What To Do With Credit Card Increasing APR

1. What To Do With Credit Card Increasing APR by: www.newhorizon.org

2. The truth is many people think that the interest rates of their credit cards are likely to stay the same permanently, these rates might actually rise and fall as times goes on. • Due to this low interest credit cards are in fact not really worth your hassle at times since they becomes high interest credit cards easily. • You have to check out the information on your credit card statements because they come in since you can’t forecast whenever your credit card company might be planning an interest rate increase. • They’ll have to give 15 days’ notice of the interest rate hike, so you'll have to do something swiftly in order to avoid more interest obligations.

3. Actions you can take if you happen to encounter the issue of increasing interest rates on your credit card

4. Inform the credit card company that you do not acknowledge the new rate This will give the credit card company the choice to either keep you at the old rate or shut your account. If your account is closed, your card is only going to remain active until your previous purchases have been repaid entirely. Occasionally you will discover that the credit card company is bluffing, and they are simply attempting to find out if they can increase your interest rate for no valid reason.

5. Attempt to bargain a lower rate of interest. You might not be capable of keep the credit card at your current rate of interest, but you could possibly get something a bit lower than what the credit card company desires. There's nothing wrong with attempting to speak to your credit card company to find out if you can come to some kind of understanding.

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