My payment was $230 two months ago and now it's $500. I only have a balance on this card and this was because of the low rate and payment.
I'm thinking of giving them the finger then after 90 days they will take 20% on the dollar and I'll pay it off with a letter from them stating they will erase this from my credit.
They're creating a monster that they won't be able to kill and people with good credit know this so good credit won't really matter much for the next few years ?
I know someone who owes $40,000 on some cards and stopped paying back in Oct 08 and the banks offered to lower his payments to $100 per month. The only problem with this is your credit gets trashed in the process.
They will take the $100 per month because they don't have to charge it off which lowers their ability to make new loans. Your $100 per month is actually an asset and counts on the books as receivables.
They are a necessary evil, but I have a real problem with bank executives getting paid millions of dollars in salary per year not having to face the consequences of their actions.
All of the profits they made refinancing and selling off mortgages are conveniently hidden away and now they plead poverty and receive taxpayer funds while continuing to coerce and manipulate people into high interest CC at usurious interest rates that make the mafia look good by comparison.