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LOOK OUT! Its getting worse than you think with NEW SNEAKY IDEAS from the banks now. Since the universal default idea was put in effect the banks found a nice new money maker.
When credit card min payments were raised the banks lost millions in interest as more principal was included in each payment. So heres the new plan.
Under universal default rules if your late on anything all your credit cards can raise your rates even though you have never been late with them, thats old news
Heres the new news: All those 0 interest rate balance transfer offers you get can turn on you big time. Using universal default risk rules they are having you transfer big balances from lots of other cards in a consolidation.
now they have been raising people big time saying they are to close to maximizing out their credit limits and their debt to credit limit is to high..
market watch had a story about some people who were raised to over 24% and had impeccable credit scores, all they did is consolidate under a credit offer. Putting 7500 on a 10,000 credit line offer did the trick.
Now that one card did it they all did it to them.
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