Legal Question in Credit and Debt Law in California

Recently, I have been receiving a letter from credit companys that I have an account with. Eveybody now seems to raise the interest rate. All of my accounts are in good standing and yet the increase of the interest rate is jump up from 9~12% to 23~24%. If I do not accept the new term, they will cancel my account. I have some balance and I cannot pay it off in one time, so, canceling the account is not my option. I am wondering if they can do this kind of substantial raise in interest rate in one year. Is it even legal? Is there anything that I can do?


Asked on 9/04/09, 7:58 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Yes. Contact your members of Congress to deal with this situation.

Read more
Answered on 9/05/09, 3:51 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in California