Reject Credit Card & Store Card Rate Rises!
Have you had a disturbing letter from your Credit or Store Card company? For the past few years people across the country have been receiving the distressing news that their credit and store card interest rates are being hiked, often by up to 10%!
These Huge interest rate hikes from credit card companies are often completely without reason! You may have made all your payments on time and stayed within your limit but still be targeted! They’re unfairly attacking innocent people to boost they’re own profits!
Why is it happening?
Before the recession lenders freely put there cards in anyone’s hands without a second thought to their ability to repay!. Since the credit crunch lenders have found it much more difficult to obtain funds to lend and so have become much more picky about who they lend to!
If you took out a credit or store card a few years ago but would not meet a lenders current criteria you could or may have been hit with a Huge rate rise!
Good news ~ You don’t have to accept it!
Sadly many people don’t even bother to check the small print on these letters and just accept the increase. The good news is YOU DON’T HAVE TO ACCEPT IT!
Your credit or store card lender is legally obliged to give you at least 60 days notice within which you have the option to reject the rate rise! The down side is your account will be frozen and you will no longer be able to use your card. This inconvenience is usually far outweighed by the savings you’ll make by rejecting the rise though and you’ll be able to continue to pay off the card at its original rate!
If your’e in a position to shift the debt then there are some very good balance transfer deals around at the moment. If not, at least control of your finances has been put back where where it belongs, IN YOUR HANDS!