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outrageous interest increase w/Providian
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Posted by April (205.188.199.151) on April 15, 2002 at 15:10:36:
In March my interest rate with Providian Get Smart card was 16.9% which is has been for 1 1/2 years. My April statement now states that my interest rate is now 29.99%!!! It has almost doubled. I did have a late payment in March however they said it had nothing to do with it, that Providian is raising across the board, however another associate there stated that they are reviewing all their clients and making adjustments stating that they sent everyone a letter at the beginning of the year which I NEVER received. Regardless, can they legally raise ones percentage rate that much? They say my options are to close the account which will drop the rate back down or keep it under their new terms. It seems very abusive to me and I want to take action but don't know what to do. Any thoughts are anyone experiencing the same thing?
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