Has anyone been notified by PayPal plus credit card to verify a charge and when it is not a charge youmade have your card cancelled and issued a new card with very high interest rate? Seems to be a scam that they ar running to issue high interest cards to those with lower interest cards.
You have to understand that the interest rates are(/will be) hitting everyone. With the consumer credit protection act that Obama and Dems were behind had good ideas and bad consequences. It provided consumers with new layers of protection HOWEVER it pretty much laid the foundation for everyone's interest rates to sky rocket. If credit card companies now have to jump through loopholes to collect on bad debt it would only be logical thinking to believe that with any higher risk comes a MUCH higher interest rate.
Don't blame Obama for the actions of a credit card company that's crowding, if niot breaking the law in this instance.
I'd report this to your local State Senator or Congressman - let them ask the credit card company (GE in this instance, I believe), what the heck they think they're doing?
And reporting it to the media wouldn't be a bad idea, either. This is cockroach behaviour and deserves to have some light shone on it.
