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)))
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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/reports/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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