I recently published an article about the massive layoffs at Citigroup (to the tune of 10,000) which have begun. The Citigroup layoffs are world wide, so it is not just Americans getting the pink slip. Interestingly, the media seems to be focusing so much more on the job loss than the other bit of information that came out today too, that being that 1 in 5 - 20%- of card holders could be getting a bit of mail from Citigroup stating that their interest rate on their Citi card is going up. The interest rate hike could be as much as 3%. To read more about this, please click here.
So, if you have a Citigroup credit card in your wallet, take notice. Don't be so desensitized to bad economic news on the television that you tune out when job loss numbers are given. Keep an eye on your credit card's interest rate, folks. I would imagine this trend will spread to other card issuers in due time.
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