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Credit Card Interest Charges Under Scrutiny

I owe Discover Card $367.10 $417.57 $418 and I'm paying I paid them off next week today. I could have engaged in a long negotiation over my balance but my time is more valuable than what I would have gained monetarily from such a debate. I have way too much on my plate to allow them to distract me. Good riddance.

If you haven't been keeping up with the hearing on credit card interest rates, please read the article below. As the economy worsens and the mortgage industry crumbles because of loan defaults, this becomes more of an issue and has a domino effect that touches all of us.

Watch for Credit Card Interest Changes

By LAURIE KELLMAN

WASHINGTON (AP) — Check your holiday credit card bills closely.

Some credit card companies are raising interest rates on good customers even if they pay down their balances, on time, every month. The reason they cite is that the customer's credit rating has fallen elsewhere.

That was a rude surprise to Janet Hard a stay-at-home mother of two teenage boys from Freeland, Mich.

Depending on her husband's salary as a steamfitter while she raised the children was financially difficult, Hard said, especially with college tuition on the horizon. To keep the family's finances in balance, Hard said she paid more than the minimum payment on her Discover card every month, plus an $8.00 Internet fee.

Or so she thought.[Continue reading…]

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