Egg interest rates HIKE!!!!!

To add, I have never missed a payment with Egg [nor any of my credit cards] EVER. I work in a decent upstanding job and earn a decent wage. I pay minimum payment most of the time, but that should not penalise me - as they are making their interest on me anyway.
I just cannot believe this!!!!!!!

Got a reply to my email to Egg.

I can confirm the balance transfer you processed will be on 0% until 1 December 2009 as agreed.

I'm afraid I can't aleter the decision that has been made on your account to increase your rate from 17.9% APR variable to 21.9% APR variable.

This was taken as a business decision following a review of your account with Egg and information provided to us by credit reference agencies. Also todays market condions will also have been taken in to consideration when coming up with this rate.

You can cancel further use of your card and repay your balance at your existing interest rates by replying to this message with confirmation that this is what you want to do.

Please be aware that if you choose to cancel the use of your account, you'll no longer be able to use your card and when your current card reaches its expiry date, a new one won't be sent.

All remaining sections of the account terms and conditions remain in place until the full balance has beenrepaid and you must continue to make your minimum payments. Interest and charges will continue to be applied at your existing rate.

Any regular payments you've arranged, eg monthly subscriptions, will no longer be paid from your card account. You'll need to contact the relevant provider(s) and arrange an alternative means of payment.

By taking this action your ratre will remain at 17.9% APR until you've cleared your balance.

Thanks for your message.

I am just frustrated with the banking world . I just feel like in the glory years of lending - financial institutions were happy to throw credit at people [daft people like me] who were happy to spend, spend, spend - now with the financial crisis we find ourselves in a real akward position of high debts, no one will to give credit to help and most places starting to find a way to make money out of this by increasing APR's and blaming in on credit reference scoring. I know my circumstances have not gotten worse since those "credit happy days" - in fact, I earn more, owe less, and have never missed or had a single late payment with anyone. Yet, I am told now that I am not as "worthy a customer" as someone who is paying larger chunks off a balance, or in full each month.....its like a complete opposite of the situation that allowed me to get myself where I am today - and like financial institutions are happy now to wash their hands of people like me, and just watch the money roll in as people struggle to pay to keep up. I want to pay my debts off honestly, and without causing problems for me or anyone - but im finding im being backed into a corner somewhat - and its just sad

Im happy to hold my hands up and say "Im an idiot for getting into this position of debt"....but what I dont expect is to feel like Im being kicked while im down. Yeah, I spent it, its my debt - but banks should have to take a responsibility for allowing the situaiotn to get to this point with lax policies and being happy to splash the wealth of debt in the late 90's and 2000's..



I want to pay my debts honestly....and I understand banks are here to make money and as such I should pay them accordingly for lending me money I never had. However, I think 10% on top of a balance, to a maximum of 15% is more than enough. To be looking at nearly a 1/4 or 1/3 of the entire balance is scandelous.