Four years ago, I purchased a manufactured home in Elkridge, Maryland.

I live in Howard County Maryland. Four years ago, I purchased a manufactured home in Elkridge, Maryland. While I was budgeting for my car payment and mortgage, I sometimes used credit cards as a way to make ends meet.  Now that my home is paid off, I am now looking to eliminate my credit card debt.  Monthly payments for me were never an issue and quite often I paid more than the monthly minimum.  I now have 3 credit cards that still have high balances on them.  All have informed me that interest rates will be increasing.  They started at zero, then it jumped to 8.24, then 12.99 and then up to 23.99 and at the beginning of this month one increased to 28.24%.  All of this in under two years.... this is an increase of over 15% points since November.  Chase bank doubled my interest rate without my knowledge or permission and without notice. I became aware of the new interest rate when my bill arrived. When I called Chase to ask about the change they told me that I should have gotten a letter... that the "OPT-OUT" period had expired... and that I would have to pay the new rate. When I asked for a copy of the letter, they said that the bank was in a buyout transition, and duplicating the letter was not possible. This is the same bank that has now increased my rate to 28.24%.

 What really gets me, is, I've done everything I was ever told I was supposed to do. I've had the same job for 7 years. I haven't paid a bill late in over 8 years, I've paid off my mortgage, I've had two car loans. Things were supposed to get better. It's not supposed to be this way.

Throughout Howard County we have been hearing many stories like mine with people’s home loans increasing dramatically or people’s children being offered credit cards at college when they don’t even have an income. 

Amy Lamke from Howard County, MD