- July 31, 2008 at 5:54 pm #261130
But you don’t have to pay the balance in full then. You just keep paying at the rate you have been paying. But again, I don’t know how that would work when the previous interest was zero! It would be really funny if they had to leave it at zero.
From: Chrissy Grimes
Sent: Tuesday, August 05, 2008 7:15 AM
Subject: Budget101.com : Re: IMPORTANT! About the house foreclosure and credit cards…
Suzi is correct. Whenever the credit card company raises your interest rate, they have to by law send you notification along with a new disclosure agreement. The “opt out” clause is always on these disclosure notifications. You can opt out of anything they chose to change; however, to do so means that you are closing your account and have to pay the balance in full. Most people don’t read those disclosure statements to know they have a right to do so.
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