YIKES. As if things weren’t bad enough with the economy, you may be hit with HIGHER interest rates on your credit cards. I received a notice this week that the rate on one of my cards is being increased DRAMATICALLY. I don’t even carry a balance on the card (thank goodness), but according to ABC News, banks are trying to make up the estimated $50 billion they’re about to lose when new credit card rules take effect.
So, they’re targeting you and I to make up for these losses.According to ABC, one bank is even CHARGING YOU EXTRA for getting a paper statement in the mail rather than an e-statement.
All of this makes me glad that I either pay cash for my purchases or pay my card in full each month.