http://www.moneyunder30.com/ask/33/my-credit-card-apr-went-up-to-29-percent-and-i-cant-afford-the-minimum-payment-what-can-i-do/ Financial Questions and Answers Mon, 07 Dec 2009 00:34:46 -0700 http://wordpress.org/?v=2.8.6 hourly 1 http://www.moneyunder30.com/ask/33/my-credit-card-apr-went-up-to-29-percent-and-i-cant-afford-the-minimum-payment-what-can-i-do/comment-page-1/#comment-55 Andrew Mon, 16 Nov 2009 23:06:21 +0000 http://www.moneyunder30.com/ask/?p=33#comment-55 I used to carry an American Express Credit card that sent me a notice that they would be raising my rates effective a certain date. I called to Opt Out / Cancel my credit card if they would not leave my rate as was. They canceled my account as I requested. Now 2 months after the fact they have raised my interest rate. Is this legal? I thought consumers could opt out of any rate increases simply by canceling the account which would effectively freeze the account unless payments were defaulted on. Am I in the wrong here? I used to carry an American Express Credit card that sent me a notice that they would be raising my rates effective a certain date. I called to Opt Out / Cancel my credit card if they would not leave my rate as was. They canceled my account as I requested. Now 2 months after the fact they have raised my interest rate. Is this legal? I thought consumers could opt out of any rate increases simply by canceling the account which would effectively freeze the account unless payments were defaulted on. Am I in the wrong here?

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