Credit card companies are allowed to increase interest rates to over 30% if they want. They also determine that the consumer is a poor credit risk if they have high balances on loans without looking at the fact that payments have been made in excess of amount billed and on a timely basis. It also seems that when a person nears retirement age, most companies increase the interest rate to the extent that it cannot be paid by a person on a reduced budget. This forces the older person to either go to a debt consolidation company (which charges for their services also) or quit paying, with the risk of loosing any assets that they have accumulated. Either way, embarrassing, harrassing phone calls have to be dealt with. A younger person with no home can file bankruptcy and they have no permanent consequence to this action. I am 62, have paid my bills all my life and now all interest rates increased and I can't make payments, even with debt consolidation. HELP-PUT LIMITS ON CREDIT CO.
2006-06-16
01:45:32
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14 answers
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asked by
Sharyn
1
in
Credit