Reply #34: That's why we need credit card reform legislation. [View All]

[MercutioATC]

(and I suspect we agree on this)

I have no problem with a CC company changing the terms of the agreement, BUT the changes should not be legally able to effect existing balances. Things change and your CC company wants to charge 30%? Great...but your existing balance remains at the initially agreed-upon rate and the consumer (while making at least minimum payments) gets to make payments to whichever balance they choose.

The problem isn't the raising of rates, it's making that new rate apply to the existing balance.