Nearly 34% of consumers said their credit card company had made changes to their card accounts, according to a survey from consumer education website Credit.com.

More than 1,000 people were interviewed in a telephone poll conducted from Friday through Sunday by GfK Custom Research North America.

Of those, 15% saw an increase in their interest rate, and 11% noticed an increased minimum payment requirement. Rewards programs were reduced for 8%, while 9% reported different due dates and 8% had their credit limits lowered.

In the end, 7% said their accounts are now closed. The answers total more than 34% because some respondents saw more than one change.

Source: http://latimesblogs.latimes.com/shopping_blog/2009/02/more-than-30-of.html

Credit card terms change

Nearly 34% of consumers said their credit card company had made changes to their card accounts, according to a survey commissioned by consumer education website Credit.com.

Of those, 15% saw an increase in their interest rate, and 11% noticed an increased minimum payment requirement. Rewards programs were reduced for 8%, while 9% reported their due dates had changed, 8% had their credit limits lowered, and 7% said their accounts were now closed. The answers total more than 34% because some respondents saw more than one change.

The survey had a margin of error of 3 percentage points, Credit.com said. Respondents were not asked to consider a specific time frame when forming their answers.

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Even in the best of times, carrying a balance on your credit card is a risky — and costly — proposition. These days, it can be downright foolish, at least if there’s a chance you might miss a payment or two.

Millions of cardholders have recently received letters from the likes of Citibank, Bank of America Corp., Wells Fargo & Co. and American Express Co. notifying them that their interest rates are going up, in some cases to 30% if a single payment is missed.

JPMorgan Chase & Co., the nation’s largest issuer of plastic, has begun charging hundreds of thousands of cardholders a $10 monthly fee for having carried large balances for more than a couple years.

Why? In part it’s because default rates are rising and banks are dealing with additional risk. But lawmakers and consumer advocates say the higher rates also reflect banks’ massive losses from betting wrong on the housing boom, and they’re basically sticking credit card customers with the tab.

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The national wave of auto dealership closures has come crashing down on thousands of people who are on the hook for used-car loans that dealers were supposed to absolve.

When a car buyer still owes money on a vehicle he is trading in, the dealer promises to pay off the outstanding loan, then resells the vehicle. But as more dealers go out of business, some are sticking consumers with the bill. Lenders can then go after the previous owner who thought the debt was paid, or repossess the car from the new owner who assumed it came with clear title.

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