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APR Went from 15% to 25% for NO REASON.

Thursday, March 18, 2010 know, the last time I began a blog this way, it was when they cut my hours at work. Apparantly, financial troubles turn me into some sort of pirate.

Damnit. They raised the interest on my credit card from 15% to %25 for no reason except that they could. I've been paying it on time every month! I even checked out my credit reports and there are no negatives on any of them.

Okay, I think once I paid it maybe one day late, so maybe that's where this is coming from, but I actually think this might have happened because I've had the card for exactly 2 years this month, and something in my agreement that I probably didn't read probably said that they could arbitrarily change my APR at the end of every year for no reason to whatever they all that new legislation is about to go into affect, and they're trying to pull as much as they can while it's still legal...which really sucks for me.

At this rate, I feel like I'm never going to get out of debt, I'm never going to be able to move out of my parents' house, and my adult life is never going to really begin...

What the heck has happened to the world that it's just so hard to even get started anymore? I don't even know what to do at this point. I certainly can't afford the 25%, for starters. Maybe I can get another loan on my car to pay it off? Or sell the car...

Which would probably be kind of difficult right now. It's a TOYOTA.

Again, arrrghh!!!
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Member Comments About This Blog Post
    Try calling the company too - you can tell ask them to lower your rate, see what they'll give you....and if it isn't what you want, then switch cards. Odds are, they'll lower your rate to keep your business. I routinely check my APRs on all cards - even those I don't carry a balance on. I have been able to lock all rates in at 8% or lower. Can't hurt to ask! If you want to find a different card, check out and it will help you find a card that you're looking for. Good luck!
    2988 days ago
    That bites big time! Were you at least given the chance to close the credit card and keep the 15% interest rate? I've had my interest rates jacked up for no reason other than "because we can" on three accounts in the last year. Two of them were a significant increase like yours, but I had the option to close the accounts and convert them to a loan at the old interest rate. Which I did. Dang greedy money lenders!!! I love watching the Daily Show--and last night Jon Stewart was joking/talking about how if we could run our finances like corporations, we could get loans for anything and never pay them back because "we're too big to fail."
    Hang in there!! Heck this economy has driven a lot of people BACK to parents' (or other relatives') homes. A lot of us are just hanging on by our toenails right now (me included). It will get better--eventually.
    ~ Pam
    2988 days ago
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