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Tag Archives: high interest rates

Credit Card Companies Jacked Up Our Rates Even Though We Have Good Credit. – Bridget

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“Dear Steve, My husband and I have about $30,000 in credit card debt on 4 credit cards. We’ve had a couple of slightly late payments, and our interest rates are very high 24-29%. We would like to be able to buy a house in 3-4 years and are trying to save a down payment. At this point, we are able ... Read More »

I Have 3 Cards With Bank of America With High Interest Rates on Each. How Can I Get Out of Debt? – Becky

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“Dear Steve, I have 3 cards with Bank of America with high interest rates on each….I have had these cards for 10+ years. I have made maybe 2 or 3 late pmts in such time. As I am paying these down, they keep lowering my credit limit which in turn is hurting my credit scores because it looks like I’m ... Read More »

Lisa is Over Her Credit Limit, Unable to Pay the Minimum Payment, and Thinking of Bankruptcy

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“Dear Steve, I am unable to make my minimum payment on my only credit card therefore, not only has my interest gone through the roof I am now over my credit limit. I don’t want to file for bankruptcy. What are my options to get this under control and get my credit card paid off? Lisa” Don’t miss our free ... Read More »

100% Credit Card Interest Rates Charged in Mexico

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Just when you thought the banks in the United States were really sticking it to consumers, least we forget what is happening in Mexico. I previously wrote about Wal-Mart de Mexico Plans 100,000 Credit Cards by Year-End — With Interest Rates of 59% to 75% Well apparently Mexico is now starting to draw some lines about the amount of interest ... Read More »

Is a Credit Card a Right or a Privilege? – Personal Finance Bloggers Question of The Week

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This weeks personal finance brain trust question was: Is having and using a credit card a right or a privilege? WC – A 27-year-old writer living in Chicago and writing about personal finance through The Writer’s Coin. This one’s easy: this is a service. So if I had to pick I would say it’s a privilege. When I was a ... Read More »

More Bad News For Nordstrom and Target Credit Cards

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Store cards in good times are a good source of profit with their exceptionally high interest rates but in down times they can be an anchor around profits. Not only are store cards generally easier to acquire by people with lesser credit but they are often the first to go unpaid when there isn’t enough money to spread around. Target ... Read More »

South African Consumer Debt Spinning Out of Control. Half Of Work Force Can’t Pay Their Debts.

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Last year I had the opportunity to visit South Africa and take a firsthand look at the consumer debt situation. There was no doubt even when I was there that there was going to be a huge explosion of consumer debt problems. New regulations passed recently give more control to debt counselors to go before the court to have debt ... Read More »

Wal-Mart de Mexico Plans 100,000 Credit Cards by Year-End — With Interest Rates of 59% to 75%

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Next time I hear someone complain about high interest rates on credit cards in the U.S., I'll be sure to pass this story along to them. Wal-Mart de Mexico, which is known as Walmex, plans to ramp up its credit-card business in Mexico by the end of the year, according to Bloomberg sources. All told, the bank plans to issue more than 100,000 cards. The cards will have annual percentage rates that Read More »

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