When used responsibly, credit cards can be a useful part of a family's economic planning. A credit card lets you make an important purchase when it might not be possible to afford the full cost in cash at the time of purchase.
Credit card literacy is an important part of being an adult. And Americans are growing increasingly savvy in their credit card use, which is a good thing.
However, some credit card companies seek to dramatically inflate their profit margins by fraudulently hiking the interest rates they charge. Interest rates should be transparently stated at the time you sign up for the card.
You have legal recourse if you were the victim of a fraudulent interest rate hike – our attorneys can help.
If you live in or around Redondo Beach, California and need a lawyer with experience handling fraudulent interest rate hike cases, please call Kirtland & Packard, LLP today at 310-536-1000 for a free consultation.
In 2010, Congress passed the The Credit CARD Act, which was designed to strictly regulate the abusive tactics credit card companies had long used to bilk customers. The law did some impressive things, but, unsurprisingly, many credit card companies found creative ways around some of its strictures.
Under the law, interest rate hikes are strictly limited, especially on existing balances. Interest rates on new transactions can only increase after one year of opening an account and significant interest rate hikes can only go into effect after 45 days notice.
These regulations ended some practices, including sudden, unexplained interest rate hikes, that credit card companies frequently made use of. But it's far from unheard of for credit card companies to continue using these abusive tactics, often with minor tweaks in an effort to make them “legal.”
Unfortunately, many consumers are unaware of their rights and don't know they are protected by federal law. They imagine they just have to deal with the hikes.
Know your rights. You do not have to be the credit card company's victim. Our lawyers are on your side in these cases- we represent people who suffered financial losses as a result of a fradulent interest rate hike.
Was your rate hike fraudulent and illegal? The best way to find out is to speak with our lawyers at a free initial consultation. Bring as much documentation as possible to make the conversation easier.
If you were the victim of an unethical credit card company in Torrance, Redondo Beach, or throughout the South Bay area, our lawyers have experience handling fraudulent credit card interest rate hikes. Please call Kirtland & Packard, LLP today at 310-536-1000 for a free consultation.