Why my rates are up on my Citibank credit card

Many banks have been facing a truly difficult times last year since the financial crisis in 2008. Tissue sections to it many years ago as bank started to loosen their standards on giving out credit people. The loans were made in many forms including mortgages and credit card debt. Now banks like Citibank are facing increasing problems as people are defaulting on those lines of credit because they can pay the money back. I just read that holders of the Citibank credit card are defaulting at record rates. This is extremely bad news for the bank.If you have a Citibank credit card you may have noticed some changes in your statements already. Sadly they’re raising fees on all sorts of things related to the credit card. Citibank is not alone in this as they are just like all the other banks are scrambling to make money. Bank of America is doing the same thing to their cardholders. If you have a Citibank credit card you may want to consider paying off the bounce as quick as possible. Although the government is taking steps to protect you knew a decision on how much they can change the rules after you have been loaned the money, is always a good idea to avoid these high interest loans that come with credit cards. For more information go here.