I received a letter from Chase regarding my visa card. I had the interest locked at 7% for the duration of the loan. The letter stated if I did not agree to an increase up to 29% my card would be cancelled.
I replied with a certified letter opting to keep my low interest. My card was cancelled. My credit report lowered my score which will now cause me to pay higher interest in case of need of a loan.
Can this request of change of interest....or else....be considered breach of contract? I am still making my payments but I feel I should have the right to stop paying because they changed the term of my contract for no reason. I was never late and always paid more than the requested minimum.
Do honest citizens have to treated the Gestapo way by our credit card companies and be obliged to pay usury percentages? Is there any law to protect us from the damages caused to our credit and the following consequences of lower credit scores?
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