APR Hikes Ambush Biz Owners
David Port, Entrepreneur.com
Doug Carpenter isn’t a lawyer or a banker, nor does he work for a government agency or a consumer watchdog group. So why is the owner of a part-time, home based computer business in Cleveland, Tenn., so well-versed in the minutiae of an appellate court case in New Jersey, usury laws in Utah and the contents of American Banker magazine?
Such esoteric pursuits are a form of self-defense for Carpenter, who is among a growing number of frustrated small business credit card holders to be victimized by what he terms “rate-jacking”–unexpected, seemingly unwarranted and significant credit card interest rate increases imposed with little or no notice.
The timing could be better for already shell-shocked small-business owners, who nowadays must rely more than ever on plastic to cover their cash flow…
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