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Tuesday, February 9, 2010

Capital One to double customers interest rates

Customers with a standard rate of 8% will now see rates of 15.3%.

Capital One is whacking them to offset the losses of the people who have just walked away. Here's what their spokesperson had to say:

"The economic environment has changed dramatically and we must adjust rates to account appropriately for the increased risk of lending to consumers in an economic downturn. This significant downturn means that we have had to increase rates for some of our customers by up to 7%.