Pay them off now
Credit cards are becoming more hazardous all the time, in spite of new federal legislation that supposedly reins in predatory practices by card issuers (“Carded,” RN&R, March 18).
The New York Times last week reported that “issuers are likely to increase rates to 16 or 17 percent by the fall, according to Dennis Moroney, a research director at the TowerGroup, a financial research company.”
“The banks don’t have a lot of pricing options,” Moroney said. “They’re targeting people who carry a balance from month to month.”
Credit costs across the board—for housing, cars and federal debt—are also expected to rise.