Is the Federal Trade Commission investigating Banks on changing of interest rates on credit cards?
- GemLv 71 decade agoFavorite Answer
Nope, they are blaming it on "bad people".
People like me who used the credit they offered and pay my bills on time.
Are you kidding, the feds are planning to bail out the banks and all the usurious interest rates they are collecting from idiots like me who continue to pay my bills will make the bail out less.
Our country isn't about us citizens, it is 100% about the elite and the government. We are just an afterthought in the whole mess.
- 1 decade ago
Legally, federal banks are permitted to charge any interest rate they want on credit cards. There is no usury limit, and they are immune to any state-imposed limits. Even fixed rates aren't really fixed - they just aren't explicitly tied to a published rate, like LIBOR or the Prime Rate. However, the cards can change them with as little as 15 days notice, and your only recourse is to cancel the card.
Sources below.Source(s): http://www.bankrate.com/brm/news/cc/19980202.asp http://www.cardratings.com/june00new.html
- Sharon FLv 61 decade ago
I was looking on CNN news this morning but I dont recall them mentioning anything like that