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If you have good credit and pay all cc compamies on time & you only are late on 1 card for 4 days and they up the rate from 8.99 to 32.9 what can you do about it besides calling and complaining every month. / If you are trying to re-finance to pay off high interest rates but want to keep the cards that are low interest rates , can you do that. I don’t want my credit score to go down if I deal with a debt relief agency???

Unfortunately credit card companies have had the right to dramatically increase interest rates as a result of late payments by consumers. Yes, you can call and complain but all too often your complaints will fall on deaf ears because the huge rates on late credit card bills are how they make their money. Their best customers are the ones who pay on time but then hit a temporary financial “bump in the road” that results in a late payment allowing them to increase the interest rate….Big time!

You can try and transfer your balance to a lower rate card but all too often the low rates are teaser rates and they are likely to result in the same outcome should you miss a payment deadline. However, be careful doing that too. My best advice is to read all the fine print on a credit card contract, no matter how boring it is, before you sign up for a new card.

Obama has signed a new credit card regulation bill that restricts some of the most unfair practices of the credit card industry but you can be sure these companies will find ways to make their money so buyer beware.

Debt management programs help you lower your interest rates and put you on a payment schedule. If you are falling behind you may want to talk to a credit counseling agency about their debt management program before the situation gets worse. If it was just a one time late payment mistake then I agree, you shouldn’t need professional debt relief.