The Credit's cards (Banks) are increasing the interest, do you think this is fair?

No, it's not fair, but that's how life is. Companies can be greedy. Perhaps you violated one of their many provisions????? Not much you can do in any case except cancel it, if you can. Good luck!!

There fairly isn't something honest approximately FICO. Even people who're in charge and would enable a bill slip because of the fact, say, their new child necessary an ER visit, have their rankings drop because of the fact this is approximately numbers. even though if on your case, this is because of the debt to credit line ratio. because of the fact the credit line has been decreased, the ratio turns into smaller, for this reason lowering the score. the ultimate element? Get the credt lines larger. this isn't any longer honest in any respect, as you have stored up with each little thing, yet with how the gadget works, it screws many. they are in all threat reducing each little thing clarification for the economic state. all and sundry is freaking out approximately money, so... additionally specific credit card places will in basic terms checklist how plenty you owe, making it seem you have plenty greater debit than you fairly do, that can injury your score. because they are reducing your quantity, even although you're paying it off, it could nonetheless instruct which you have a severe stability because of the reducing. i wish those tid bits have helped.

Of course it isn't fair. It also makes it harder for you to make your payments. But they are not in the business of being fair. banks and credit card companies are nervous. many people are defaulting on their cards and closing their accounts, so they are worried that others may do it too. this is where it gets stupid. Even though you may have paid your account every month on time, they can still raise your interest rate. The best way to get back at them, and still protect your credit, is to pay off the card, then close the account. But make sure its paid off before you close it. Otherwise, it may look like you couldn't make your payments and closed it.

What they are doing is legal and you really have no recourse. So, pay it off and close the account. As long as your credit remains good, you should be able to open a new account at a different bank with a lower interest rate.

I always pay my credit cards in full or in full within a couple of months so they don't make much money on me. One of my cards raised my rate so i cancelled them. There loss not mine. I have a great credit score but those of us that live within our means are unfortunately being punished for those that don't. No its not fair. Our economy is in this position because people don't live within their means. What you want to have and what you NEED to have to live are not the same. Its' not up to our government to bail anyone out. That is not the governments money its yours and mine. So no the bailout won't help you. Or me. If you have missed payments or paid late then the credit card company has it in your agreement that they will raise your rate. If you financial circumstances have gotten bad contact them and try to work something out. make biweekly payments. Call them and ask why the increase

It's not a bank's responsibility to be fair. They can and will set the interest rate at whatever they want. If you don't like it, wait for a company to send you an offer with a teaser rate, accept it, and then transfer the balance to a new card with a new teaser rate when your old card is about to go up to 25% interest.

Banks aren't around to babysit your money, they are around to take as much of it as they can. Be smart in dealing with them.

Of course it's fair.

No one's making you use them. They don't owe you anything. The only people who can take your money without your consent, is the government. If you want charity, just say so.

The increased rate should be for purchases made after this date, not your outstanding balance now. That should stay the same.

If you don't want to borrow their money anymore, go use someone else's.

LIFE has never been 'fair'. The best approach is to FIRE the credit card company.

They have a right to do this, but that doesn't mean it is fair or moral in any way. the banks are not in an economic crisis, they are probably the ones who are the best off, and keep exploiting their customers. It's also not right to keep increasing someones limit everytime it gets maxed out, when it is obviously being relyed on way too much and not being paid off as the people can't afford the interest! ..... they are scumbags!

They can make the interest on a credit card as much as they want. You're borrowing their money, and they want you to pay it back.

NO because these same banks are giving me LESS interest for my saving account. Bunch of crooks if you ask me