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Credit card companies regularly raise interest rates, often as a penalty for missing payments. They might also raise them if you go over your credit limit or if you fall behind on payments for unrelated debt, such as auto or home loans. In most cases, the rate increases will be in an amount that's at the discretion of the creditor. You will receive information how much your rate might change, and how often, prior to opening your account.
Source:
Bloggingawaydebt.com: Companies Raising Interest Rates
Federal Trade Commission: Choosing A Credit Card: The Deal is in the Disclosures
Mortgagenewsdaily.com: Credit Card Companies Add to Economic Woes
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