Credit card interest changes may cause delinquent payments | The Colpitts Law Firm
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Credit card interest changes may cause delinquent payments

A hike in the interest rate the Federal Reserve charges banks could have dire consequences for consumers with credit card debt who might already be dealing with financial challenges. The announcement signaled the start of what is projected to be an increase in the interest rate Oklahoma residents pay on consumer debt, including credit cards.

Most people carrying balances on credit cards with adjustable interest rates will soon see the cost of making minimum payments going up as each credit card company adjusts the rates on their cards. For consumers struggling to remain current on their payments in the wake of unemployment or other financial challenges that affect income, even a slight increase in the interest on their credit cards could result in delinquent payments.

Before anyone scoffs at the notion that a slight uptick in the rate of interest a credit card company charges could have a dramatic impact on consumer debt, the federal government announced that it expects the announced rate increase to add at least $1 billion to the cost of consumer credit cards. It is anticipated that 46 million families will be affected by the increase in the cost of consumer debt.

Some credit card holders might be able to obtain a reduction in their interest rate by contacting their credit card company. Consumers with financial challenges might benefit from a consultation with a Tulsa attorney who is skilled in debt relief and bankruptcy law. A review of a consumer’s financial situation by an experienced attorney might offer debt relief solutions to resolve financial challenges.

Source: CBS News, “Fed interest rate hike means it’s time to review your credit cards,” Liz Weston, Dec. 16, 2015

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