Flynrider
Phoenix,#2Consumer Comment
Thu, October 13, 2011
". I bit the bullet and paid over $200 to get a $250 line of credit with a 9.9% interest rate. Since then I am paying $48 annual fee and $7 per month. This equates to 52% of the $250 line of credit. "
That's a crazy amount to pay, but it appears to be what you agreed to pay for this card. You appear to be ripping yourself off.
". Now they raised my rate to 21% "
When you got this card, you also agreed that they could raise your rate at some point. While they might have guaranteed you 9.9% for a particular period of time, they didn't guarantee you'd have that rate forever. They're allowed to reevaluate their risk profiles and change rates. If you do not agree with the new rate you can close the account and get one somewhere else that has better terms. Where's the ripoff?
I'm not sure where you've been for the last few years, but you're now seeing the result of recent legislation that was touted as helping you, the consumer. In the future, credit and banking will cost everyone more because of these "helpful" regulatory changes. That's what happens when politicians try to "help" you. Be sure to thank them.