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Selena
09-14-2009, 05:31 PM
Interesting article on HuffPo. (http://www.huffingtonpost.com/2009/09/14/debtors-revolt-woman-refu_n_285394.html)

While I completely feel that, as someone who has CCdebt, it's MY debt. I own up to it. It is mine, afterall.

But on the flipside, it the entity with whom I feel we have a contractual relationship with arbitrarily changes the name of the game.... FUCK them too.

What's the big deal... they are screwing over the ones who DO NOT default on their loans. THAT is my bitch on this.

Honestly, I'd do the same thing. My credit is well over 700-- but the minute these assholes decide I'm not paying enough (min PLUS) just because THEY are broke and without cause and raise THEIR rate, they will kiss my ass, as well.

LdyJhawk
09-14-2009, 05:42 PM
I had this conversation with two creditors prior to my filing.

I paid double the minimum each month and then both took me from 8.9% to 26.99% and said it was for "business reasons"

I had no remorse filing against them

daBaroness
09-14-2009, 05:45 PM
Can I just tell y'all how very happy I am that I was laid off from there last December. Don't let me start ... gah!

Selena
09-14-2009, 05:51 PM
I had this conversation with two creditors prior to my filing.

I paid double the minimum each month and then both took me from 8.9% to 26.99% and said it was for "business reasons"

I had no remorse filing against them


You are so right.

I don't mind paying my debt. None whatsoever.

But when I am never EVER defaulting on my loan, OR paying late, how DARE you decide I'm a risk. Pisses me off.

No wonder we're in such a fucked up crisis.

While I admit my debts are my problems, I never imagined 20% arbitrailly charge ++ interest on something In contractually paid on, like clockwork.

Phoenix McHeit
09-14-2009, 05:57 PM
I think she should've remembered her manners on the vid. Not that I disagree with her POV, but calm, rational, polite reasoning is a lot harder to dismiss as a crackpot.

No, she didn't scream and yell, but she certainly wasn't the model of decorum. With all the planning that went into writing that script, she couldn't come up with a better phrasing than "stick it" ?

Stay Klassy. :roll:

Selena
09-14-2009, 06:18 PM
I'm not entirely convinced she'd be shown as the poster-child, either.

I'm not entirely proud of my rants through the the years, either.

Decorum goes down the drain when you're entirely pissed off and have nothing to loose, or it so seems.

Lady Anisette
09-14-2009, 09:23 PM
Quite a few of my mother's credit card banks did this to her. She and my father had excellent credit. They had to use the credit cards for medical payments so they went up. Mom paid them double, triple, even four times the minimum. She's been getting letters that their APR's on many of the cards are going up from 8-12% to 20-26%. The reasoning? They weren't using the cards enough. Their credit rating went down and my mother is now hysterical. I don't know where to turn to help them. If you try to complain or negotiate, the letters state the bank has the right to cancel the card.

What kind of world are we living when these losers can get help? They don't go belly up like they should and then they turn around an screw the very people paying the taxes that bailed them out in the first place.

Isabelle Warwicke
09-14-2009, 11:02 PM
What kind of world are we living when these losers can get help? They don't go belly up like they should and then they turn around an screw the very people paying the taxes that bailed them out in the first place.


The whole world is like that now. There is no help for those people who abide by the rules and play fair. Sad.

daBaroness
09-15-2009, 12:35 AM
Do y'all know that something like 70% of bankruptcies are due to medical bills? I know mine was. It's not like I went out and bought a bunch of frivilous stuff on credit - my son had surgeries so he could walk. So many bankers, so few jail cells.

Tink
09-15-2009, 01:25 AM
While I agree with her, the video was too long and she spoke too deliberately so it loses effectiveness. Clear and concise would be better. "Hey BOA after being a good-standing customer for 14 years, you arbitrarily raise my APR to 30%?! You refuse to lower it? Well then I refuse to pay you. Good luck getting another cent out of me until you do right by me. Having no assets and no job, I've got nothing to lose, so I am willing to ruin my credit to get my point across. I'll be paying what otherwise would've been my monthly payment to you, to my other creditors who don't abuse me. Have a nice day."

Or something to that effect.

At any rate, I do think the fed has let these banks get away with MURDER and they need to start taming these beasts, rather than rewarding them with bailouts so they can keep their execs in the lifestyle they've grown accustomed to. How can anyone pay down or off their debts if the payments they make each month don't even cover the finance charges on them? Asshats.

Mistress Morigianna
09-15-2009, 01:45 AM
my cc cards are doing this

lower your spending limit so you have a fuller card (using more of your availible credit) then you credit score goes down because you don't have as much availible credit. Then they raise your rates because your score went down.

i had a card go from 7.9 to 30% I called and canceled to pay off at 7.9% guess what- I have cut up 4 cards in the last 6 months.

Sorcha Griannon
09-15-2009, 01:55 AM
I had wrote to my credit card companies because of how they all increased my apr (24.9 to 28.9 %) when I had been paying on time, and more than the minimum. Out of the 6 that I had at the time, only Chase lowered my APR to under 10. The others sent letters that basically said I was SOL. The reasons sited were too many late payments on my credit history. Ummm.. there was 1, and that was only a few months from being too old to count against me. I think that they should not be able to change the rules on people, signing you up for low APR and in a few months, sending it through the roof. But I don't see that happening.


Sorcha

Ysobelle
09-15-2009, 02:50 AM
These might be of interest:

http://www.usatoday.com/money/perfi/credit/2009-04-22-credit-card-rates-obama_N.htm

And then a few weeks later:

http://www.usatoday.com/news/washington/2009-05-09-obama-address_N.htm?obref=obnetwork


And just a few weeks ago, about President Obama's Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, which went into effect in August:

http://www.cbsnews.com/stories/2009/08/20/earlyshow/contributors/raymartin/main5254429.shtml

There are some suggestions and tips linked in that last article. Maybe they'll be helpful? I hope?

letitfly
09-15-2009, 08:17 AM
Hi,

When I hear BOA/CHASE, I just go ahead and take another blood pressure pill. The new rules Obama put in place are one of the best things done so far in his administration. I would have preferred to see one of those air strikes we use on Afghani caves used on their boardroom meetings except for the possible collateral damage to staffers.

I have been with BOA over 20 years which is several lifetimes in the banking world. Ten various accounts, mortgage, savings, my kids' savings (higher than mine) and cc's. Never a late payment or overdraft. I just checked my credit rating with Esperian, it is 946 though I thought 900 was the maximum. I am not a big credit risk though I do use my cc as a line of credit for my business and run up huge, hopefully short term, balances.

It was payment time for my BOA cc and I had a credit due me on my Chase card. I decided to use one of those checks they send along with the bill to use up the Chase credit to pay my BOA bill. I put it in the ATM as payment. For reasons I never understood, BOA said those cc checks cannot be tendered at an ATM. I was at the beach, my BOA cc was declined, in front my exchange student of course. I called, they said late payment so I went to a BOA branch and paid again and unravelled the reason later. Got my bill, my available credit had been reduced to below my balance so I had the $39 overlimit fee and my interest had gone from 3.8 to 29.8 for the late payment.
During the process of fighting with them, CHASE called and offered me a balance transfer. I had triple the available credit needed. We did the transfer over the phone, 5.99 lifetime interest, few hundred in fees. Few days later, I used the CHASE card, declined, in front of an important would be client, of course. I called them. Because my balance had shot up so rapidly, from 0 to the amount of the balance transfer, they had reduced my available credit to the current balance. The transfer fee kicked in which meant I was over my limit my new reduced credit limit, $39 fee over limit fee, my account had been reviewed and since I had violated the terms of the agreement, my interest rate went to 29.9%. All in one week and because of a balance transfer that CHASE had called and offered me. I was speechless for a minute but regained my profanity and did some screaming and they hung up. Later, when sane again, I called back and got a supervisor that did, finally, reverse it all except for 10 days interest at the high rate.
This occurred during the week when the first new regulations too effect and I don't think they wanted to try to sort out if I had been screwed a few minutes before or after the new rules started.
When I get them paid off again, I am going cash or check only.

Lady Anisette
09-15-2009, 02:25 PM
And just a few weeks ago, about President Obama's Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, which went into effect in August:

http://www.cbsnews.com/stories/2009/08/20/earlyshow/contributors/raymartin/main5254429.shtml

There are some suggestions and tips linked in that last article. Maybe they'll be helpful? I hope?

I don't know about the others here, but my mother's credit card banks (Chase being the worst) did this all before the Act went into effect. It is as though they were rushing to beat the bill. Anything that happened before the August is legal. Unfortunately.

Bronya
09-15-2009, 03:33 PM
I guess I need to just pay them all off and just stick with my Am Ex Green card. I have my business acct with BOA, and 2 checking/savings accts and my mortgage is now with them. Oh and a CD...I am scared to death. What the hell do I do?

Ysobelle
09-15-2009, 04:58 PM
It is as though they were rushing to beat the bill.

I think that's precisely what happened. And it sucks.

Ysobelle
10-13-2009, 06:32 PM
Just wanted to update this thread with an interesting article I just found:


http://www.cnn.com/2009/POLITICS/10/09/credit.card.outrage/




Some credit card companies rush to act before new law
STORY HIGHLIGHTS
Some credit card companies jacking up rates before new law goes into effect
Consumer protection law would bar sudden increases; it goes into effect in February
Consumer group says it's fielding complaints from people seeing rates, fees rise
The financial industry insists it's not trying to skirt the new consumer protection law
updated 2:48 p.m. EDT, Fri October 9, 2009


By Jessica Yellin
CNN National Political Correspondent

WASHINGTON (CNN) -- If you hold a Discover credit card, you're in luck -- the company has decided to freeze interest-rate hikes until a new credit card consumer protection bill takes effect in February.


Chuck and Jeanne Lane of Ohio have excellent credit, but their monthly credit card bill more than doubled.

Bank of America was the first company to freeze its rates. Both moves come after outrage over credit card companies jacking up rates, increasing minimum payments and raising penalty fees before the new consumer protection law -- which would bar sudden increases -- is phased in.

Rep. Betsy Markey, D-Colorado, and 17 other lawmakers sent letters to credit card banks asking them voluntarily to freeze their rates while Congress decides whether to move up the phase-in date for the new law to December.

Markey said a CNN report about Ohio couple Chuck and Jeanne Lane inspired her to act. The Lanes said they did everything right but felt bankrupted by a sudden change in their credit card payments. Watch more on the credit card outrage

The Lanes have a low-interest Chase credit card that was sold as a way to consolidate large debts and pay them down responsibly over time. The Lanes showed CNN that they have excellent credit, have never been late with a payment and in the last two years cut their outstanding balance in half. They said they were shocked when Chuck opened their online statement to discover Chase had driven up their monthly payment from $370 to $911.

"I was devastated," Chuck Lane said.

When Lane called the bank to complain, he was told he could continue to make his old payment if he agreed to an ever-increasing interest rate.

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"I told them this was the worst economic time in history practically," he said. "I work for a small company. We have laid off 30 percent of our work force. I just took a 10 percent pay cut this morning, and this is what you are going to do to us?"

A Chase spokeswoman said the higher rate had nothing to do with the Lanes' credit or payment history, but rather that the company doubled the minimum payments for more than 1 million cardholders in August because it wants them to pay down more of their principal.

In a statement to CNN, the company said tens of millions of Chase loans "have been paid back in less than 24 months" but a small percentage of customers have not made as much progress and "our desire is to have these balances paid back in a reasonable period of time."

Joe Ridout, an advocate with Consumer Action, said, "Truly, this is the the single most abusive credit card change in terms that I've ever seen."

Ridout described the tactic as bait-and-switch because Chase sold the cards as low interest and now is making the card unaffordable to many customers unless they switch to a higher interest rate.

"This is a very bogus compromise, and what the bank should really do is honor their original promises." Ridout said.

Chase told CNN it has no plans to follow Discover's lead. Wells Fargo plans to raise credit card interest rates 3 percent.

Consumer Action is fielding hundreds of complaints from consumers who are seeing their banks raise rates, minimum payments and penalty fees before the new law takes effect.

"It's really touched off a chase to the bottom among credit card banks," Ridout said, "because they know that after that date it will be much more difficult to change the terms when a cardholder pays on time and commits no infractions."

But the industry insists it's not trying to skirt the new law.

Scott Talbott, vice president with the Financial Services Roundtable, said the companies he represents are "struggling in a tough economy and trying to provide credit for consumers."

The reasons the rates are going up or credit lines are decreasing are based on two factors: a change in behavior -- a missed or late payment, or exceeding credit limits; and the economic times.

"We're in a recession, so the general risk of nonpayment has increased across the board, so credit card companies are adjusting to that risk by increasing interest rates or decreasing credit lines, even if the customer has a perfect history," Talbott said. "A very small percentage may see an increase in their interest rate or a decrease in their line of credit."

Besides the letter from Markey and her colleagues, Congress is looking at taking other action.

Reps. Barney Frank, D-Massachusetts, and Carolyn Maloney, D-New York, have introduced legislation that would move up the date when the new protection laws take effect from February 22 to December 1.

Banks said they need more time to update their computer programs to comply with the regulations. And the Federal Reserve -- which decides the fine points of how the companies should comply with the law -- has yet to issue the final regulations.

Earlier this week, Sen. Carl Levin, D-Michigan, and three other lawmakers asked the Federal Reserve to begin collecting data on credit card practices so changes can be monitored and so Congress can see if card companies comply with the new law. Some of this basic data -- such as the different terms offered to consumers, what credit costs consumers and how available is it -- has never been systematically collected.

And Congress will have another chance to beef up consumer protections when it takes up financial regulatory reform this year. Lobbying by the financial industry is intense.

And Frank's committee already has excluded a provision that the Obama administration proposed, which would have guaranteed consumers clear, simple options to choose from when they're shopping for credit cards, mortgages and other credit products.

The Lanes said they're deciding between paying the new minimum on their Chase card, or paying for surgery Jeanne needs next month and supporting Chuck's son in college.

Jeanne Lane said she feels taken advantage of.



"I've had this card since the early '90s, and I've never missed a payment. I have excellent credit," she said.

She said she's angry with her bank: "They have no respect for the American people. All they think about is the almighty dollar for themselves." E-mail to a friend | Mixx it | Share
CNN's Kevin Bohn and Emily Sherman contributed to this report.

Isabelle Warwicke
10-14-2009, 02:09 AM
And people look at me funny when I tell them I do not have any credit cards.

Redbird Annie Cardinal
10-14-2009, 07:47 AM
On the other hand, what the banks are doing to consumers with good credit isn't any better. We use credit cards for everything. But we pay in full every month. I never pay minimums or have late fees. If I know we don't have the money to pay in full, then I don't buy it. I shopped around and got cards with no fees. The APR doesn't bother me, because I pay it off.

Every month, the credit card companies get their 3-4% that they charge the vendors from our purchases, so they are making money from us. So why am I reading now that they may begin to charge a fee every year just for having the credit card?

I don't think that's right either.

Sandina
10-14-2009, 08:55 AM
Chase Just upped my interest to 22% per month........at least for this month. I was never late with a payment........always pd more than the min. I already canceled one card with them.
Wachovia seems to be a nice bank......just opened a checking account there. Does anyone have horror stories about them?

Ysobelle
10-14-2009, 01:44 PM
Chase Just upped my interest to 22% per month........at least for this month. I was never late with a payment........always pd more than the min. I already canceled one card with them.
Wachovia seems to be a nice bank......just opened a checking account there. Does anyone have horror stories about them?



I know other people do, but they've always been sterling to me. But then, I don't have any credit cards-- just debit.

Sandina
10-14-2009, 06:07 PM
thanx........I don't have a credit card with them either. I have been using my debit with them..I signed up for The Way to Save program.So far so good.

daBaroness
10-15-2009, 02:21 AM
And people look at me funny when I tell them I do not have any credit cards.

Me either. I have my debit card and that's it. My credit sucks - years of being a single parent, medical bills and credit card stupidity when I was in my early 30s. But I don't mind a bit because I know I don't have any major debt following me.

When cute little store clerks ask me if I'd like to open a charge account I tell them, "I have a deal with would-be creditors: I don't apply for a charge card and they don't turn me down. It's a nice arrangement."

Some of those cute little store clerks actually get it.

Selena
10-20-2009, 07:17 PM
Bump--

Yet another reason to hate this fucktards. (http://www.usatoday.com/money/perfi/columnist/block/2009-10-19-bank-of-america-card-fee_N.htm) The nerve! Annual fees should be explained at the beginning of your contract with the company... NOT whenever they feel like it. :unamused:

I've never paid a "fee" for "owning" their plastic, nor will I start now.

********

You floss regularly, yield to oncoming traffic and use your credit cards judiciously, dutifully paying off your balance every month.
You may believe that your exemplary behavior shields you from unexpected credit card fees. Sadly, that is no longer the case.

Starting next year, Bank of America (http://content.usatoday.com/topics/topic/Organizations/Companies/Banking,+Financial,+Insurance,+Law/Bank+of+America) will charge a small number of customers an annual fee, ranging from $29 to $99. The bank has characterized the fee as experimental. But card holders who have never carried a balance or paid late fees could be among those affected.


Citigroup (http://content.usatoday.com/topics/topic/Organizations/Companies/Banking,+Financial,+Insurance,+Law/Citigroup), meanwhile, has started charging annual fees to card holders who don't put more than a specific amount on their cards, typically $2,400 a year. Other banks are charging inactivity fees if customers don't use their credit cards during a specific period of time. You heard that right: You could be spanked for staying out of debt.

Selena
12-04-2009, 02:34 PM
Welp, it has now happened to me. I'm absolutely livid.

A couple of weeks ago, I received a standard form letter from Citibank stating, "We are making changes to your account terms. To continue to provide our customers with access to credit, we have had to adjust our pricing. The terms of your account will be changing. These changes include an increase to the variable APR for purchases to 22.99% and will take effect Dectember 29, 2009." Then it goes on to state I can "opt out" and continue to pay the current rate, but my account will close when my card expires (which is 04/10).

So I called them to "negotiate for a lower interest rate". I was very calm and nice and seeing as that I've never EVER called them before for this reason, I thought I might have a chance.

They said that yes, my "account was selected for the change in terms" and the only thing they would offer to me was a balance transfer (from another card to theirs) at 5.99 for 6 months. I declined. I mean really... what's the point, anyway. Six months AND to max out the card to boot?? Well well... how nice of you. So I chose to opt out.

That's it. No fuck you, thank you for being a great customer for the past 2 decades, nada.

I've had this card for 19 years now... AND in very very good standing. While I do have a revolving debt, I do pay my bills each month on time, and MORE THAN the minimum balance due.

The fuckers arbitrarily chose to raise my rates without cause on a long-time paying customer.

And here's my FUCK YOU to Citibank.
I'm done with you. As of 05/01/10, you will no longer see a fucking dime from me after paying you fair and square for almost 2 decades.

I quit.

LdyJhawk
12-04-2009, 02:43 PM
But if you ask them, they'll parrot the response "it was simply a business decision and in no way reflects the type of customer you were ma'am!"

Yeah, I dealt with that on two of my cards. I closed them both.

Of course, in the end..bankruptcy cleared those debts for me but damn

Selena
12-04-2009, 02:48 PM
But if you ask them, they'll parrot the response "it was simply a business decision and in no way reflects the type of customer you were ma'am!"

Are you sure you weren't listening in on that call??

Shit -- that's exactly what she said.

Phoenix McHeit
12-04-2009, 03:06 PM
Selena, that's an awful lot of history to lose - I don't think I could have the nerve to close the door on 19 yrs.

Timely article, I do believe: http://articles.moneycentral.msn.com/Banking/YourCreditRating/weston-held-hostage-by-your-credit-scores.aspx

Selena
12-04-2009, 03:22 PM
Thanks, Phee -- I'll look into it this weekend.

I'm just so pissed. They wouldn't even work with me.. at all! :x

Bean
12-04-2009, 04:17 PM
BofA are too busy trying to make enough money to pay off the government bail out money they took so they can pay their executives outrageous salaries and bonuses without having to explain why.

And, the new regulations about overdraft fees and such are killing the banks' ability to make scads of money off the unsuspecting consumer.

Selena
12-04-2009, 06:59 PM
Phee -
I can't thank you enough for that link. That is one hell of a great reference -- printed and read in full. Thank.You!! ::hug::

In the meantime, I've already been approved for another credit card, will give Citibank one more chance to lower my interest rate, while advising them that I have another and better option and will transfer my balance from them to this new card (with lower rates). If they still refuse to budge, fuck 'em.

I also got a copy of my credit report and my scores. And while my scores aren't perfect, they are pretty good with zero negative items in my report and all accounts show "paid/never late". (just as should be and what I expected since the last time I got a copy.)

I'm just so bloody tired of being held hostage by this! yeah, it's my debt, but ffs, when they punish you when you pay them... well that just sets my teeth on edge!!

daBaroness
12-05-2009, 08:17 PM
When I had credit card debit - I tried to negotiate a lower rate with no success. Between late fees and over-the-limit fees due to the late fees - it was ridiculous. All I was paying was interest and fees and not even touching the principal of the debt itself - which wasn't outrageous in and of itself. The woman I spoke with was pretty snotty and I asked to speak to the supervisior who was equally snotty. I didn't blame them per se - they're just cogs in the big wheel and as LadyJ pointed out - all of their answers are right out of the handbook. I ended by saying, "Well, I'm disappointed you won't work with me so that I can pay the debt off, but since you won't - I'll just go ahead and file bankruptcy and you'll get nothing. Have a nice day." And I did. And they didn't. And since I already had suck-it credit and haven't wanted a credit card since - at least *I* lived happily ever after.

LadyLaura
12-06-2009, 11:53 AM
I have managed to avoid this by paying-yes paying, an annual fee to have my interest fee at prime plus 1%. If you are carrying a heavy balance, it's worth the fee. Not worth it if you pay your balance in full every month, or you're not carrying much debt. They CAN'T touch my interest rate, and even including the fee, they're not making as much off me as they'd like, I'm sure.

Selena
12-06-2009, 12:03 PM
I have managed to avoid this by paying-yes paying, an annual fee to have my interest fee at prime plus 1%. If you are carrying a heavy balance, it's worth the fee. Not worth it if you pay your balance in full every month, or you're not carrying much debt. They CAN'T touch my interest rate, and even including the fee, they're not making as much off me as they'd like, I'm sure.

Do you mind if I ask where? Who's doing this kind of thing in this economy? I'm interested....

LadyLaura
12-06-2009, 12:42 PM
Chase. I think it costs me $80 per year, but calculating out the difference I'd pay with the elevated interest rate, it saves me far more than that, and like I said, they can't touch my rate. Not sure if they can if I make late payments, though, but I never make a late payment. I was wondering if they'd renew this plan, as it came up again in September, but they did. Of course if the prime rate were to go through the roof for some reason, this would no longer be such a great idea...

Selena
12-06-2009, 12:53 PM
Chase.

That's funny -- cos that's who I bank with now and who I just got a new CC from. I'll have to check that out further, now. Thanks!!

Ysobelle
12-07-2009, 07:04 PM
Ohh, boy. Check this out:


http://www.huffingtonpost.com/2009/12/07/jackie-ramos-bank-of-amer_n_381940.html

Selena
12-08-2009, 01:13 PM
What I don't get is the fact that there IS a debtor's revolt going on... and these entities just don't seem to give a shit. They are continuing to treat their best customers (and their employees) like shit -- I just don't get it!

LadyLaura
12-08-2009, 01:16 PM
What's not to get. They're making money and they just don't care. About customers or employees. I suppose if something effected their bottom line in some way, THEN they might care...

Phoenix McHeit
12-08-2009, 01:52 PM
See, that's what *I* don't get. Hundreds of account holders are defaulting because of the recession. Whether it's because of job loss, or whatever... defaults are happening. Why in the world are the CC companies jacking up rates and tacking fees on to their GOOD, PAYING customers, when doing so might just cause those GOOD customers to have to default?

It's like the CC companies are saying "Let's push EVERYONE to default, it's so much fun! Who cares about revenue?"

Selena
12-08-2009, 02:15 PM
See, that's what *I* don't get. Hundreds of account holders are defaulting because of the recession. Whether it's because of job loss, or whatever... defaults are happening. Why in the world are the CC companies jacking up rates and tacking fees on to their GOOD, PAYING customers, when doing so might just cause those GOOD customers to have to default?

It's like the CC companies are saying "Let's push EVERYONE to default, it's so much fun! Who cares about revenue?"


Bingo! That's what I'm talking about.

19 years. Never EVER late, in fact at one point several years ago, I had a balance around 10k -- and paid it in full with a lump sum. Kept the card open and hardly ever used it until I had to when I bought a house.

And yet this is how I'm treated? It's disgusting.

LadyLaura
12-08-2009, 02:16 PM
See, that's what *I* don't get. Hundreds of account holders are defaulting because of the recession. Whether it's because of job loss, or whatever... defaults are happening. Why in the world are the CC companies jacking up rates and tacking fees on to their GOOD, PAYING customers, when doing so might just cause those GOOD customers to have to default?

It's like the CC companies are saying "Let's push EVERYONE to default, it's so much fun! Who cares about revenue?"

It must be making them money, or they wouldn't be doing it. Perhaps the number of actual defaulting "good" customers is really quite small, compared to the extra revenue they get from the higher interest and fees? I don't know. I agree that it's a damn nasty practice. One of my Chase cards did it to me, too, for no reason at all. It's one I don't use much, and never carry a balance on, so it's not the end of the world, but I still don't care for it in the least. I really wish there were regulations to rein this stuff in, it is ridiculous.

daBaroness
12-10-2009, 12:58 PM
a slight aside - today marks one year since I planned and executed a breakfast buffet (that we cooked) to build team spirit (even got a spirit card for it). After purchasing a lot of the ingredients, planning, inviting, organizing, cooking and cleaning up afterwards - I couldn't log onto my computer. A few blatent lies later and I was called in to an office to meet with my (out-of-town) supervisor who let me go. Yeah, nice. They couldn't have spared me all the work and effort of the freakin' breakfast?!

But their poor management and managerial asshats aside - the moral of my story is that G-d does work wonderously and mysteriously. After a day of anger and feeling sorry for myself, I let go and went on faith that this was all because there was something better meant for me that I wouldn't have pursued if I was still working in for a jerkwad boss in an increasingly uncomfortable environment.

I'm now in my ninth month of a 24-month gestational period to give birth to the new me as a registered nurse. I have a 3.95 GPA (damn the A- in algebra), a temp job that doesn't pay much but that I enjoy, and I can't even begin to explain how pursuing this life-long dream makes me feel. A couple of fellow classmates recently asked if I were going to be as disgustingly cheery and optimistic during two five-month rounds of clinicals in 2010 and 2011. I said, "oh definitely! What's not to be happy about - I'm pursing a dream! Plus - I take great meds!" LOL

So, screw BoA and all the insensitive, ingratious, greedy-ass financial institutions. Invest in yourself and don't live on credit. If you can't afford it - don't buy it - unless it's an absolute emergency and you have a written plan to pay it off ASAP. Make creditors live like the rest of us - within in our means - not like robber barons!

Vyxen
12-12-2009, 11:01 AM
A couple of recommendations:

Check your local credit union for membership and JOIN

Also Green America, formerly Co-Op America, offers a credit card through ShoreBank Pacific, which is much more consumer friendly.

http://www.greenamericatoday.org/

Ysobelle
01-03-2010, 09:32 PM
This seemed the best place to put an interesting, if slightly depressing, article:


http://online.wsj.com/article/SB10001424052748704162104574630360393559766.html?m od=WSJ_hpp_LEFTWhatsNewsCollection

shadowcat546
01-08-2010, 04:46 AM
You're not the only one without credit cards, (or credit card debt) Isabelle. I don't have any credit cards. DOn't think I would in the near future. I have good control, so wouldn't overdo it, but don't feel like finding a trustworthy company.