Legal Loan Sharking!!!

It amazes me that in an economy where interest rates are at an all time low, Wells Fargo acknowleges its long term loyal customers by increasing their credit card rate to 21.85%.

This is their standard rate Im told by their call center in Hillsboro, OR.  There is no consideration given to long term customers, positive payment history, excellent credit ratings.  None of that matters.

Thinking I would get somewhere I called the Executive Offices of Wells Fargo to discuss the matter with them.  I was told that when you originally sign on for a credit card with them (mine was in 2004) that determines your interest rate from then on.  It is not affected by the economy, interest rate trends, the fact that you have not had a late payment, have excellent credit or have been a customer of their banking institution for almost 20 years in total.

I am blessed in having an excellent job and the ability to pay off this card before the end of December but I have to wonder, in this very difficult economy, how many people struggling to make ends meet are being crushed by this villan with their unyeilding interest hikes and inability to adjust their credit card lending practices to meet current market standards on interest rates.