4 ms·
I actually have personal experience with this. I got a letter from my credit card company saying there was going to be a 20% interest rate hike on my card. It's
by nihilocrat 17y ago
I actually have personal experience with this. I got a letter from my credit card company saying there was going to be a 20% interest rate hike on my card. It's pretty embarassing to admit I have a credit card with a sizable balance on it, but I'd like to point out that my company gave an easy way out:
I was allowed to "opt-out" of my card to avoid having the interest rate hike affect my existing balance. This means my account is not closed, but I am not allowed to use the card anymore and my balance is still charged the pre-existing interest rate. I have no need to use this card, it is mainly a towering specter of shameful debt to be paid down, so this option was a dream come true.
- HeyLaughingBoy 17y agotowering specter of shameful debt Stop that! There is nothing "shameful" about borrowing money. Nothing! Banks exist for a reason, and that reason isn't going away any time soon. People and businesses need liquidity and while you should always carefully manage your financial situation, saving up your pennies for years because you need/want a $25,000 car is silly if you can get a loan right now that you are perfectly capable of servicing.