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Credit card woes continue

March 2, 2009 7:10:49 PM PST
Hitting a new low in the credit fiasco, one credit card company is now willing to pay its customers to just go away.

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American Express has sent out letters to select customers telling them if they will pay off their balance and close their accounts by April 30, 2009, American Express will give them $300.

The deal is not for everyone, but it shows how little anyone wants to lend these days.

Chase is not paying anyone to go away, but they continue to upset their customers.

Some Chase customers have been told their minimum monthly payments would jump from 2 percent of the balance to 5 percent unless they agreed to let the company double their interest rate.

As if consumers were not in enough trouble, a new survey from Credit.com that says consumers are not even paying attention to what the credit card companies are doing.

The survey found that two-thirds of consumers have no idea whether their card company has increased interest rates, changed due dates or upped late fees.

Of the third that is keeping track, 15 percent say their interest rates have gone up, some doubling or more; 11 percent say their minimum payment has increased; eight percent have had their credit line decreased and 7 percent report their accounts were closed.

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