Pinetop White Mountain Blog

Good Morning Everyone,

Well, have you gotten your love letter from your Credit Card Companies yet?  If you haven't received it yet, you probably will be soon.  What does it say?  It is the Credit Card Company's Thank you for your years of loyalty and your responsible credit history.  Their way of thanking you is to raise your rate to astronomical levels before the government regulations tell them they can't do it any more.  This law takes effect in February 2010.

I got my letters this week.  After years of loyalty and an excellent payment history with Captial One - yes I am naming names - they have raised the rates on my cards, all of my cards, to almost 25% on any new purchases.  I am so glad they appreciate my business and I'll bet you will be too.

So here is what you have to do when you get your letter.  You write them a letter and tell they you are opting out of the rate increase, you cut up your cards and throw them away, and work really hard at getting them paid off.  Then you shop around for another company who will grant you a good rate and to whom you can transfer your balances.  It is the only way you are going to be able to pay them off, EVER!

This is another way the banking industry is trying to recoup their losses on all the foreclosures they have been hit with.  Of course, they did it to themselves with the bad loans they made but we the consumer are going to pay for it one way or another.

So just do it.  Tell them NO in great big letters and don't play the game.  After Feb. 2010 they can't arbitrarily raise your rates for no reason and they are getting them now because they know they can't get them later.

Good luck, I hope you join my in my protest of this practice and let's just tell them all to take a hike.  Of course, you might want to consult with your attorney or your accountant before you do anything radical, but...to me, if I toast my credit it is worth it.

Have a Great Day!

Sandra Paulow, Associate Broker, GRI

Your High Country REALTOR®