If you have kept up with the news about credit card companies you have seen where Congress passed new laws that are supposed to protect the consumer from credit card companies and in turn these companies are changing the agreement terms for their customers.  Well, I wanted to report that it has just happened to me with the one credit card I have.  My rate has been adjusted from 7.9% to 17.9%!! for no reason at all!! Now I do not carry a balance on this card as I try to pay it off at the end of each month, but every once in a while I  carry a balance to the next month.   I type this as I believe this to be very unfair to those of us that take responsibility for our finances and are penalized for it and I just don’t get it.  Seems to me that you would want to keep your good customers and not over charge them.

I have kept my credit card for purchases online for the protection it provides if something goes wrong, but after receiving me latest bill I will be calling them to close out my account.  Even if the credit card company wants to try to lower my rate I think I will still cancel it.   I am tired of these companies trying to take my money and I have to spend all this time on the phone or online trying to justify why I need a lower rate.  I still believe we would all be better off not using them because of what I stated above but sometimes there is an emergency and it may be needed if you do not have an emergency fund saved up.

I just think it is a shame to be ripped off like this and I am not going to take it.  The good consumers of the nation need to take a stand on stuff like this because that is the only way this will get these companies attention.   If any one cares I will keep you posted on my next blog as to what they will say to me and that I don’t appreciate my rate going up and  I want to close my account and possibly move my business somewhere else.