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The Mortgage Meltdown Is Raising Interest On Credit Cards

So the other day I was wondering why I had to mail my bills for my credit cards to one of two states. I have four different credit cards and all of them are based in either South Dakota or Delaware.

After doing a little bit of research I found out that the reason most banks issue their credit cards from South Dakota or Delaware is that these two states do not have laws restricting the amount of interest that can be charged. It does not sound that fair to me, but banks in these states can charge people interest at rates over fifty percent.

Now most people have interest rates around 14%, but my credit cards have started to raise my interest rates and one of my credit cards now has 29% interest. I do not get it; I have always paid my bills on time.

It is as if all of the credit cards I have started to send me a notice that they were going to raise my rates all at once. I know it has everything to do with the mortgage crisis that started a few years ago.

Because banks have lost so much money from the mortgage crisis they think that they can just make up their losses by raising the interest on all of their customers’ credit cards. What did I do to deserve a rate increase? I not only pay my bills on time, I also do not carry a large balance on my credit cards.

Just because a whole bunch of banks gave mortgage loans to people that could not pay, I am stuck paying high interest on my credit cards so the bank executives can keep their bonuses. Not only are they raising my interest rates, they are also taking taxpayer dollars just to stay afloat.

I do not think it is fair so I am going to call the banks that issued my credit cards and ask them to lower my rates. After all, I am a good customer and I pay my bills on time. If they do not lower my interest rates I think I might just try to get a new card that has lower interest.

One last thing I should mention, if you are having the same problem as me, whatever you do, keep all of your accounts for credit cards open. If you close any of your accounts it can damage your credit rating.