What is the name of your state (only U.S. law)? Virginia
I currently have a credit card through Washington Mutual (now JP Morgan) that I have had since Feb 2007. In that time, I have been a good customer in good standing. The only blemishes on my account are a late payment in May 2008 (payment acknowledged as recieved 7 days after due date), and also over limit for May, June, July of 2008. The issue with that is account was originally $65 over, payment was immediately applied to bring account back under limit but finance charges were applied to bring account back over limit.
The issue I am having with this company is that when I went over limit, the company increased my APR from 9.9% to 28.47%. This is making it very difficult to pay down the principle balance which explains the continued account limit overage for not only May, but June and July as well.
I was able to pay off the balance in full in August but unfortunately, my financial situation requires me to have a credit card to suppliment my income. The company has continued to apply the 28.47% APR to my balances and refuses to lower the APR in any way referring to months May-July of 2008.
I can't help but to feel this company is using predatory lending practices in order to keep me from paying off my debt to them on a consistent basis and wanted to find out what possible legal avenues I could take as I am starting to suspect that they are trying to implement any neccessary action they can to keep me from paying this debt and generate more revenue for themselves.
Any help I can get would be GREATLY appreciated!!
I currently have a credit card through Washington Mutual (now JP Morgan) that I have had since Feb 2007. In that time, I have been a good customer in good standing. The only blemishes on my account are a late payment in May 2008 (payment acknowledged as recieved 7 days after due date), and also over limit for May, June, July of 2008. The issue with that is account was originally $65 over, payment was immediately applied to bring account back under limit but finance charges were applied to bring account back over limit.
The issue I am having with this company is that when I went over limit, the company increased my APR from 9.9% to 28.47%. This is making it very difficult to pay down the principle balance which explains the continued account limit overage for not only May, but June and July as well.
I was able to pay off the balance in full in August but unfortunately, my financial situation requires me to have a credit card to suppliment my income. The company has continued to apply the 28.47% APR to my balances and refuses to lower the APR in any way referring to months May-July of 2008.
I can't help but to feel this company is using predatory lending practices in order to keep me from paying off my debt to them on a consistent basis and wanted to find out what possible legal avenues I could take as I am starting to suspect that they are trying to implement any neccessary action they can to keep me from paying this debt and generate more revenue for themselves.
Any help I can get would be GREATLY appreciated!!
Zig, how unamerican is that