Yes, from 7.9% interest it went to 28%. Now I knew I had paid my last payment late. My daughter had to withdraw from college for mental health reasons right around the time the bill was due. Needless to say, this was an emotionally turbulent time and I totally forgot to pay the bill. But I remembered 10 days later and paid it. Turns out that about a year ago, I'd paid another bill late, too. One day late!!!
So now they tell me because I made two late payments (and yes one day counts as a late payment) in a year, I have to pay on time every month for six months in order to get the rate back down -- at 30% interest of course! Given my balance, that will cost me over $2000!! Can you say usury? Isn't that a sin or something? Is that a "christian value?" I think not.
I know enough not to put this on my home equity line of credit but I'm pretty desperate. I doubt another credit card would give me a 0% balance transfer since I'm assuming this has destroyed my credit record. I've had a tough year financially, working for about half the rate I made last year and I've been bending over backwards to get my bills paid and now I feel like this is just going to push me over the edge of a cliff.
30% interest. No negotiating. I feel like the goon squad is gonna come around to smash my kneecaps or beat the crap out of my daughter and torch my car. And how come, if the Fed is basically giving free money to banks, I have to pay 30% interest? Policies like these will accelerate the decline of our economy driving more and more people into bankruptcy as they use their home equity loans to pay off credit cards, and then lose their homes too. Along with extending unemployment benefits, Congress needs to cap interest rates on credit cards to prevent the complete collapse of the middle class. But I really doubt that will happen.