I got a Visa Platinum card, and it is only like 9% interest. I was astonished when I got such a low interest rate card considering I am only 19!

The statistics are based on your credit score group, not your personal payment history...

This occurs because you are first time borrower, and the banks are willing to extend small lines of credit to first time borrowers, because even if you default, the $ are relatively low compared to a 25K line.

Just keep making your payments on time, keep your debt to income ratio low, and in 5 years, you'll be looking at the lowest possible rate on a fixed interest mortgage.

Well I already have a history with the bank I got it from. Parents accounts are there, had previous loans and what not. I also make a habit of cleaning off the bill when I get it.

It was a fixed rate but only a one year term at a time on each of the three properties. They wanted to raise their rates to 16 3/4% at the next renewal. That's just getting greedy.
I wasn't so much worried about myself, as I can go to any bank and secure a loan or a mortage but for others who might not be able to do that. I chose to sell because of personal reasons, not because I couldn't get alternative financing.

You might not be aware of this but I'm in Canada and things might be a little different here than they are in the US.

Nevertheless, you did sign an agreement that allowed the bank to raise the interest, no?

The bank is just raising the interest based on the prime rate in Canada, which is about 4.5%, 6.5% to the consumer.

Typically, short term fixed rate loans, with adjustable back ends, do go up 10%. These loans have a special purpose, which doesn't seem to fit the reason you signed the contract. The "value" of this loan is to pay it off in a year. You should have never gotten into the loan, if you could not pay it off in a year. This type of loan is designed for an inverstor, who has property that he's going to sell in a one year time frame, and pay off the loan. This loan was not designed to be paid off over 30 years. The rate goes up 10%, sort of, like a late payment penalty. The idea, however, is to pay off the loan off in one year. If no one told you that the loan would go up 10% after one year, that is criminal. However, if you knew it was going to go up after one year, then you needed to pay it off in one year.