It's been a long, strange trip. I currently have an enormous amount of credit card debt -- almost $100K, spread across 6 cards. Recently, nearly all of them decided to jack my rates to 19.99% or higher, for no reason other than that they could. Sorry for them, but my Refi was approved today, giving me a $200K equity line on my home. THis will allow me to pay off all my cards, pay 1.5% above Libor instead of 20+% and have the interest be tax deductible besides! I still have a ways to go to be debt free, but at least now I have a shot at paying it down.
Congratulations!! The thing you need to watch is that you don't run the cards up again. A lot of people do that, then they're stuck with the cards AND the mortgage and no more equity to draw on.
Congrats! Just be careful...cut up the cards and don't use them. I'd hate for you to charge them up again and be stuck with a mortgage in that amt plus credit cards!
They probably felt a little uncomfortable with you having 100K in CC debt so they jacked up your rate.
