Posted on 05/20/2009 4:28:09 AM PDT by GOP_Lady
Lol! Maybe we should take up a collection and see what it is. Of course, if you haven't borrowed anything lately and made payments, they don't like you at all!
Credit card rules don’t apply to mortgages... alas...
Other than the anonymity factor, I fail to see how cash is more convenient. If you use a credit card, you skip the ATM visit, and the wait for the cashier to count the change. And the merchant doesn't have to count the receipts and make a visit to the night depository. Instead, the card company takes care of all that electronically. And you also get the obverse of the anonymity advantage: everything neatly tallied at the end of the month and sorted and categorized at the end of the year.
Oh, you’re evil. I LIKE the way you think!
The WSJ did a great job on that article.
Lots of good information.
Already happening. Just today (about 30 minutes ago), I arrived home, checked the mail and found a mailing from my only credit card (used primarily for my work expenses, almost always a zero balance as it is paid in-full every month... except this past January when I carried a small balance over to the following month. NEVER late.
The notice was to tell me that the interest rate was going up. Not just a small amount either - it is going up by over 50% of the current rate.
Of course, they let me know well in advance - any purchase made after July 2, 2009 will be assessed the new higher interest rate starting in January 2011. Now - according to my current practice, this really won’t affect me, as I generally pay off my full balance each month. But still - the concept is there - I am being treated like a loser who doesn’t pay on time (the original agreement had a promo rate of zero%, then went up to what I consider a “reasonable” rate after and was suppose to be permanent - only going up if payment is made late more than two times in a calendar year and for a couple of other reasons also related to late payments). Of course, there is always that clause that says the agreement can be amended in writing with advanced notice. I guess this is it.
And of course, the only “Opt out” action is to call or write them and close the account. Unfortunately, closing credit accounts (even if it has a perfect payment record like ours) causes a major ding in your credit score (which I think is completely unfair). Considering that I just made a drastic employment change this past Fall, and we moved at the same time - we have already taken a hit in our supposed “creditworthiness”. Doesn’t matter that income is the same or slightly better than before, and cash flow is better...
The “reason” given for this increase on this notice reads as follows:
“This increase is based on your account’s current Purchase rate, the length of time you’ve had this rate and account, as well as the challenging economic environment.”
I guess they don’t like folks paying their balance each month, ON TIME.
Good for you, we are doing something similar.
There will always be those who to one degree, or another, will find a cozy side with the hard left. This is exactly why they picked this issue. They know how to appeal to our baser nature. There is no shortage of the complicitous nowdays.
But it is a Faustian deal with the highest interest they’ve ever known. They’ll pay with their freedom. They’ll pay with their children’s labor and freedom.
It’s a good time to be a communist, or a sellout.
I don’t care about the reasons for another’s ignorance when it costs me and my loved ones dearly. Fend for yourself, or fade away—I was not born to serve your, or fund your existence.
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