I got a letter in the mail informing me that my floating rate is going up. It comes with an explanation that due to longstanding low rates they're not making any money and they need to raise raise them by a point. I have a couple lines of credit that are attached to prime. Given current rates, just getting out of school, and a decent, reliable, income, I've used it. I've always paid my bills and have been an ideal client. There are really no changes to my risk that would cause such a thing.....if anything my risk level as a client continually goes down. I asked a girl at the bank what the deal was and I felt like I got a somewhat generic and scripted response. For the record, the impact of the change is next to negligible (will be debt free in a month) but I'm a bit concerned by the whole thing. It doesn't make sense that a bank can lend someone money and change the rules about the rates after the money is lent. Is it legal? What are the best secured rates that most people are getting? It's more about the principal that I'm asking.