VIRGINIA BEACH - Watch for skyrocketing interest rates on your credit cards.
Some companies are hiking interest rates and penalties before the new takes effect in February 2010.
It's designed to protect consumers by limiting interest rate hikes and increasing the amount of time people have to pay the bills.
Harbour Credit Counseling Services in Virginia Beach says lots of clients have called with concerns.
President Eric Giles says the credit card companies are starting to inform customers of the rate hikes.
However, the information is often bundled in with other information, so it's easy to miss.
"A lot of times, it's disguised as an advertisement or just another notice," Giles notes.
Giles says if you can write your credit card company if they inform you of the hike and then close your account. That way, he says, the company can't raise your interest rates.
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