I have had a Home Depot card for years. Late last spring, in my bill, was a chance to have my bills sent electronically. I thought, "save the planet," so I signed up.
They do not send you the bill, just an email saying that billing information is available. I had problems with the email going directly to the spam folder, but I did see the email and promptly paid the bill, though I did not go look at the balance. I had stopped using the card several months ago and had been paying $75.00 monthly on my $1600 balance.
With all of the activity in Congress to rewrite the credit card laws, the credit companies have recently been lowering limits and increasing interest rates. Well, Home Depot had increased my interest rate to 30%!!! BUT what they did NOT do is increase the dollar amount of my payment. So while I was making a payment that satisfied the minimum payment of $46.00, THE INTEREST THEY WERE CHARGING ME EACH MONTH IS $125!! Not only was I NOT knocking down any of the principal, I was spiraling deeper into debt! In order to pay this off, I would have to pay $175.00 per month, and I do not have that in my monthly budget.
I will accept responsibility for not OPTING OUT of the changes to my account, but to increase my interest rate and not increase the payment, which would have been a RED FLAG earlier, is IMMORAL and CROOKED!!!
They are thieves!!! I closed my account, and ALL OF MY CASH BUSINESS WILL NOW GO ELSEWHERE.
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