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..
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!