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JTWood wrote:Just got a letter from MBNA/MasterCard today. They are raising my rate from 5.99% to 11.99% effective June 1, 2005. No reason. This is an amendment to the general cardholder agreement. I didn't do anything wrong. The only exception to this amendment is for promotional rates, and I do not have one of those.
I have the right to reject this amendment to my cardholder agreement. When I reject it (and I will be), my balance will remain on the card and my rate will be frozen, however, ANY use of the card from that date forward will signal my acceptance to the agreement. Basically, it becomes a fixed-rate loan.
eftda wrote:shpuck wrote:Since you said you make payments on your home, I'm assuming you own it. You could take out an equity line of credit. Depending on the value of your home and how much you owe the loaner will give you up to 80% of the estimated value of your home that isn't tied up in your mortgate.
Some to look at are
Bank of America
Google for others.
The advantage of this is that the interest you pay for your equity line is tax deductible. Of course, you have to itemize deductions to get this. We got ours a year or two ago when the rates were 5%. They may have gone up, but I think they're pretty good about staying around a low value.
where did you learn all this. In college? I would love to take a class onhow to screw the gov in taxes.
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