I few posts down I mentioned that my credit card company raised my interest rate from 7.99% to %17.99% and I was going to call and find out why and I finally did so today.  Before I called I had a “gut” feeling of what I was going to be told about the reason for the rate increase but I wanted to hear it for myself.  I spoke with a very pleasant customer service rep and I inquired to why my rate had increased since I am a good customer. She explained to me that they have been through a lot and because of this and the regulatory environment there was nothing that could be done to lower my rate.  She commented that I have been a long time customer, current on my payment and that my account would be reviewed periodically to see if there would be any adjustment in the future.  I told here it just doesn’t seem right that good customers have to pay for the poor decisions they made as a company and again I was given the same reasoning as above. I thanked her for talking with me and advised I now know what I had to do and we hung up the phone.

So at this point I plan on sending a letter with my cut up credit card telling them to close my account.  Probably a blessing in disguise as it is good for all of us to get out of the credit card business because it will be stacked against the consumer on fees and interest rates.  Funny thing about it is that Congress passed the credit card legislation to help the consumer but looks like we are all just getting hosed!!