Direct Merchants Bank
Raised my interest rate "to ensure profitability"

I recently called the company to complain about raising my interest rate to 29%. I was told that I'd receive a written explanation in the mail.

The written explanation was in the form of a short paragraph letter. The letter stated that the change to my annual percentage rate was "to enable us (them) to provide quality service and ensure profitability."

The letter went on to reassure me that the changes to my annual percentage rate "were not based on individual characteristics or account performance."

This is not only blatant greed, it's bragging about it in writing! Am I really supposed to feel better knowing that years of paying on time every month was irrelevant or that the additional money I'll be sending them ensures that the company continues to make a profit?

Company: Direct Merchants Bank
Country: USA
State: California
City: City Of Industry
Address: PO Box 60136
Phone: 8003797999

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