Friday, April 10, 2009

Credit Card Debt 101 - What is Rate Jacking?

If you do not know what rate jacking, brace yourself! At its simplest, the jacking is a credit card at the company (without justifiable reason) increases, (AKA Jack up) of your interest rate. It is not uncommon for a person, the rate of increase from 6.9 percent to 17.99 percent or more, failure in one swoop. Remember, we are talking about some people with good credit and credit. Such a couple, Jackson's, has received notices in the mail that the rates went up on both cards they held. It rose from 7.99 percent to 18.99 percent and the other went from 6.99 to 17.99 percent.

Needless to say, they were amazed! So much so, they have asked for legal aid. Unfortunately, after consultation with a number of lawyers and to be informed that they had no legal value, they have made adjustments to pay the new rates and to cancel both cards.

To the question: "If you are interested?" The answer is "Yes!" Our Constitution begins "We the people ..." In this case, we the people are browbeaten by the credit card companies. What they are doing - is it legal? Without doubt, yes! "Companies are very clear in the fine print in their face a debt of credit card information, they have the right to make any adjustments necessary to try them. With or without your consent.

Is jacking rate of ethics? A thousand times no! The best way to describe it is: the government sanctioned usury. Where can a person, group, company or just the band and double your interest rate and dare you not to pay? Uhm ... sounds like the mafia, for me, what do you think?

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