CC interest
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CC interest
| 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?

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.
lvhunnie2005
lvhunnie2005
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