Testimony given before a Congressional committee earlier this week will give consumers a piece of scary but crucial news. Janet Hard of Freeland, Michigan, recounted how the interest on her credit-card debt suddenly jumped from 18 percent to 24 percent. She contacted Discover, the company that issued the card, and pointed out that she had never missed a payment and had always paid on time.
It turned out that Ms. Hard's interest rate went up because her credit score went down, although no one could tell here why her credit score went down. When Discover learned that Ms. Hard was going to appear before a Congressional committee, it lowered her interest back to 18 percent.
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