Your credit card interest rate might be about to skyrocket — here’s why the 'Donnell Harvey' rule change is costing you more
If you’ve noticed your credit card payment jumping up unexpectedly, you’re not alone. A recent policy shift linked to a case involving a Texas consumer named Donnell Harvey is quietly forcing banks to adjust interest calculations, and the cost is being passed straight to your monthly bill. Consumer advocates warn that this change means higher finance charges on everyday purchases, even if you pay on time. The rule, originally designed to close a loophole for big spenders, is now hitting average households in the wallet — with some reports showing an extra $50 to $200 in interest per year. Don’t ignore your next statement: check for a small print explanation and call your card issuer to ask if this Harvey-related adjustment applies to you. Otherwise, your minimum payment could be the new normal — and your savings the next victim.