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Is It Legal For Bank of America to Raise My Interest Rates? – Lucy

Lucy

“Dear Steve,

Have been advised about Bank of America raise in interest rates. I have never been late on a payment. Would like to be part of class action suit.

Is this legal?

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Lucy”

Dear Lucy,

The only Bank of America class action lawsuit I am familiar with is the one I previously wrote about, “Bank of America Hit With Class Action Suit Over Credit Card Fees And Charges.”

That suit was about payment posting issues.

Is it legal for a creditor to raise your rates at any time and to any rate? Sadly, yes it is. As long as the creditor provides you with at least 15 days written notice, the rates can be changed.

If you actually read the terms and conditions that come with your credit card, or any credit card, you will find that creditors do a very good job of explaining this fact. But most people don’t read the terms and conditions.


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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