Today we received a credit card statement from GE Money. I noticed that our payment went up. There were no charges on the account this month so I looked at the interest rate; it went up 10%! I was floored! I knew changes were coming but not this drastic of changes maybe only a few %. This was outrageous! This the same company in 2009 who dropped our available credit by $6,000 because they needed money.
I have a lot of concern on what's going to happen to the economy over the next 6 months as all the banks establish new interest rates for everyone. The government changed the law a few years ago so you can't file bankruptcy on your credit cards but what happens when they raise all the interest rates and you end up not having enough money? Do you give up your home because that's the only thing left to change?
Dear President Obama, if you don't step up and take notice now of what the banks are getting ready to do you're going to have another economic crisis on your hands in 6 months when people can't make their credit card payments or have to let their homes be reposessed.
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