Have your read your credit card contract through completely? Do you know when it is okay for your creditor to raise your interest rates? If you are not sure about how and when your rates can be affected over the life of your contract you should take a few minutes to read your contract thoroughly from beginning to end.
Creditors must have clauses in their contracts that give them the right to change your interest rates. And if your rates have gone up you can be pretty sure that they are there, you may have missed them on your first read through but they are there buried in the contract.
If even after reading your contract again you still cannot figure out just how your credit card issuer can do this to you ask yourself the following questions.
Have you been late paying your monthly credit card payment recently? If you have, your interest rate going up is most likely due to this factor. Whenever you are late making a payment the credit card company has the right to raise your interest rates.
Have you been late on any other debt payments? Any late payments can cause your interest rates to rise, even ones that are not associated with your credit card....
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