So, yesterday I got a letter in the mail from Chase credit card company.
In a nut shell, Chase is increasing credit card's interest rate from 9% to 12% Because of the market to ensure profitability. The letter goes on to say, that if I don't like it, I can close the account and pay off the balance immediately.
My intial reaction is "Hey, they can't do that!"
Does anyone else think this sounds like BS or is it just me? Did we not just bail out the banks and lenders so this kind of thing wouldn't happen? Or do you think this is justified?
In a nut shell, Chase is increasing credit card's interest rate from 9% to 12% Because of the market to ensure profitability. The letter goes on to say, that if I don't like it, I can close the account and pay off the balance immediately.
My intial reaction is "Hey, they can't do that!"
Does anyone else think this sounds like BS or is it just me? Did we not just bail out the banks and lenders so this kind of thing wouldn't happen? Or do you think this is justified?