Bank of America has been mailing new "amendments" which allow them to increase the default rate to "32.24%". In that same amendment they are restructuring the rates for Cash Advances to be significantly higher than those for purchases placing then on the average at 24.4%. Customers have until January 18, 2008 to reject the amendment in writing. I just sent mine in so I do not know yet of the shortfalls but then why would I agree to a 32.24% rate?
The credit card game is getting nusty as most of the US is drowning in consumer debt and credit cards are becoming "balls and chains". The news are talking about subprime loans and nobody is paying attention to the credit card games. Those with serious balance should brace themselves...
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