Credit Card Interest Rises Gone Too Far - will they reduce?

BugsyBrowne

Do you mind me asking how long you've held the Lloyds & Halifax & what credit limits did they set you?

YorkshireBoy

MIDLANDER wrote: »

Because they were all clever and increased several times over a small period of time.

So if i rejected the last one - it was too late - its already too high.

And the first ones - i had no idea it would keep on happening.

eg opus 21% to 26% to 31% to 37% - all this year.

Each one of these is a circa 20-25% increase on the previous rate.

If your car insurance premium rose by 25% next year would you blindly keep paying it or look to reduce, or at least maintain, the costs somehow?

Likewise your energy costs?

Surely me paying without problem, is better than squeezing me so i can't pay any more?

The problem here is they perceive their capital (the amount they've lent you) to be at risk, so they're looking to recover their money through revenue streams instead.

You'd probably do better to stop blaming others for your problems and start to look closer to home. Take the emotion out of it, put your business head on, and do something about it as it sounds like you've had your head in the sand for too long.

MIDLANDER

YorkshireBoy wrote: »

Each one of these is a circa 20-25% increase on the previous rate.

If your car insurance premium rose by 25% next year would you blindly keep paying it or look to reduce the costs somehow?

Likewise your energy costs?The problem here is they perceive their capital (the amount they've lent you) to be at risk, so they're looking to recover their money through revenue streams instead.

You'd probably do better to stop blaming others for your problems and start to look closer to home. Take the emotion out of it, put your business head on, and do something about it as it sounds like you've had your head in the sand for too long.

I was gonna post weeks ago but noticed a lot of sad vultures circling around anyone with debt - judging - so thought not.

But then i remembered i pay my debt - have not done anything wrong - and would let the sad people butt in anyway.

But if you have nothing better to say??????

I used to snooze with ease. Then another bright idea was had - lets tell credit card companies which card holders get offers - then they can start and snuff them out. The FSA should not have allowed the sharing of this info.

So as i can no-longer move - i await your friendly advice.:p

As for burrying my head in the sand - its only happened this year - i would say thats quite quick.

comeandgo

If they have all increased their rates for no reason, have you checked any credit reports on yourself, ie Experian, there may be something on there that is incorrect and affecting the rate they are using.

MIDLANDER

comeandgo wrote: »

If they have all increased their rates for no reason, have you checked any credit reports on yourself, ie Experian, there may be something on there that is incorrect and affecting the rate they are using.

Yeah just done em all - not so much as a late payment.

Will they tell me WHY or dodge the question?

I assume these rate rises are targetted - or are they increasing everyones bit by bit?

YorkshireBoy

YorkshireBoy wrote:

Take the emotion out of it

MIDLANDER wrote: »

I was gonna post weeks ago but noticed a lot of sad vultures circling around anyone with debt - judging - so thought not.

But then i remembered i pay my debt - have not done anything wrong - and would let the sad people butt in anyway.

But if you have nothing better to say??????

I used to snooze with ease. Then another bright idea was had - lets tell credit card companies which card holders get offers - then they can start and snuff them out. The FSA should not have allowed the sharing of this info.

So as i can no-longer move - i await your friendly advice.:p

Nope...still too emotional.

My post was meant to be constructive, and go someway towards explaining what you could have done differently and why they've done what they've done.

If you want lots of hugs and kisses, and some there there's, then maybe the DFW board is a better place to whinge?

BugsyBrowne

MIDLANDER wrote: »

Yeah just done em all - not so much as a late payment.

If your credit history as you say is pretty decent why not just switch to a lower APR card with offers of 0%?

comeandgo

The rates my cards are using have not increased in years - mind you they have not decreased either. Of course you can ask them why they have increased their rates so much, they may waffle but no harm in asking.

MIDLANDER

YorkshireBoy wrote: »

Nope...still too emotional.

My post was meant to be constructive, and go someway towards explaining what you could have done differently and why they've done what they've done.

If you want lots of hugs and kisses, and some there there's, then maybe the DFW board is a better place to whinge?

I dont expect anything, but add insults in - expect them back. Theres no need. I just don't like selfish people.

Perhaps you can tell me how its my fault Opus have increased my rates by 16%

BugsyBrowne

comeandgo wrote: »

The rates my cards are using have not increased in years - mind you they have not decreased either. Of course you can ask them why they have increased their rates so much, they may waffle but no harm in asking.

As we know CC companies get a monthly feedback from the CRA's so I would say they've defiantly see something that worries them on the OP's file hence the APR hike.

Whether the OP see it or not they have spotted something to cause a risk factor.