33 replies to this topic

[IndexTrader]

IT - that is reframing the question - I agree with Maryanne, there has to be a limit to the punitive interest a bank can charge - there used to be usury laws that addressed just this. Most corporate arrangements are something over Libor, most people could live with this, but this choice is only given to corporations.

Like I said, I have a BAC card. I got my rates increased, to 15%. 30% is what you get when you make late payments, or have some other problem. Aside from which you could keep your old rate simply by not charging anything new. I'm not defending 30%. But I don't see how you can defend this girls right to consume without payment either.

By the way, thanks your congressmen for the exception to the usury rate.

IT

[zman]

They should not be able to raise the rate after you made a deal with them under contract. Changing the deal would nullify the contract in my opinion. A trapped card holder's only defense is to refuse payment. I agree with her and all who are in similiar position. Go back to the agreed upon rate if all other terms were met.

that is the deal right there...she had no probs with them before this....the banks screwed up by trying to gouge her..u watch this is going to snow ball and bring the banks back down to earth..people are so tired of big banks squeezing every drop out of you...

[IndexTrader]

They should not be able to raise the rate after you made a deal with them under contract. Changing the deal would nullify the contract in my opinion. A trapped card holder's only defense is to refuse payment. I agree with her and all who are in similiar position. Go back to the agreed upon rate if all other terms were met.

I guess you didn't read my post. They offered people the right to retain their old rate by simply not changing anything new on the card.

The "contract" by the way gave them the right to increase the rate. I guess she, and you, didn't read the contract.

IT

[zman]

IT - that is reframing the question - I agree with Maryanne, there has to be a limit to the punitive interest a bank can charge - there used to be usury laws that addressed just this. Most corporate arrangements are something over Libor, most people could live with this, but this choice is only given to corporations.

Like I said, I have a BAC card. I got my rates increased, to 15%. 30% is what you get when you make late payments, or have some other problem. Aside from which you could keep your old rate simply by not charging anything new. I'm not defending 30%. But I don't see how you can defend this girls right to consume without payment either.

By the way, thanks your congressmen for the exception to the usury rate.

IT

well it's not fair, but at some point with all this crap that they have done and our tax money supporting there bad decisions, people are saying enough is enough

[jjc]

Lenders take risks as much as the borrower. There needs to be a happy medium.

This whole mess has taught folks that banks are willing to back down, as the whole subprime mess has shown. There are people who are squatting in their foreclosed homes for years now.

At first the banks were kicking them out, now they aren't. I assume similar compromise will be made between card debt holders and the banks, as folks learn that it is OK to fight back.

Its not about who's right or wrong, its about seeing whats going on. Corporations vs individuals. This battle has occured before. In the 70ties. Its just a sign of a secular bear.

Yet another great observation. BTW: Nice pickup on Marks fractal!

[JAP]

The Lay / Lewis mistake makes her sound stupid. She should re-record it and fix that... prob too late for that though. I can understand her being pissed about the rate hike, but she has been living beyond her means if she has been carrying a CC balance all these years. That in itself is irresponsible.

[jjc]

The Lay / Lewis mistake makes her sound stupid. She should re-record it and fix that... prob too late for that though.

I can understand her being pissed about the rate hike, but she has been living beyond her means if she has been carrying a CC balance all these years. That in itself is irresponsible.

We don't even know if it's real.

[selecto]

Assume the lady has been buying apples on credit for 2 bits apiece forever. Apple guy doubles the price to 4 bits. Lady says, I'm not buying apples from you anymore, and whats more, I'm not going to pay you for the ones I already got.

[porsche911sg]

Something doesn't quite add up with her. I have a BAC credit card. I've had it since 1994 without problem. They raised my rate as well. But in the notice they sent they said that if you had a balance you could stay at your old rate, provided you made no more charges. I don't think banks raised anyone's rate to 30% unless there was some other issue....a late pay. Or perhaps a late pay on another account.

I'm not trying to defend the banks on their credit cards policies by the way. But then again, I would hate to support irresponsible behavior such as this woman is advocating.

IT

It's perfectly responsible of her to revolt.

IT, you should not even have any balances on your card. If you don't want to start a revolt through bankrupcy. Clear the balance.

Since she is left without nothing, I say do, let the banks go burst.

[atlasshrugged]

I will chime in and say that as pissed as I am that we are bailing out those who miss timed the mkt and bought at the top of the real estate mkt and are looking for modifications the fact that banks can borrow OUR money at 1% and turn around and charge US 15% 20, 25% 30% makes me just as outraged!!! The same funks that leveraged themselves at 40 to 1...and they still have there jobs jesus mary mother of *******..... I have never had a late payment in my twenty 3 years of using credit and capital one sent me the same letter in March....simply because my balance increased. They told me that my Interest rate would stay the same if I basically quit using the card..... other than a margin account for futures...IC has made the decision that for the rest of his lucid life he will not give a red dime to the red door in the form of any interest ever again I personally am in favor of the REVOLT

Edited by iron cross, 14 September 2009 - 09:32 PM.