Even as the prime interest rate tumbles, Business Week reports that Bank of America is jacking up its credit card interest rates. Bank of America recently notified millions of credit card customers that their interest rates would be going up –to as high as 28% – for no apparent reason. If you carry a Bank of America credit card, it might be high time to find a new credit card.

Credit card companies are notorious for finding any excuse to raise customer interest rates – even customers who pay on time, if their overall credit score declines for any reason. But this time, Bank of America doesn’t even have one of those reasons. Apparently they just need the money.

This letter from Bank of America (.pdf) to an anonymous Visa card holder (thankfully not me!) explains how their interest rate is being raised to 28%. Yes, 28%. Continued

Creditors have a secret they will do anything to protect. This secret — kept in Manhattan penthouses by old cigar-smoking white men — makes banks filthy, filthy rich. This secret allows the rich to rob from the poor. Despite its limitless power, the secret is hidden in plain sight. You may know the secret already; though you may not know just how rich it is making your creditors (and how poor it is making you).

It is also easy to forget the secret, or to dismiss it. You may have learned it along time ago, vowed to take action and then, months later, forgotten all about your resolve to stop your creditors from using the secret against you. So what is the secret? Continued

Next time you want to buy something and you can’t pay cash, ask yourself: “Can I pay for this in full within three years?” I call it the three year rule, and if follow it, you will never find yourself overburdened by debt. Continued

It has been just over one year since I applied for an took a debt consolidation loan from peer-to-peer lender Prosper. One year in, I’m just as happy with Prosper as when I started. Continued

How does someone loose $15,000? Continued

You may have heard that carrying a balance on your credit cards – especially being near your credit limit – hurts your credit score. What I never realized is how much of an impact paying down that balance has on your credit. Continued

Often, suicides are inexplicable. The reason for some suicides, however, is black and white…and red. How does debt get so bad that death is the only escape? Continued

I can hear you all yelling at me now. “Don’t go into debt!” “Don’t go into debt”. But what if you have a good reason to get a loan? Continued

I wanted to post an update of my experience with Prosper, the peer-to-peer lending network where people can get personal loans or lend money and actually get a better return than at even the best savings accounts. Continued

If you haven’t heard about Prosper, the site where people can lend money directly to others who need loans, I’ll be writing today, tomorrow, and Friday about this cool site. Continued