Legal Question in Credit and Debt Law in Virginia

high % rates on credit card

credit card company continues to raise credit card rates ( two years running , now 23% ). payments have never been missed or late . contacts have been made

many times with no luck . request have been made to

discontinue the card if they would return my accout to the original rate , no luck . is this legal ?


Asked on 12/31/01, 6:11 pm

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.

Re: high % rates on credit card

Most likely it is legal, as the bank is almost certainly not subject to any limits on the interest it can charge, and the credit card agreement can almost certainly be amended by just giving you notice. You may have a right to reject the change, but you would have to stop using the card; and in any event, your rate may already be pegged to an index rate which floats. It may make sense to pay off the card, perhaps with a different credit card or loan - there is lots of competition out there.

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Answered on 1/01/02, 10:50 pm


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