Wells Fargo just raised the interest rate on my credit card, AGAIN!
By Daniel at 23 November, 2009, 11:46 am
I have perfect credit, but am carrying a pretty big balance after 2 years of getting a master’s degree in science followed by 9 months of unemployment this year. The 3% rate hike I received over the weekend equates to another $200 being sucked out of my pockets each month. This is on top of the 3% rate hike I got hit with this summer. My student loans also are up 2% this year. I’m 40 and still paying off my law degree and master’s in science (those and $1 will get you a cheap cup of coffeee, btw).
I keep hearing of how the Fed is keeping rates at historic lows to stimulate the economy, but I am now paying much higher interest rates on all my debt and it’s really starting to hurt. I am getting really sick and tired of the Fed helping the banks and letting the little guy twist in the wind. I understand that credit risks are up and that’s why rates on consumer debt are up. Why the H$%# is letting the free market set rates good for me, but not for the big guys who are getting taxpayer dollars at zero percent?! *MY* dollars no less?! I’ve been busting my a#% my whole life, doing everything “right,” working 60-70+ hours per week with jobs and getting advanced degrees and I’m just barely able to keep my head above water and near drowning in student loan debt. I know I am not alone. How can our rates be going up-and-up-and-up far above what they were in the go-go years, and at the same time the Fed is supposedly keeping rates at “historical lows?” The only historical low I’ve seen is the 0.5% rate I’m getting on my kids’ college fund CD that is falling only about 10% a year behind the cost of the education I’m trying to save for. Historical lows for whom? Sure as h@#% not the regular joes who do all the real work and pay the taxes in this country!
- Law97
These weasel banks and finance companies will get theirs soon enough. I’m tired of the shenanigans myself. That’s why I moved to smaller banks a couple of years ago; just didn’t trust the bigger banks anymore.