On Fri, 5 Sep 2008, Wojtek Sokolowski wrote:
> [WS:} I do not think credit card companies can change interest rate on
> the alredy existing balance
Sadly, you're totally wrong about that. It's an outrage but it's true. This is exactly the main way people get crushed into bankruptcy -- they run up 30G at the low rate, make a late payment, and suddenly the rate on the whole pile is tripled.
Elizabeth Warren covered it in one of her interviews with Doug and also in her books. When I get a chance I'll skim and find it for you.
Michael