Legal Question in Credit and Debt Law in Massachusetts

interest rates

I have had a credit card for 4 years I always pay more than is due,I am never late . When i got my statement i noticed the intrest rate went from 16% to 27% when i called to ask why I was told they checked my credit report and because it is so poor they decided to raise the rate... Is that legal? can a company that i have been doing business with for years with no late charges suddenly change my rate by 11% when what shows up on my report really has nothing to do with them?


Asked on 2/06/08, 8:21 am

1 Answer from Attorneys
JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

Re: interest rates

There are a myriad of various factors that could affect the status of your interest rate. Without examining the credit card agreement, and the applicable law governing such agreement, it's difficult, if not impossible, to give you a suitable answer to your question. Please contact my office direct for a free initial consult based upon the facts of your specific situation.

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Answered on 2/09/08, 7:39 pm


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