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Can a credit card company raise your APR because you have too much outstanding debt? |
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They are probably raising it because your credit score is lower due the outstanding debt. This being said, a credit card company can pretty much raise your rate anytime they like just as they can lower it when your credit improves. I would simply close the account and pay it off. Usually when your credit card's rates go up, you have an option of accepting the rate or closing the account and keeping the lower rate on the balance previously accumalated.
First answer by Anonymous. Last edit by Gewanda. Question popularity: 178 [recommend question].
- Credit card debt
- Credit card (in finance)
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