credit card rates

Bank TARP Recipients - Charging Loan Shark Rates

You know those banks that you just bailed out with your money? Well, they are repaying the favor by charging Loan Sharking Rates, if you miss one payment on a credit card or even carry a high balance.

Millions of cardholders have recently received letters from the likes of Citibank, Bank of America Corp., Wells Fargo & Co. and American Express Co. notifying them that their interest rates are going up, in some cases to 30% if a single payment is missed.

JPMorgan Chase & Co., the nation's largest issuer of plastic, has begun charging hundreds of thousands of cardholders a $10 monthly fee for having carried large balances for more than a couple years.

Gee Thanks Citigroup! Glad we're all in this together. Isn't there a call to completely nationalize all of the banks, fire executives who got us into this mess and restructure them completely?