Economy recession hits credit consumers

Financial organizations in USA are overstating the credit card rates. The measures won't leave out conscientious payers either. Banks are incurring high losses on account of persistent defaulters. These actions reveal ubiquitous slump in economy.

Washington Mutual, Discover and Bank of America are among the institutions which advised their consumers about rate raises they are conducting. Washington Mutual is raising the rates 100 percent, Discover is putting up to 31 percent and Bank of America already raised its rates for some customers three times.

The institutions mentioned report that they reserve the right to change rates in case credit risk of customers increases.

Unfortunately, but responsible consumers are unlucky to experience the consequences of the situation emerged in spite of themselves.