Chase change in terms

[needachance]

Just wondering if there is anyone else like me here...who has struggled with paying off debt, never been late on payments, maxed out and redlined with working long hours just to keep the wolf from the door, then gets the statement that says our minimum payment just more than doubled and said "screw em"?

BTW, no opt out, 85,000 in debt, 66,000 gross annual income last year. Yeah, we got approved at much higher income level, but have been at reduced income for 7 years now...we actually have another 50,000 available credit that we could use! Morons.

[scorpios]

Chase was the worst! we had a few cards from them only because they bought out the companies and they doubled all of our interest rates because of the economy they said and we had those cards for years never late. Then they bought wamu and took our limit down to what the outstanding balance was. Our sears card became chase and they took it from 0 to 29.9. once they upped all the interest percentages we couldnt even make the minimum payments in a matter of 2 months! payments sky rocketed from 60 to over a 100 on each card. We called them and they told us they did that so we would have to close or pay off the card because they dont like customers to have more than 2 chase accts. We never told them to buy all those companies but we are the ones that got burned! now 2 months later they said i can pay over 1000 to bring my acct current and thats not all the cards that is one! So sorry it is so long but Chase is actually we we are claiming bk! Ill try never to write this long of a post again

[needachance]

Yeah, our he!! with chase started when we had a card with Providian that they bought out, and promptly put our interest at 20%, and we couldn't do anything about it for several years. Then DH got a better job and we got these low interest rate offers and we consolidated that card balance with some med bills (well a lot of medical bills actually) to have them at 3.99%. Now they are forcing our hand because the minimum payment has gone from 1400 to just over 3000 a month. We have no choice but to default, then interest can go up to 27%. Wow, they really thought that one out huh? Because instead of getting everything slowly they are going to get nothing.

We have no assets....

[bkmaggster]

needachance, you have really hit the nail on the head. When Dh lost job we made one late payment, and because of universal default suddenly all of our bills were at 29%-33%. No one would work with us on lowering payments.

We moved across country to a place where there were better job opportunities and rented out our house, then our renters bailed and we got behind on the mortgage and it just snowballed out of control from there. We even lived with the in-laws for a while to try and keep making payments to everyone!!!

If our credit card interest had stayed at the original rates, I don't think many of us would have ended up here. I don't get why the CCs don't understand that they have created this problem!

[whipster1]

Chase can eff-off IMO. They were the first to rate-jack me after years of perfect credit. I hope they go belly up when nobody can pay the minimums now.

[OhioFiler]

If I'm a bank and I raise the interest rate on 10 customers and 2 file BK I'm still ahead of the game. Those other 8 are covering for the 2 who defaulted.

[shabam]

Which is why more people need to file. Maybe then chase will end up in this forum.

[marinah]

Chase and Citi did the same thing to us. Big part of the reason for our filing bk. You'd think they would realize that no one can make an $800 a month cc payment for any length of time.

[BananaCabana]

Discover was the first one to raise rates to 29.99% for us. For reasons that supposedly had nothing to do with our credit rating or payment history which was spotless. They aren't the only ones, but they were the first.

[Gar]

Same story with me and a Chase card. 17 years of no missed payments and I get a letter last month saying my IR is going way up. I have another thread about this (explaining my situation but I'm not paying - No assets case) and the ball is in their court now as to what they will do.

[andy158]

Yep! This the whole reason for me filing chapter 7. Got rate jacked and double your payment jacked. B of A and Chase were the ones. Never late. No missed payments. Balance less than half of available credit. Others followed suit to where it brought my credit score from 720 to 635. Sears card was involuntarialy closed with a zero balance! Had a $12,000 available limit on it and they closed it because of my credit score. Got the letters too. "Due to current economic conditions blah, blah, blah.......we regret we are lowering your available credit to the amount of your existing balance. My credit card payments ballooned to an extra $1,500 per month! One whole paycheck! Most all of my cc interest has been raised above 20% and it is not my fault! Drop in credit score also caused a 15% raise in my car insurance. You can't fight em. Been down that road too. I don't feel any guilt at all filing. I think Obama is bieng too lienent with these cc companies. They need to be tied to a tree and fed Exlax!

[atvbutterfly]

Me too

Same boat. Citi, Chase, Wamu(chase) & Discover all hiked up the rates from single digits to double digit APRs. I never was late, had credit score of 736, then they made it impossble to pay the cc. Hubby lost his job, my pay was cut 10%. Now I am considering BK. Our national financial system stinks. Aren't these the banks taxpayers bailed out? Where is my bail-out? oh yeah BK.

[Chowder]

Just wondering if there is anyone else like me here...who has struggled with paying off debt, never been late on payments, maxed out and redlined with working long hours just to keep the wolf from the door, then gets the statement that says our minimum payment just more than doubled and said "screw em"?

BTW, no opt out, 85,000 in debt, 66,000 gross annual income last year. Yeah, we got approved at much higher income level, but have been at reduced income for 7 years now...we actually have another 50,000 available credit that we could use! Morons.

[willbfree]

Getting the rates hiked was not the cause, but it sure made it easier to not feel bad, for filing.

I second that statement. We had our Chase account for over twenty five years. I had absolutely no hesitation filing our bk after watching our interest rate jump to 29% and Chase pile on the assorted fees. Only when Chase realized that their long term customers were going to bk did we become "family". I see here that Chase and the other assorted greedy banks haven't figured out that their eternal chase for every last dollar actually costs them customers and hurts their own bottom line. That's okay it proves my point that I don't want to be considered "family" anymore.

[JRScott]

Yeah Chase's policy is a bit misguided in current economic times, it will certainly push more folks into bankruptcy. I do think the idea of higher minimums is a good idea, to help folks pay it off, but to do so now midstream and in this economy is like suicide.

I've got a feeling more bk will certainly emerge from Chase's policy.