Thread: O/T Is this true?
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[email protected] salty@dog.com is offline
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Default O/T Is this true?
On 15 Oct 2008 18:48:03 -0500, Dave wrote:

On Wed, 15 Oct 2008 17:31:20 -0400, said:

In many places, credit card companies have been known to change the
interest rate retroactively on outstanding balances. Lack of proper
regulation!

That is raising the amount you owe without your consent.

I presume you mean that they change the interest rate on your outstanding
balance after you incurred the debt. Nothing wrong with that. If the terms
and conditions say when you sign up that they can do it, then you have
consented. If you don't like the new rate, pay off the balance.

Funny, many see something very wrong with that practice, and are
working to outlaw it.

I don't pay any interest on my credit cards, so it's not a problem for
me personally. I still think it needs fixing.