A friend told me a story.
The banks are protected by law to criminally steal money from the credit card holder.
Visa Household owned by HSBC Bank will change the apr to 29.99% (30%) after one late payment. And, the payment was late because they changed the due date without notification. And, the due date changes every month. They keep this high apr until you call them. Then it stays there for 6 months and after this time reverts back to the original apr.
This 30% apr was changed from 9.9%. What can be done? Why are our legislatures not doing something? For many it is difficult to deal with debt and make minimum payments when you loose your job, but it is impossible to get out of debt with this practice, since the minimum payment includes more apr fees than principal on the debt owed. At this rate, there is no relief. Ever.