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Have your Credit Card Rates been raised? If not don’t get to comfy because your rates can and will be raised before next year.

Beware of rate increases – especially if you are a good Customer.

Chuck Lane Had Good Credit But A Bad Rate

CNN shared the story of Chuck and Jean Lane.  The Lanes’ minimum monthly Credit Card payment was raised from $370 to $911.  That is a 24% increase !  CNN had verified that the Lanes had excellent Credit and had never missed or made a late payment on their Card.

CNN reports that U.S. Law Makers are concerned about Credit Card Rates being hiked by as much as 20%.

As Debt Warriors we are worried about stories we hear that are finally coming out in the Media. Why are we sharing all these doom and gloom stories? Because we want you to know that you are not alone. And you are not wrong for feeling outrage at how these Creditors are treating you!

Debt Warriors Poll: Have Your Credit Card Rates Been Raised Recently? Vote Below:

What Can You Do?

While our Law Makers are focused on political theater, the drama in your wallet and purse will not end until you take action.  Debt Warriors are practical people and we know that there are some things you can do to reverse a recent rate hike.

For that reason, below are some steps you can take to reverse a Credit Card Rate Hike – for yourself .

1. Contact your Credit Card Company.

Pick up the phone and call your Credit Card Company and ask them to “lower your rate”.  Be cautioned because they may refuse to honor your request.  If you’re refused a lower rate, contact Debt Warriors for your complementary Credit Check-up. Or you can purchase the Credit Card Medic Debt Reduction Video Course (from Debt Warriors).

2. Consider Doing A Balance Transfer.

As we wrote yesterday, Banks, Credit Card Companies and Credit Unioins are in competition for your business. If your Credit Card Interest Rates has been unfairly raised, a Balance Transfer to another (lower Interest) account may be the best solution for you.

But beware, there are some things you’ll need to know before you do a Balance Transfer.

Many people don’t know the secrets of doing a Balance Transfer the correct way, and they often end up worse-off than they were before. The Credit Card Medic Video Course shows you what to look for before, during and after you transfer your balance to another Card.

3. Contact Your Law Maker.

Chuck and Jean Lane were fortunate enough to get the Law Maker to contact the Creditor on their behalf.  You may find that with an election year comming in 2010, your Senator or Congress-person may be willing to help you in exchange for some good publicity.

Heck, it’s worth sending a letter and following up with a phone call, if it will get your Credit Card Rates reversed to levels that you can live with.