Flynrider
Phoeix,#2Consumer Comment
Wed, January 07, 2009
Did you have some agreement with Washington Mutual that would guarantee a particular interest rate? I'm betting that you didn't. A careful review of your card agreement will likely show that the bank can raise the rate at their discretion. Probably much higher than 20.30%. That is how most credit cards work. Why one would choose to borrow money under those terms is beyond me, but that's what you signed up for. You said, "IF we all stick together for six months and not pay lets see what happens" I'll tell you what will happen. Your credit will be trashed, late fees will be assesed and this inflated debt will follow you around for many years to come. Good luck with that strategy.