Major credit card news...

[Scribes]

I just heard this on CNN. This summer, credit card companies out of sheer madness are going to RAISE interest rates -- as much as 100% higher. Discover Card is already up 75%, and plans to raise the PENALTY rate to 31%. A lot of credit card companies are doing this, they say, because a lot of graduates are coming away this summer and they want to give them credit cards. It happens every summer. I say it's because the credit cards companies are hurting severely but don't quote me.

[alpha]

It happens every summer.

Surely it can't have happened every summer -- wouldn't we have noticed it before? Maybe they go up a little but this seems like a big jump.

[Meya]

Hummmm, well let's just wait and see. My intr rate went down last summer, so I will keep an eye on them scribes.

[hjm331]

I don't think they're raising their interest rates to give college grads credit cards. They're just trying to make up for their losses from all of the customers who weren't able to pay their debt back.

[Eldarwen]

I don't think they're raising their interest rates to give college grads credit cards. They're just trying to make up for their losses from all of the customers who weren't able to pay their debt back.

Or those who are working with getting out of debt agencies. I'll wait and see with that stuff.

[Scribes]

It happens every summer.

Surely it can't have happened every summer -- wouldn't we have noticed it before? Maybe they go up a little but this seems like a big jump.

Well, maybe we never noticed it before in summers prior because we were fed such rosy economy outlooks by the Feds, so naturally we didn't panic. Now suddenly the Feds KNOW we know we are severely screwed and are trying to right the ship and avoid the iceberg. Where's my life-jacket, man?!