Q: My credit card rate went from 13.99% to 29.99%. I was told that, "it was due to the economy". Do I have any recourse? (yes I did get a complex notification that said my rate was going up. I was given the option to close the account or pay the new rate.)
A: Under the new credit card laws issuers have to give you the right to opt out of any rate increase, but you have to decide. Other than complaining to the issuer and/or your Congressman there is little you can do.
