Posted on 09/17/2009 6:10:42 PM PDT by Libloather
“They do you a favor, you don’t have right to buy things with imaginary money.”
Its not any more imaginary than any other money in circulation today.
I’d like to see all the wonderful stuff she bought for $6K plus interest.
They also lend money to illegals. BoA can go to hell.
That's her side of the story. I agree you can get raped by easy credit, and it takes a lawyer to the read the CC contract you can sign without a witness present, but I doubt they jacked up the rate to 25% for no reason.
I had rates jump from 0.0 to 6.6 to 12.9 to 24.99 on a card, mostly because I chose to miss some payments when I was employed 8 years ago.
You signed for it, you own it, you charge on it and you pay it. Banks are not welfare organizations. What you’re doing is making the banks raise rates to us to cover your debt. You are one irresponsible person. Bet she’s a liberal/Rat .... the other thing that makes me mad is those commercials that tell you they’ll negotiate your CC debt to a lower amount. Right - that’ll be on your credit report for seven years.
Dave Ramsey BTTT!
Even after Bank of America was handed billions in tax funds they still have the nerve to shake down customers with street corner interest rates, and nothing is done by the government to stop them. So goes the power of the banking lobby and paying off those on Capitol Hill who do their bidding.
Doh! I mean unemployed! I have since paid off and closed that account since being employed again.
I have had rates climb from 11% to 29% with no history of late payments, etc, and usually with little to no warning.
It’s a scam. I’ve gone a month or so before noticing once or twice too.
I opened a new bank account not too long ago...Free checking, free checks, free everything...I asked the accounts lady what their business model was...How they could afford to do this.
Her reply was, “Eventually most customers will overdraw, or make some error, and the fees for doing so are criminal.”
Her words.
If this lady truly had a flawless payment history, I won’t be the one to throw the first stone at her for declaring war.
it doesn’t matter what she bought...she bought the items at X% and she should repay them at that percent. While they certainly have the right to raise their rates, it simply cannot be retroactive to purchases made under another agreement...it seems to me that a first year law student could win this case.
“I agree with her. Credit cards companies are downright criminal in their acts.”
I disagree. If she were paying it off in a reasonable time at the old interest rate and refused to pay the increase she would have a point. To not pay what she owes, well she is just about three notches below the banks she decries.
....a married couple we know has credit card debt of $45,000 and not much to show for it....vacations in Costa Rica, eating out in upscale restaurants, private school for their son ect ect....so they go to the credit doctor and he tells them “well, one strategy is just don’t pay”....I couldn’t believe it!....a so called credit coulselor saying something like that.
Usury is a sin. There should be predatory lending laws that cap credit card rates.
The system of Central Banking with the Fed creating fiat money is corrupt and sooner or later the average Joe ( or Jane in this case ) will catch on and stop this merry-go-round. The Fed creates it out of thin air and gives it to the banks who then lend it out to the people at usurious interest rates. Time to end this system one way or the other.....
Apparently, this lady misplaced her letter or didn't read it. I don't blame her for being upset with the rate hike, but instead of refusing to pay what she legally owes, she should do what many other customers have done. Call the company to cancel the account and pay off the balance at the original rate. IF she had read her letter, she would have known that was an option for her.
Virtually all of their agreements (signed by the borrowers) give them the right to raise rates at any time. I remember reading some prediction that they would start to raise rates dramatically after the bailout, partly because there is some kind of bill capping their rates that is going to take effect next year and they want to rake it in from the customers who will probably pay it (that is, the ones with a good history).
Government free money, combined with government regulation, strike again.
Sorry, but no. The bank jacked her rate up. It was tied to Prime. Same thing happened to me. My interest rate is now fixed at 4%. What BofA is doing is horsesh*t.They received a bunch of tax payer money, then arbitrarily jacked up people rates.
If you don’t carry a balance, the bank can raise the rate to 130% and it won’t matter.
“Usury is a sin.”
It’s not real clear who is using who here.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.