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interest-rates
interest-rates
(dooley)
Would Capping Credit Card Interest Rates Help Or Hurt Consumers?
By Chris Morran on December 12, 2011 3:30 PM
92 Comments
Many Americans are carrying more than $10,000 in revolving credit card debt, some with an APR of over 20%. But while the idea of putting a more reasonable ceiling on these rates might seem like a way to help get these folks out of debt and back in the black, some say it would likely have no positive effect on the economy at large. More »
Banks Marketing 1% APR Bank Accounts As "High-Yield"
By Ben Popken on October 4, 2011 11:00 AM
48 Comments
Considering how "high-yield" savings accounts used to give returns of 4-5%, reader Phil thinks it's a bit disingenuous for banks to continue marketing them as such when the rates are only 1%. He sent in a picture of a recent piece of junk mail he got from American Express to illustrate. More »
(coffeego)
30-Year Mortgage Rates Now Lowest Ever, People Still Aren't Buying
By Chris Morran on August 18, 2011 1:50 PM
102 Comments
It's like that scene in Groundhog Day, where Chris Elliott's character enters the Punxsutawney bachelor auction and is greeted by dead silence from the women in the crowd.... Once again, mortgage rates have dropped to record lows while potential home buyers continue to hold off on making a purchase. More »
Federal Reserve Says It Will Keep Interests Rates Low For 2 More Years
By Phil Villarreal on August 10, 2011 7:45 AM
18 Comments
In a move meant to ease uncertainty in the markets, the Federal Reserve pledged to keep interest rates low for the next two years. The Fed's target rates, which banks use to set loan rates, have been close to zero since 2008, and previously said they would stay there for "an extended period." The two-year designation is a sign that the Fed expects the economy to remain in troubled waters until at least 2013. More »
If The Debt Ceiling Isn't Raised, You'll Pay For It On Your Credit Card
By Ben Popken on July 27, 2011 12:00 PM
136 Comments
The game of political brinkmanship over the debt ceiling isn't just an abstract battle of wills. If it isn't raised, you can expect that your credit card interest rate surely will be. More »
(jm3)
Credit Card Interest Rates Hit 9-Year High. Thanks, CARD Act!
By Ben Popken on August 24, 2010 1:00 PM
98 Comments
Average interest rates have hit a new 9-year high of 14.7%, and we have credit card reform to thank for that. Por-kay? Unable to keep soaking you on the backend with hidden fees, tricks, and traps, issuers now have to push their profit-taking to the fore. More »
Even Wells Fargo CEO Powerless To Reduce Your Punitive APR
By Ben Popken on June 28, 2010 12:00 PM
78 Comments
The APR on Kevin's Wells Fargo credit card got jacked up from 9.6% to almost 23%. He owes $16,000. At 9.6, he could afford to make double the monthly payments, but now he's paying $300+ a month in finance charges alone. He's begged up and down the hierarchy, from the CEO to any exec or VP he could reach, to please reduce his APR so he can carry this debt. Nope. The numbers have spoken. The odds are calculated. Your risk has been assessed, and the verdict has been issued: you lose. More »
Reader Pays Off $14,330 In 20 Months
By Ben Popken on March 19, 2010 10:00 AM
119 Comments
Stuck in a $14,300 debt hole, reader Trixare4kids was dug herself out using tips she learned about on Consumerist. Let's learn how she went on a personal finance rampage, learned to live frugally, did it all in 20 months, and how you can do it too! More »
(adulau)
What Do You Do When Your Credit Card Has Been Armed With An Interest Rate Trap?
By Chris Walters on March 2, 2010 12:00 PM
57 Comments
Harry's got a problem: the Bank of America card he's had for years is paid off, but now it's been set to explode in Harry's wallet if he ever uses it again because the variable APR will jump to 29.99 percent. What's worse, his other card has been canceled. Now Harry doesn't know if he should start using the BofA card or back away quietly from it. More »
Low Interest Rate Party To Continue For An Extended Period
By Meg Marco on February 24, 2010 12:30 PM
26 Comments
Fed Chairman and former South Of The Border employee, Ben Bernanke, says these historically low interest rates will continue... but not forever. More »
Citi Socked Me With Fee, Rate Increase Because I Lost My Card
By Phil Villarreal on February 18, 2010 8:00 AM
57 Comments
Justin says he couldn't pay his Citibank credit card balance because he lost his card and couldn't log into the system because he hadn't yet received his replacement. As a result, he was stuck with an interest rate hike and a missed payment fee. More »
(stirwise)
ING Slashes Mortgage Rate, Jacks Fees, Leaves Me Out Cold
By Phil Villarreal on February 15, 2010 8:04 AM
20 Comments
As complaints about mortgage companies go, Chris's gripe about ING Direct isn't something that will bring tears to your eye, but it does work as a fair word of warning for those considering refinancing with the e-bank. He says the bank slashed its interest rates but more than tripled the closing costs. He writes: More »
(Photo: frankieleon)
Watch Out For These Tricks After The CARD Act Kicks In Next Month
By Chris Walters on January 25, 2010 3:36 PM
24 Comments
The credit card reform bill will go into effect at the end of February, but that doesn't mean you should stop paying attention to what your credit card company does with your account. There are lots and lots of loopholes, notes WalletPop. For example, your card issuer can still raise rates on future purchases any time and for any reason. In addition, there's no limit to the number of fees that can be invented and applied to your account. The only way to make sure you don't get screwed by a profit-hungry card issuer is to read every single thing that's mailed to you, and closely review your statement for evidence of any changes that you may have missed. More »
(Photo: The Cornballer)
BofA Undoubles Doubled Interest Rate
By Phil Villarreal on December 24, 2009 8:30 AM
5 Comments
Responding quickly to Wednesday's post of Julia's complaint that Bank of America doubled her credit card interest rate, then refused to reset it despite promising it would, the bank has promised that it will indeed undouble the rate for good. Got all that? More »
(Photo: Maulleigh)
UPDATED: BofA Doubled My Interest Rate, Said They'd Undouble It, Kept It Doubled
By Phil Villarreal on December 23, 2009 9:30 AM
34 Comments
Julia said Bank of America hiked her interest rate then placated her for months, promising it would eventually lower it to its previous level, only to turn around and say she was misinformed and would be stuck with the higher interest rate. More »
(Photo: mytoenailcameoff)
Fed Keeps Interest Rates At .25%, Will Stay Low For A Long While
By Ben Popken on December 18, 2009 8:52 AM
25 Comments
The Federal Reserve announced yesterday it will keep interest rates unchanged at .25% and pledged to keep them "exceptionally low" for an "extended period." Consumers can look forward to cheap mortgages, and low rates of return on savings accounts, for a time to come. [Bloomberg]
(Photo: TheTruthAbout...)
This Citibank Balance Transfer Offer Sure Sounds Dangerous
By Chris Walters on December 16, 2009 8:15 PM
51 Comments
RP was just offered a transfer on his Citi card by a Citibank CSR, but the CSR was kind of vague on the details of the offer and could only repeat the benefits. RP looked online while the CSR pitched the offer, and found that there's quite a big catch in the fine print—after six months, the interest rate jumps from 3.99% to 29.99%. More »
Citibank To Customer: Charge $750 And We Won't Gouge You So Badly
By Phil Villarreal on November 18, 2009 3:50 PM
97 Comments
—>Mike says Citibank boosted his interest rate to 20 percent, then said they'd knock off half of it as long as he paid on time and charged at least $750 a month. More »
Chase Raises Interest Rate On Closed Account
By Chris Walters on November 13, 2009 10:25 PM
38 Comments
—>David closed his Chase credit card account instead of accepting a rate increase earlier this year. That should have been the end of it, but it turned out Chase later went ahead and increased the interest rate anyway. More »
Is Bank Of America Of Trying To Skirt The CARD Act With New Annual Fees?
By Chris Walters on November 10, 2009 4:35 PM
67 Comments
—>In a series of recent posts, WalletBlog has accused Bank of America of breaking the spirit of its "no new fees" promise and of potentially breaking the law next year, after it announced it will introduce annual fees on some existing credit card accounts in 2010. More »
