ED Magedson – Founder
HOME DEPOTDEMOINES, Iowa United States of America
I've had a Home Depot card for years. Late last spring, in my bill, was a chance to have my bills sent electronically.... I'm thinking "save the planet" so I signed up.
They don't send you the bill but just an email that said that billing information is available. I had problems with the email going directly to the SPAM directory, but did see the email and promptly paid the bill, though I did not go look at the balance. I had stopped using the card several months ago, and had been paying $75.00 monthly on my $1600 balance.
In all of the activity with Congress to re-write the credit card laws, recently the credit companies are lowering limits and increasing interest rates. Well, Home Depot had increased my interest rate to 30%!!!!!! BUT, what they did NOT do, is increase the dollar amount of my payment.... so, while I was making a payment that satisfied the minimum payment of $46.00, THE INTEREST THEY WERE CHARGING ME EACH MONTH IS $125!! Not only was I NOT knocking down any of the principle, I was spiraling deeper into debt! In order to pay this off, I would have to pay $175.00 per month in order to get it paid off..... I don't have that in my monthly budget.....
I will accept responsibility for not OPTING OUT of the changes to my account, but to increase my interest rate and not increase the payment, which would have been a RED FLAG earlier - it is IMMORAL and CROOKED!!!
They are Thieves!!!! I closed my account and ALL OF MY CASH BUSINESS WILL NOW GO TO Lxxx!!! (((REDACTED)))
sorry, allowing you to give a competitors name would instigate others to just file against their competition, to only come back later to suggest their company your comments on this policy are welcome! CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.
This report was posted on Ripoff Report on 10/24/2009 07:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/HOME-DEPOT/DEMOINES-Iowa-/HOME-DEPOT-WHAT-GOING-GREEN-MEANS-TO-HOME-DEPOT-CREDIT-CARD-RIP-OFF-FOR-E-BILLS-DEMOIN-514226. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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