33 replies to this topic

[atlasshrugged]

furthermore...yes I agree with Index Trader that we do have a contract to repay our debts but its the reckless behavior of the very creditors who have caused such hardship on its debtors by using such ******* unreal leverage in the first place....they by lending to those who cant repay and then sticking it to those who can is a violation of the contract...

[MaryAM]

furthermore...yes I agree with Index Trader that we do have a contract to repay our debts but its the reckless behavior of the very creditors who have caused such hardship on its
debtors by using such ******* unreal leverage in the first place....they by lending to those who cant repay and then sticking it to those who can is a violation of the contract...

Lets pick a Friday in October and start a campaign for everyone to demand to be paid in CASH - no electronic deposits. then pay our bills in CASH. Use CASH for purchases for one week. Lets see what happens when banks can't overnight leverage deposits for one week.
Mary Anne

[Iblayz]

Somebody around here has had their head up their butt for too long. The scumbag banks haven't had to have a reason for doing anything at anytime. And they have taken advantage of it to the max. And no, you didn't have to have a late payment with them or anybody else for this to happen. I have several open, unsecured lines of credit both in my name and in the name of my business even though it is all used for business. And that has been the absolute worst part of this meldown.....dealing with the scumbags who caused the mess in the first place.....and then reading their puny, lamebrained excuses for their changes.....while they blame their actions on me. And why did this happen in the first place? Its because our scumbag congress does business with their hands out. And the banks have placed a lot of money in those hands. Just wait until you are part of any group that has a cause and has to enlist the help of any congressman or senator. They will "agree" to help after you agree to start having fundraisers and/or make donations to the "cause". It should be criminal for the banks to loan you money and have the privelege to change your terms at their own discretion....and with vey little notice. But this was the exact privelege given to the vermin by our loving, money grubbing representatives. Fortunately, the American public got pissed off enough to make enough noise so that these same "representatives" of their interest got excited enough to make some changes. After all, if you get the peons mad enough they will vote you out and guess what.....the gravy train is over. So now at least there will be some protection from some of the worst practices....at least for a while. But if you are a business owner and have cards in the name of your business......GUESS WHAT?.....in the middle of the night before final passage of the bill....the pigs inserted language that allows their scummy friends at the banks to treat businesses the same way they have been treating everybody for years....in other words....the protections are only for consumers....they don't extend to businesses. The big money houses got so big and greedy that they put us all at risk with their behavior. So how do we reward them? We give them money, backstop virtually all of their risk and allow them to get even bigger. So now they are packaging sorry bonds with good bonds just like they packaged mortgages.....the rating agencies are doing the same thing they did with the mortgage securities....I mean this is amazing stuff. GM was on its death bed because of the incredible legacy costs and overhang from years and years of bloated union contracts and what did they do? Heck the union now owns more of the company than the freakin' bondholders.....that shoud have owned it all. And when they had a chance to stick it to the banks by reversing some of the unbelievably stupid business practices that had been all but endorsed by equally stupid legislation......they just couldn't resist throwing yet another carrot to some long time pocket liners.....by literally changing legislation in the middle of the night.

[Rogerdodger]

You can thank the wizards in Congress for unintended consequences...again as credit card companies rush to raise rates before a new law takes effect which will interfere with market forces:
"In February, credit card companies will be prohibited from raising interest rates on existing balances unless the borrower is more than 60 days delinquent or the increase is stated in the contract."
So, they are raising rates now:

New credit card laws take effect, but higher rates plague consumers
Anticipating the changes, many credit card companies have spent the last few months rushing to raise raise rates before the first changes take effect.
Bank of America reports the highest default rate at 13.8 percent.
LINK

Clark Howard:

Quality varies dramatically among the big credit card issuers. JD Powers' 2009 Credit Card Satisfaction Study reports that American Express and Discover get higher scores than competitors. A lesser known issuer called National City also gets a decent score.

Among the big issuers, the worst scores went to Capital One and Bank of America. Both rank significantly below average.

But the absolute lowest scores went to two small issuers who target those with poor credit: First Premier Bank and Credit One Bank. General Electric, another large issuer of private label cards, also got very poor marks.

Again, if you have good credit, Clark wants you to get out there and shop the market. Look at your credit union first, then look at American Express and Discover.

PS: Tonight Jay Leno even dumped on GE by showing the fine print of their credit contract showing an APR over 200%!!!


PSPS: I dumped B of A years ago when I was lied to by an account representative.
So I said: "Well then I'll just close my account and I want my money NOW!"
He said I couldn't have it until next week.
I said I DON'T THINK SO!

I swore they would never get my business again, and then they took over my mortgage from Countrywide.

Edited by Rogerdodger, 14 September 2009 - 10:45 PM.

[atlasshrugged]

Let me go on and candidly say that I personally look foreward to my daily phone call from Capital One....." when the minimum wage clerk from India" picks up after the 30 second pause (and they call me LOL) I very politely ask for his supervisor...when I get his supervisor on the phone I then ask for his supervisor...when I believe I have gone as high up the food chain as possible....I tell them to stick it in their fat pie holes.... then a thank them and tell them I look forward to their worthless call that I will expect tommorow!

[Mtrader]

Great, we used to call those people who handed out 30% interest rate gangster. IT IS LEGAL IN THE USA. WE ARE FEEDING A BUNCH OF LEGAL GANGSTERS.

[IndexTrader]

Somebody around here has had their head up their butt for too long. The scumbag banks haven't had to have a reason for doing anything at anytime. And they have taken advantage of it to the max. And no, you didn't have to have a late payment with them or anybody else for this to happen. I have several open, unsecured lines of credit both in my name and in the name of my business even though BLAH, BLAH, BLAH...

Evidently you're referring to me as having had my "head up their butt for too long".

So let me simply repeat since you evidently are incapable of reading:

I have a Bank of America credit card. I've had a satisfactory account with them since 1994. My rate was recently increased from about 9% to 15%. In the letter they sent me informing me of this change, they said that I could stay at the same rate (9%) provided my made no new charges on my account. I could simply pay off at the old rate under my prevailing terms at the time.

When you make a late payment, they raise the rate. It's possible if you make a late payment on another credit card, or have some other type of problem with some other type of account that appears on the credit report, they raise your rate or change your terms.

By the way, Bank of America was not the only one who made this same deal. So did American Express. I have a business account with American Express. A large, unsecured credit line that I use for rehabbing rental property. The rate was increased from 9.9% to 11.99%. I could stay at the 9.9% as long as I paid as agreed, and did not use the line for further charges.

I would suggest that people who had their rates increased to 30% had something going on that you don't know about. If this happened to you, then i would suggest you haven't told us the entire story. Either way, I'm not defending the banks. But let's face it, if you bought something and charged it, you owe for it. The agreement you signed permits the banks to change the terms...you know that, or should have known it.

I would suggest to those of you who don't like the new deal with your bank, think hard before you "revolt". There are consequences. Your credit score is now used in most areas of your life...and by not paying you will be trashing your credit score, at a minimum. Would it surprise you to know that insurance companies check your credit? That they base their rates on your credit score? That they may decline your insurance completely if your credit is bad enough. So in your effort to hurt the bank, you may end up hurting yourself more than you currently can foresee.

IT

[Rogerdodger]

I would suggest to those of you who don't like the new deal with your bank, think hard before you "revolt".

My revolt was changing banks.
It felt good...

and still does when I read: "the worst scores went to Bank of America."

[jack]

Lets pick a Friday in October and start a campaign for everyone to demand to be paid in CASH - no electronic deposits. then pay our bills in CASH. Use CASH for purchases for one week. Lets see what happens when banks can't overnight leverage deposits for one week.
Mary Anne

Your one paragraph is an order of magnitude more diruptive to the system than 100,000 debtor revolution videos.
Savers may get upset enough to become invisible to or even ignore the electronic banker taxers.

Silly Nostalgia

[sjj]

I haven't paid a credit card interest fee in more years than I can remember - but I certainly do have feelings for folks who are unemployed and running a balance and getting hit with hugh interest rate hikes - regardless if its techincally legal or not. Something just doesn't seem right about tax payers bailing out business then getting hit hard on the other end as well.