CC interest

iVillage Member
Registered: 12-31-2005
CC interest
4
Thu, 05-11-2006 - 11:43am
I thought I saw on the news this moring that interest rates for CC was going up. It was 5 am so hoping I didn't hear it right. Did anyone else see this?

over 40 and tired

iVillage Member
Registered: 05-09-2005
Thu, 05-11-2006 - 11:59am

Well the Fed is raising the rate again. Since most cc's interest rates are based on the prime rate, alot of cc rates will be going up.

iVillage Member
Registered: 08-23-2005
Thu, 05-11-2006 - 1:34pm
Yes, I heard the same thing... Thank God I have a few 0 % cards coming in the mail soon. I also have a 4.99% for the life of the balance coming as well. Yikes!

lvhunnie2005

lvhunnie2005

iVillage Member
Registered: 12-05-2004
Thu, 05-11-2006 - 5:26pm

I've heard that the prime rate will be raised to 8% on credit cards, so if a card offers "Prime plus 7%", you'd be looking at a 15% interest rate.

There's rumors that the Feds will stop raising rates for a few months and see how the economy goes, so I hope that's true! I keep hearing about these rate increases and then I hear about 1300 people losing jobs at AOL and Ford Motor Company closing plants, etc, and I can't help but think...why can't the Feds just cut the Consumers some slack?? If companies are downsizing and laying off workers, they surely don't need higher interest rates staring them in the face. Goodness...

Pat

iVillage Member
Registered: 07-11-2001
Thu, 05-11-2006 - 6:30pm
Thank goodness I have a fixed rate they can't change. One good thing from my CU.