The Great Credit Card Steal: The New Kid on the "Raise Your Interest Rate" Block

Almost everyday I go out to my mailbox and find credit card offers in my mail. Most of these credit card offers are very blatant about what their terms and conditions are, however, there's a new kid on the block in the credit card trap scene.

Not only have interest rates for credit cards drastically risen, but many are up to 39%! Long gone are most of the days of the low-interest fee free credit cards. There are still a few around, but not many.

Fees, Fees, and more fees. Talk about ridiculous. Many of the credit cards are charging you for the cards themselves, along with participation fees, annual fees, processing fees, online balance fees, second card fees, late fees, and of course the over-the-limit fees. Do you get the idea that they are out to take as much money as possible for everything they can?

Well, wait until you hear this! They have found yet another way of taking your money. It isn't enough for them to charge you extra fees if your late with your payments. It's not enough that they will also raise your interest rate through the roof because you were a day late once or twice making payment. Nooo. Now here's the ultimate one-two punch they have for you now. Their latest interest rate increasing extravaganza, is to raise your interest rate anytime you get a negative report on your credit report. Yes, you heard that right. It doesn't have to be from them. If anyone posts a negative report on your credit report, the credit card companies are now raising their interest rates to new heights. So you are now being hit with late fees from whatever creditor is posting the negative report, plus they will be charging you higher interest rates for this as well. On top of that, you will have to pay higher interest rates to all your creditors if you mess up with one of them. Seems like another way to steal more money from us consumers.