Just got a letter from HSBC concerning my union plus credit card and they are going to be changing the terms of my card from a fixed rate to a variable rate virtually doubling my interest rate. I was never late of near going over my limit but they are still raising my rate. They feel they must do this before the government passes a bill limiting them on how they can change the contracts.
As if the country is not in bad enough shape they want to charge more for less. I just might file for bankruptcy and then see how much they get out of me. The government needs to step in and reset all rates to a reasonable rate and stop this predatory lending practices. I have chosen to opt out of the card which is now closed and I can continue paying what I owe at my old rate but this should not be allowed.
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