Re: Credit Card Rate More Than Doubled In One Month - Is This Legal?

Posted by Taziblue (4.170.78.247) on May 25, 2004 at 15:27:38:

In Reply to: Credit Card Rate More Than Doubled In One Month - Is This Legal? posted by anon on May 25, 2004 at 14:14:10:

Not 100% positive on this, but I believe if you close down the account and do not use it again after notification of the higher rate, that they will have to let you pay the balance off at the lower rate.

It probably is legal. This is what pushes a lot of people into non-payment- a previously affordable card suddenly has an interest rate of 22 or 23%.

You might want to go over to credit forum and ask the question there.

See WhyChats website for the link

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