Credit Card Bankruptcy Has Become All Too Common

The economy has been taking its toll on too many people in this country and it does not seem to be getting any easier in the near future. Companies are filing bankruptcy left and right and of course individuals are filing at an alarming rate. Credit card bankruptcy is a major issue in this country right now. Credit card companies are hiking interest rates to any who pay one day late and some are getting a rate increase just because.

It is ridiculous if you think about it but hey they are suffering so they want everyone else to suffer too at least that's my take on it. I had a fixed 7.9 interest rate credit card for 3 years solid no issues. I paid one day past my due date and it jacked the interest rate up to 16.9, that's over double the rate I was at. I was fuming and to top it all off they raised me again the next month and I paid on the due date. They are not relaxing on the interest rates and the best you can do is make sure you pay early so they have no reason to reason to raise your rates.

One of the companies forcing people to file credit card bankruptcy is Juniper or Barclay's bank. They are instrumental in raising interest rates without telling you or giving a logical reason. All of us are in tough times right now and many are losing their jobs almost daily. There simply no answer if you cannot find another job in a decent amount of time. If a credit card company raises your rate so high that your minimum payment goes from 70 dollars a month to 240 dollars a month its just not acceptable.