Yesterday I got notice from Citi that interest on my credit card debt would rise mid December from 8.4% to 29.9%. No, that's not a typo.
Turns out the House passed a bill waiting to be passed or not in the Senate regulating the companies' ability to raise fees on existing balances. So the bums are sneaking in before the proposed deadline.
The letter was unclear on several counts. Was this only on new purchases? If I "opted out" by Dec 10, what would that mean?
I called and, honestly, I was so furious that I was actually nice to the poor agent who took the call. Turns out if you opt out, you can't use the card, but they can't raise the rate. That's what I did. Who would want to send their business to them anyway after that?
Consumers' Union is organizing a campaign to the Senate on this issue:
https://secure.consumersunion.org/site/Advocacy?pagename=homepage&page=UserAction&id=2173&autologin=true&JServSessionIdr003=iu8i84jvy4.app44a
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