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Credit Card Companies Raising Interest Rates Yet Again

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A recent study confirmed what most of us already suspected: the credit card companies are back at it, raising rates yet again.  In fact, that study revealed that average interest rates are near an all-time high.  Here’s the reason: The new credit card laws and regulations have strict requirements on how and when a bank can raise interest rates for existing customers, but those requirements often do not apply to new customers.  The banks and credit card companies are taking advantage of this loophole to ensure their new customers are paying a high interest rate from the beginning, just in case they have difficulty raising the rates later.

In my opinion, this is a shame and simply wrong.  Just remember, all of us taxpayers paid for a bailout that included many of the same banks that are now trying to charge you these very high rates.  So, after we collectively paid to bail out the banks, they now turn around and try to stick to new customers for the sake of their profit.  One can only wonder how many of those credit card companies would have failed if we taxpayers did not pay for the bailout.

Of course, don’t expect the credit card companies to stop filing lawsuits against consumers, even if they dispute the amount or even existence of the alleged debt.  If you have been sued in a credit card lawsuit in Central Florida (Seminole County, Orange County, Lake County, Brevard County, Volusia County or Flagler County), please feel free to contact us for a free consultation and evaluation of your rights.  There are numerous defenses to a credit card lawsuit that may be available to you.  Please also feel free to review Taras Rudnitsky’s background, experience and qualifications, as well as a summary of some of the credit card lawsuits we have defended on behalf of other Florida consumers.