Creditnet News Story
Looking for new credit card offers may help in dealing with rate increases
Monday, February 15, 2010
By Thomas Astery
Lower introductory rates are being offered by some lenders.
Though many people have experienced rate increases on their credit cards, they do have other options in trying to get a better deal.
Bill Moak, president of the Better Business Bureau of Mississippi, recently wrote a column for the Hattiesburg American in which he recommended consumers consider other credit card offers when facing increases in rates and fees. He said that other companies may have lower introductory rates, which can help pay down credit card debt.
"Shopping around can pay off," Moak wrote.
Another option consumers may consider is to contact their credit card company when facing higher rates, as some lenders may be willing to negotiate with consumers in order to reduce increases.
Finally, consumers may choose to opt out of the rate increases and pay off the account under their old rate. The ability to do so was granted through the Credit Card Accountability, Responsibility and Disclosure Act.
Through the act, consumers must be given 45 day's notice to rate increases and may choose not to accept them. However, consumers should realize that once they pay off the card their account will be closed.
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