Posted on 09/22/2009 6:12:51 PM PDT by longtermmemmory
http://www.youtube.com/watch?v=jGC1mCS4OVo
Message to Bank of America: I've decided to it's time to take a stand against the banksters' usury and greed! If our founding fathers were willing to sacrifice their LIVES for our FREEDOM, then I can certainly sacrifice my credit score and be willing to be sued. I'm staging a DEBTOR'S REVOLT!
I think she raises an important point. Bank of America was jacking up rates to 29.99 in anticipation of defaults. This woman was apparently paying them but the 29.99 pushed her over budget. Don't know.
I think this is worth of discussion.
I does raise a good point. Why is nobody looking at the credit scoring agencies? Why are they given a free hand to essentially ruin a life?
What happens when people see a "credit score" as irrelivent? A worthless golds star sticker given only to the teacher's pet. (or politician's pet, or the politician's acorn pet)
finally,
Again, I do NOT support what she is doing. I do understand her frustration. I think her anger at politicians is VERY worthy of our discussion here on Freerepublic.com.
(of course the GOP is clueless entirely and Mr. Steele is still trying to figure out what kind of tea one is supposed to bring to a tea party)
Sorry, with the banks in question on the dole, this woman has every right to complain.
something needs to be done IMHO..I have a friend who has made nothing but minimums due to job loss for the past 6 months and their credit card rates have been raised from 9.99 to 32.00% due to their “increased risk”..by raising their rates, they’ve pushed them into bankruptcy territory simply because they’re “perceived” as a risk..
In my specific case, I’ve had a credit line reduced from 5 figures to under 3k (due to the shaky economy reducing the lenders risk according to the lender) which significantly increased my debt ratio and the commensurate drop in credit score..I’ve been clobbered through no fault of my own..
Not disagreeing.
I tell all my clients to avoid Bank of America like the plague.
BTW here is part II
the funny part is she is going to be interview by some online newspaper that shall remain nameless. She never read them.
This is interesting. Perhaps we should have FreeRepublic youtubing for those who can’t type.
part II
http://www.youtube.com/watch?v=9J-FxKoVznw&feature=channel
Part III
http://www.youtube.com/watch?v=cNHd-GBZGQo&feature=channel_page
bank of america responds and STILL bungles it.
I think these banks WANT the defaults in order to sell the accounts and take the write off.
it is a debt version of a credit default swap.
what gets me is I’ve made payments (minimum is 85) of 200+ per month, been told I’m an excellent customer yada yada, yet the decision to reduce the credit line reduction is final and irreversible..
I signed a contract with them for a specific amount of credit line which they arbitrarily reduced, I wonder how they’d react to MY arbitrary reduction of monthly payments to $20 per month..wanna bet they’d not like that???
I hear ya but do it and they will mess your credit up for life.
I’ve been through the depths of he*l with my credit back in the early 90’s due to layoff..it doesn’t scare me..
I won’t do it, but the temptation is there simply because I can make payments on the amount now (I work contract and am currently out of work)..minimums is all I can do, but I’m not missing a payment on anything..
BOA SUCKS—there is no doubt.
However as the Bible says, ‘The borrower is slave to the lender’. Proverbs 22;7 -—therefore IMO she should find another way to renegotiate her rate, pay off the debt and then let BOA know they will never receive her business again. Plus she should never go back in debt and live in freedom rather than bitterness. Screw the BOA that way!
I can understand dropping credit limits as long as it does not affect current accounts but I have never understood the thinking when banks jack interest rates sky high and force a person to default on a credit card debt. It seems so obvious that they are running afoul of the law of unintended consequences. Interest rate increases should only affect future transactions, not current accounts. I hate to say it but the credit card business has been full of shady operators all along and some of them deserve to have people default on them. They have dreamed up many ways to encourage people to run up huge unsecured debts at high interest rates.
...or just file a bankruptcy, keep her house, keep her personal stuff, vehicle, and lose the credit cards. (remember bankruptcy law appears in the constitution in the body and BEFORE the bill of rights)
Either way the issue is not about standing in the front of the temple like the pharasy proclaiming the ability to walk on water, the issue here was a frustration of a CUSTOMER with a bank that would not negotiate and/or raised interest to .01% below usery laws and then dropped the credit cap.
Limiting credit is the country club’s way of limiting membership.
If you see the third video, she negotiated with the VP from BofA for 12.99% (still too high in my opinion), they agreed, and BofA sent a confirming email indicating 20.99%.
remember how little they fought at the new law doubling the minimum payment levels.
Essentially the credit card companies view your continued patronage as an ongoing credit application. every month/quarter you are really applying again so they can unilaterally make up the rules. (ie universal default, .999999999 withing usery laws, ..)
They KNOW it is going to happen.
The jacking up of the credit interest is to make the “principle” as high as possible at court judgment.
Remember these companies SELL this credit accounts.
An attorny will buy them for 3-12 cents on the dollar. (makes those credit consolodators a real suckers game)
So maximizing the principle adds to their bottom line. The bad credit is bundled just like the bad mortgages were.
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