When I called to inquire about it, their response was only "because of the new legislation they are increasing member's rates." I wasn't late or too close to the limit or anything like that.... So I told them I couldnt pay it and they set me up a payment plan with 6%..... They are ridiculous, not basing it on member's payment histories, just their bottom line. Those increases might push already fragile people over. I took the payment plan with 6% interest and immediately cut up my card. Yes. Chase (United Mileage Plus card) upped my already high rates from 14.99% to 18.99%. When I called to inquire about it, their response was only “because of the new legislation they are increasing member’s rates.” I wasn’t late or too close to the limit or anything like that…. So I told them I couldnt pay it and they set me up a payment plan with 6%….. They are ridiculous, not basing it on member’s payment histories, just their bottom line. Those increases might push already fragile people over. I took the payment plan with 6% interest and immediately cut up my card.

]]> By: James http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-196538 James Thu, 06 Aug 2009 12:12:18 +0000 http://www.consumerismcommentary.com/?p=7184#comment-196538 Same here. Rates on pretty much all of them have gone up. In addition, they have gone up way higher than I have EVER had even starting off. I think it is ridiculous and hopefully this will help undo these insane APR increases. Only time will tell though.... Same here. Rates on pretty much all of them have gone up. In addition, they have gone up way higher than I have EVER had even starting off. I think it is ridiculous and hopefully this will help undo these insane APR increases. Only time will tell though….

]]> By: Jason http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-196525 Jason Thu, 06 Aug 2009 03:21:50 +0000 http://www.consumerismcommentary.com/?p=7184#comment-196525 They have already done it. I have three credit cards with two different banks and I have received a notice for each that rates will be going up. Two of those I received a notice in the last two months. They have already done it. I have three credit cards with two different banks and I have received a notice for each that rates will be going up. Two of those I received a notice in the last two months.

]]> By: Rick http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-196524 Rick Thu, 06 Aug 2009 02:27:15 +0000 http://www.consumerismcommentary.com/?p=7184#comment-196524 Yup. Chase, Citibank, and Discover have all done this to me. In fact, Chase has done it twice to the same account, once three and a half years ago, and again last June. All I have to say is I look forward to disconnecting from their services in a few more months and just use my American Express. I may pay for the use of their convenience, but at least this is negotiated upfront and well known. Yup. Chase, Citibank, and Discover have all done this to me. In fact, Chase has done it twice to the same account, once three and a half years ago, and again last June.

All I have to say is I look forward to disconnecting from their services in a few more months and just use my American Express. I may pay for the use of their convenience, but at least this is negotiated upfront and well known.

]]> By: My Journey http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-196522 My Journey Thu, 06 Aug 2009 02:19:47 +0000 http://www.consumerismcommentary.com/?p=7184#comment-196522 I wasnt' affected by the increases because the cards had a $0 balance, but I have received notices from 2 of my 8 cards increasing my rate. I think the scarier part is that he gov't is going to review business decisions of public corporations I wasnt’ affected by the increases because the cards had a $0 balance, but I have received notices from 2 of my 8 cards increasing my rate.

I think the scarier part is that he gov’t is going to review business decisions of public corporations

]]> By: Trees Full of Money http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-196512 Trees Full of Money Wed, 05 Aug 2009 19:04:36 +0000 http://www.consumerismcommentary.com/?p=7184#comment-196512 Just one of the benefits of paying off our credit cards in full each month! We are not at the mercy of these unstable corporations! I consider myself lucky and fortunate to be in a position were I am not subjected to outrageous credit card interest rates as well and this latest news makes me appreciate the hard work and sacrifice I put in to get here! Just one of the benefits of paying off our credit cards in full each month! We are not at the mercy of these unstable corporations!

I consider myself lucky and fortunate to be in a position were I am not subjected to outrageous credit card interest rates as well and this latest news makes me appreciate the hard work and sacrifice I put in to get here!

]]> By: Anonymous http://www.consumerismcommentary.com/occ-requiring-credit-cards-to-report-all-interest-rate-increases-in-2009/comment-page-1/#comment-196511 Anonymous Wed, 05 Aug 2009 16:50:41 +0000 http://www.consumerismcommentary.com/?p=7184#comment-196511 This is good. Hopefully it will prevent banks from doing a bunch of last minute screwy rate increases before the new regulations go into effect. This is good. Hopefully it will prevent banks from doing a bunch of last minute screwy rate increases before the new regulations go into effect.

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