Wednesday, June 17, 2009

Interest Rates

Well, this morning I was going about my business of paying all of our bills and I noticed something strange. I normally look at the monthly minimum payments that are required on every credit card (even though I always pay more than the minimum) and on one of my credit cards, the minimum payment was much higher than normal. I checked, then double checked and I found out that the interest rate on that card had doubled. DOUBLED! I immediately called the credit card company to see what was up. They said that they had notified me in February about the new interest rates. Of course, they probably did, but I get so many stupid credit card offers that it probably just got shredded and discarded. I then asked if I could negotiate a lower interest rate and they said no. I could either continue with the new rate, or pay off the balance.

It is hard to believe that in these hard economic times, the credit card companies would all be raising their rates to put even greater hardship on the family. It is no wonder that the leaders of the church have been telling us for years now, to get off of credit cards.

I have decided to move off of that credit card and not use it unless there is an emergency.

I hope that all of my readers, (both of them) will double check their interest rates on their credit cards and make sure their interest rates have not doubled.

1 comment:

Melinda said...

that is kindof a shock that they increased your interest by so much. We have a few cards, but really only use one. Then we rack up the cash back. And we pay it off every month. Sometimes it's easy to pay off, some other times, it's so hard to get the money together.
But I will check my rates!!!