Anyone who has recently seen the interest rates on their credit cards more than double isn’t alone. At least five major credit card companies raised their rates in June, affecting millions of people. Fortunately, there are a few steps that you can take to fight back.
First, contact your credit card company. If you’re a good customer, it may be willing to negotiate your rate. Second, find a better deal elsewhere. There are many websites that can help you compare rates from different companies. Just be careful of those “introductory” rates that skyrocket after a few months. And finally, manage your credit responsibly. Always having a balance on your account, or paying late can cause your rates to spike.