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?
Here is a Rep. Maloney on a Credit Cardholders’ Bill of Rights.
House Financial Institutions and Consumer Credit Subcommittee Chairwoman Carolyn B. Maloney (D-NY) today introduced the “Credit Cardholders’ Bill of Rights Act of 2008” (H.R. 5244), comprehensive credit card reform legislation aimed at leveling the playing field between credit card companies and consumers. The balanced bill abolishes major industry abuses that unfairly hurt consumers while fostering fair competition and free market values.
This passed the House last Congressional Session but stalled in the Senate. We need to pass this legislation.
Largest legalized scam today?
There is no cap on interest rates/finance charges. They can change the terms whenever they want. And it has become difficult to operate in our financial system without a credit card.
RebelCapitalist.com - Financial Information for the Rest of Us.
The option that worked for me
1. Credit Counseling- got all the cards negotiated down to a low rate and the accounts closed while I paid them off.
2. Separate accounts for personal and business use.
3. Debit cards on Joint & business accounts
4. Ten years of pain
As of right now, we're "officially" consumer debt free because my parents bought out the last $4000 of our credit card debt. According to Turbotax, we'll be able to pay them back in a month or so.
Maximum jobs, not maximum profits.
who needs organized crime?
When the credit card companies, banks took over the loan sharking business?
I mean that is insane, no one is going to be able to pay back a loan at 30% or 23% or 27% interest rates.
It's obscene and they are just waiting for an excuse to charge these rates, late fees and so on.
Let's say someone is treading water in paying off their debts, when a credit card company does this....they are guaranteeing that person sinks because there is no way they can now afford the payments and ballooning balance due to predatory interest rates.
credit cards of course
The same old bull comes out of the government. If banks are so bad, why are they wanting to give back the tarp money? Ailing financial system? bull? This is the time that little start ups and small business can pull this out. This government and big business will not let them grow? Let all these big businessess FALL!!!!
Now regarding credit card industry?
THE BUCK STOPS WITH THE PEOPLE. Don't pay your credit card. What happened to the people's power?
DOES Anyone really believe that the private industry credit cards companies, wall street, etc is really going to change anything for the good of the people on their own? Of course not!!