credit card interest rate doubled
Capital One doubled our interest rate! We've NOT paid late--we've been making lots of extra payments lately 3-4 times the minimum payment. The letter said it was "due to economic conditions" basically because others are defaulting on their credit cards, those of us that pay on time have to make up the difference! GRrrr! Now we're trying to find a way to get it paid off before April 17-when the rate increases. Unfortunately, our small tax refund is held up due to an error in a ss#! Another Grrr!
I guess it will be a good thing to get the card paid off quickly, but stressful to try to manage! We actually have 1 more credit card with a balance and low rate (5.9%)--if that rate goes up, we'll be in trouble! (I know it's bad to carry balances on credit cards! DH used the cards to purchase parts to renovate 2 classic cars. The cars are done and have value, so his reasoning was he could try to sell the cars to pay off the debt in the case of a job loss or other major catastrophe.)
Any other cc companies increasing rates on good customers?