- July 31, 2008 at 5:54 pm #261106
I don’t agree with that. I couldn’t find anything on line that agreed
with that. The only thing that I could find confirmed what I thought
I remembered – which is that your interest rate does not go down, but
remains at the current rate (which you obviously agreed to when you
signed up for the card). So, the rate can’t go up to the higher rate,
since you’re opting out, but it won’t go down either. And, yes, your
balance will be reduced to zero which will kill your credit because it
means that you’re WAY over your credit limit.
Suzi, I’d be interested in reading your source.
On Mon, Aug 4, 2008 at 3:02 PM, Suzi McMullen <email@example.com> wrote:
> I totally forgot to say this. If you call all the card companies within 30
> days from them raising your interest rate, you may opt out. That means you
> can’t use the cards anymore. But they can not raise your rate beyond their
> lowest interest rate that isn’t 0%. Whatever their regular rate is, prime +
> 1 or 2% for most companies. That means your cards would end up around 9%
> instead of 29%! You won’t be able to use them though and you must pay them
> on time the whole time you pay them off at that rate. But it’s better than
> 29% which is the legal high limit for most states.
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