Mt. Juliet resident Wayne Anderson believed he was doing everything right. He paid his credit card bills on time and sent in regular checks on a home equity loan in California.
But this month, Bank of America increased the interest rate on one of his credit cards from 14 percent to 28 percent, saying the $20,000 he owed on various cards made him too high a risk. That jacked up his monthly payment by $100 per month.
Citigroup had already closed his line of credit on his California home, cutting off his backup plans to borrow if he needed home repairs or living expenses.
“I always thought I’d make my payments and pay it off, but I never thought I’d get robbed like this,” said Anderson, 38, who installs ceramic tile for a living. “I’ve been doing everything I can to pay down these credit cards. I feel like they’ve got me in a situation where I feel like I’m never going to pay it down.”
Credit crisis hits even the diligent The Tennessean, TN - 1 hour ago He said Bank of America told him it was increasing the interest rate on one of his cards because he had too much credit card debt . …Credit crisis hits even people not late on bills by Steve Rhode