APR on Credit Card at 34.9%

Jul 14th, 2009, 01:10 PM

Does a consumer have any recourse when a Bank raises its Credit Card interest rate to 34.9%? I have tried to work with the bank to negotiate a lower interest rate but they will not budge. The only thing they can offer me is the number to a Credit Counseling Service.
I live in AZ where there is no cap on how much a bank can charge for interest, unfortunately. I do not want to skirt my responsibility to pay off my debt...just make it more realistic to do so. Do I need a lawyer? ANY advise would be greatly appreciated.
Thank you.

Jul 31st, 2009, 09:18 PM

The usual reason a card's interest rate hikes to 34.9% is if the card user is irresponsible in paying debts.

No, you cannot take them to court to make them lower it. When you entered into your contractual agreement with the card issuer, you agreed to their terms. They are the lender and you are the borrower. They make the rules. You don't.

I wish they taught credit card debt 101 in high school. It really is a worthwhile subject to teach.

Jul 31st, 2009, 09:22 PM

Some debt consolidation firms may help you get that reduced but your credit rating will likely take a hit.

Jul 14th, 2009, 01:10 PM	#1
Unregistered Guest Posts: n/a	APR on Credit Card at 34.9% Does a consumer have any recourse when a Bank raises its Credit Card interest rate to 34.9%? I have tried to work with the bank to negotiate a lower interest rate but they will not budge. The only thing they can offer me is the number to a Credit Counseling Service. I live in AZ where there is no cap on how much a bank can charge for interest, unfortunately. I do not want to skirt my responsibility to pay off my debt...just make it more realistic to do so. Do I need a lawyer? ANY advise would be greatly appreciated. Thank you.

Jul 31st, 2009, 09:18 PM	#2
Unregistered Guest Posts: n/a	Re: APR on Credit Card at 34.9% The usual reason a card's interest rate hikes to 34.9% is if the card user is irresponsible in paying debts. No, you cannot take them to court to make them lower it. When you entered into your contractual agreement with the card issuer, you agreed to their terms. They are the lender and you are the borrower. They make the rules. You don't. I wish they taught credit card debt 101 in high school. It really is a worthwhile subject to teach.

Jul 31st, 2009, 09:22 PM	#3
Unregistered Guest Posts: n/a	Re: APR on Credit Card at 34.9% Some debt consolidation firms may help you get that reduced but your credit rating will likely take a hit.

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