An American credit card provider has been accused of ‘highway robbery’ by allegedly charging a client a whopping 79% rate of interest. The customer reported that she was hit by these high charges at a time when she was already struggling with bad credit and debt problems.
The customer said that she was overjoyed when her application was accepted as she had been struggling to get a credit card and had turned to a credit card provider that specialises in giving cards to people with bad credit.
However, her joy did not last for long when she discoverd that her 29% initial starting rate of interest rocketed up to 79%.
‘I about had a heart attack when I got a disclosure notice saying that my starting rate of 29.9% was going up to 79.9%. It was ludicrous. Talk about a highway robbery.’
You can read the full account of this story by David Gardner at thisismoney.co.uk right here: Credit card lender charges 79% interest