credit card charge

[rmcopper333]

What is the name of your state? Arkansas I have a credit card from a bank and they are charging me over 69.00 in finance charges a month and the balance is just a little over 3000.00 can they do this

[Veronica1228]

Originally Posted by rmcopper333

What is the name of your state? Arkansas I have a credit card from a bank and they are charging me over 69.00 in finance charges a month and the balance is just a little over 3000.00 can they do this

Of course they can. As long as the interest rate doesn't break any State or Fed Regs.

[efflandt]

I don't know if there are any states with usuary limits anymore. Regardless of who you got it through, the card itself was likely issued from a state that has no limits. And they now have clauses to jack up your rates if you are late with any creditor on your record (not just them).

As banks and credit card companies merge into reduced competition, they are jacking credit card rates even for excellent credit into the 20% range. The best way to avoid falling into their trap is to make sure that you will have the money to pay any charges in full each month, before even using the card.

[Debt Guy]

Most states still have usury laws.

Credit card companies are subject only to the usury law of the state in which they are domiciled. As federally chartered entities they qualify for the federal premption of state laws.

Most credit card banks are domiciled in either South Dakota or Delaware. Those states have extremely generous usury limits.

[pojo2]

Are you sure this is only Finance Charges and not additional fees such as over the limit or late fee charges?

Then again at 25-30% that sounds about right per month.

I would get a part time job and pay that thing off if I were you.