I'm Going Pay Off Credit Cards – Watch Me Get Out of Credit Card Debt

Here’s my new update for Feburary.  Like I mentioned in my previous post, I paid an additional $250.oo so I could get the balance down into the $16,000’s.

I logged into mint.com to see if the payment had cleared and got a disturbing alert.  Citibank has raised my APR to 22.99%.  I’m sure this has something to do with the fact that my transfer rate of 4.99% or whatever it was is going to expire either in May, June, or July, I don’t really remember.  You’d think I’d be able to remember something like this.

I’m going to be watching for balance transfer offers in the mail from Chase.  I got one recently but was thinking I’d just stick it out with Citibank since my APR was only 16.99% but this new APR of 22.99% means I will definitely be looking for a decent transfer offer.  I don’t understand how Citibank can raise my rate giving I’ve paid my bill on time for well over two years.  Also since paying down my credit cards I’m now using less than 26% of my total available credit on all the cards combined (including cards not listed here which I do not use and one which I pay off every month that is used for business expenses), if anything I would think this would result in Citibank lowering my APR.

Sadly the real answer here is credit card companies can do
whatever they want – whenever they want. 
What other company can operate like this, changing the rules as they go?

A journey of 1000 miles begins with a single step.
Take a step to get out of credit card debt today.

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