These rising interest rates are bad news for those of us hacking away at our credit card debt. A couple of years ago I thought I was safe because my cards had so-called “fixed interest” rates, not variable prime-plus rates most cards are infamous for. Surprise, surprise, when the rates really started to take off my credit cards sent me nice little notes with how much my “fixed” rate was going up. One went from a decent 9.89% to 15.90% and the other from 14.99% to 17.99%! Good Lord. Eventually I’ll be in the position to negotiate these down, but with my current balances they just laugh at me — they know I’m not getting any other offers. Debtors beware the rising rate! Check out the Debt Zapper Calculator at Credit Card Nation to compare what different rates will cost you, or see how fast you can pay down your debt.
Ouch. Interest Rates Keep Rising
By May 22, 2006