Greg on CNBC
I wish I’d had more time. I do understand people getting upset over their rates going up. However, you can opt to not accept the rate increase. That means you have to freeze your account and not charge anymore on that card. You can also pay off your cards each month and not pay any interest. You can switch cards.
We do need to look out for the unintended consequences. New, tighter rules are already set to take place in 2010. That’s one of the reasons they are cranking up your rates now. With credit card defaults at an all time high, they are making their credit tighter. Think maybe they learned the lesson of what happened to the banks when they loaned too much to too many people?
