Credit continues to tighten

Citibank is canceling members cards and hiking rates on others. Let us take a look:

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...................."I received two letters by mail from Citibank yesterday. One said that because I always paid my account on time and that I was such a great customer they were increasing my credit limit. The next letter I opened stated that Citibank was raising my interest rate from the current 18.99% to 29.99%.

I had two choices either I accepted the rate hike or Citibank would honor the current interest rate until the expiration date of my current card, which fortunately was 8/31/2011, and at that time they would close my account, but I was still expected to continue to make payments until the account was paid in full. I have been a cardholder with Citibank for 20 years and was told that due to the current economic downturn the company was forced to raise interest rates regardless of credit scores and payment history. My husband and I have good credit and are making a genuine effort to get out of debt by purchasing next to nothing on credit.".................

http://www.businessinsider.com/citi-customers-reach-out-to-us-2009-10

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