Consumer Complaints: We're raising your interest rate so you pay your credit card off faster...

Many consumers are feeling debt woes as the United States economy is in turmoil. Credit card companies essentially own their customers so long as the customers owe them money. The agreements which the customers accept when they sign up for a credit card give the companies the power to change the terms of the agreement at any time, for any reason at all, or for no reason at all.

This should motivate people to avoid credit cards as much as possible. And if you owe money to credit card companies, this should light a fire under you to pay the cards off as soon as possible. Regulators have received thousands of complaints from consumers whose credit limits have been suddenly decreased, credit limits increased, or whose accounts have been closed. The government is preparing to crack down on some of these abuses, but it hasn't happened yet.

One consumer reports to WalletPop the following:

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