I am writing to you so for assistance and so you can possibly shed some light on a horrible practice banks are undertaking. I recently looked at the interest rate on my HSBC line of credit (overdraft account) and it was raised to 17.99% APR. I was never notified of this change. I called the bank and they stated they notified me in December. How convenient just 2 months before the new governmental regulations go into effect for banks and credit cards. When I asked them to lower the rate they said no. They told me this was the floor rate prime plus 11 something percent. They also told me that this was not a credit card and could be treated differently. I said it is linked to my debit and credit atm card so it sure is a credit card. They refused to lower my interest rate to a fair rate of 11.99 percent. I am struggling to get out of debt and I am on limited disability income. The banks and credit cards are making it difficult for anyone to get out of the wholes they are in. The government knowing we are in a recession is allowing them to take advantage of consumers. I hope someone will help me and take a stand against the banks who are destroying our country once again.
0 comments