Guess Chase does not want me to pay them.....

[wantout]

Got 2 letters in the mail today, stating new terms.....

Interest rates on both cards is being changed to a variable and a minimum of 20% for each card....

Again as with citi I have never been late or missed a payment on these guys. I had every intention to continue to pay them since I owe a combined balance of about $1700.

No longer, I am going to add them to my BK when I file hopefully this month...

Since they dont want to honor the agreement we had, why should I continue to honor it...

Oh well.....

[AngelinaCatHub]

Got 2 letters in the mail today, stating new terms.....

Interest rates on both cards is being changed to a variable and a minimum of 20% for each card....

Again as with citi I have never been late or missed a payment on these guys. I had every intention to continue to pay them since I owe a combined balance of about $1700.

No longer, I am going to add them to my BK when I file hopefully this month...

Since they dont want to honor the agreement we had, why should I continue to honor it...

Oh well.....

I sure agree with you. I don't understand these companies who themselves are in trouble and we are all in debt so rather than getting some money on the agreement, they go greedy and sock-it-to-us. Then they lose all. Dumb Stits. 'Hub

[albacore44]

I think is some kind of conspiracy. They raise the rates to push more people into default, thereby flushing out all the risky debt. That way what's left is grade "A" debtors and they know what they got on the table.

Sounds rediculous, but It sure would not surprise me.

[AngelinaCatHub]

I think is some kind of conspiracy. They raise the rates to push more people into default, thereby flushing out all the risky debt. That way what's left is grade "A" debtors and they know what they got on the table.

Sounds rediculous, but It sure would not surprise me.

Nawwww, I disagree. Leaving that "sleeping-dog-lie" is a better situation and they would collect on us "Po" people as we can. When they jack us around, us "po" people are not stoopid people. We stop paying. They performed a difficult self abuse not normally possible, self intercourse.

Hey, bring my babe back in your Avitar. I sure had the hots on that first one. LOL 'Hub

[forgotten]

Got 2 letters in the mail today, stating new terms.....

Interest rates on both cards is being changed to a variable and a minimum of 20% for each card....

Again as with citi I have never been late or missed a payment on these guys. I had every intention to continue to pay them since I owe a combined balance of about $1700.

No longer, I am going to add them to my BK when I file hopefully this month...

Since they dont want to honor the agreement we had, why should I continue to honor it...

Oh well.....

They want to get your balance as high as possible, as quickly as they can. If you file a CH13, they get a bigger slice of the pie that way. If nothing else, it gives them a higher tax write off.

Then there are the people that will just find a way to pay it... big win there!

They really don't care if you default or not. If you can't pay the way they want you to and the amount they want you to pay they would be just as happy to have you stop paying and try and collect (or writeoff) another way.

[Bell30656]

Sadly, the terms under which you got the card had permission in the mice type to raise that rate by only sending you notice that the rate would be raised. Pretty sneaky but again its all in the terms that you agreed to when accepting and using the card.

If someone came out with a card with no mice type and straight forward, honest terms they'd be run out of the industry by regulators, and competitors but deluged with customers wiling to sign up.

[Pizza]

I think is some kind of conspiracy. They raise the rates to push more people into default, thereby flushing out all the risky debt. That way what's left is grade "A" debtors and they know what they got on the table.

Sounds rediculous, but It sure would not surprise me.

Interesting theory.. wipe out the poor people from their books and ask the government for more money with only the rich in their portfolio?

[Snickers]

Interesting theory.. wipe out the poor people from their books and ask the government for more money with only the rich in their portfolio?

Sad thing is, a lot of the "poor" they are wiping from their books are yesterday's rich. And I am sure that a good portion of the rich they have left have a very tenuous hold on their wealth.

[Pizza]

Sad thing is, a lot of the "poor" they are wiping from their books are yesterday's rich. And I am sure that a good portion of the rich they have left have a very tenuous hold on their wealth.

I hear you. Maybe not all 'rich', but getting by fairly well until losing their jobs during this recession, which is going to have efforts that will probably linger for a few more years. I actually tried to keep up best I could until my unemployment ran out and I lost my next job after only a month. It's tough out there, and it's not improving yet.

[albacore44]

I don't agree.... my mom (who is 76) never missed a payment in her life (I mean literally never missed a single payment, not one single late payment) who only has two credit card with a combined balance of $3500 was sent a letter by BoA that her 9.99% fixed rate was going to 20.9%. She was upset to say the least. She called them and they "talked" her into their new "points rewards card" with an annual fee of $30 and a VARIABLE rate of 12.9% curently...12.9% I was so pissed, they scammed a little old lady out of $30 a year and put her on a variable rate card.

So, no it is pure greed, they are NOT trying to weed out anyone with any type of bad credit, they are out to screw everyone that will remain a card member. I tried to tell my mom to let me help her find a new card but she is convinced BoA is a great bank and that it was HER FAULT because she charged to many prescription drugs and she never should have let her balance get that high ($2800 on a $23,000 credit limit) It is so sad, she thinks it is her own fault for this happening and was just "happy" they let her have "a low" 12.9% now.

but thats what I mean. Their looking at anyone who is carrying a balance as a potential risk. so they up their interest now and collect it while they can. In an economy like this anyone can be a potential defaulter. They have no other way to sort them out. i know it sounds nuts, but so does giving home loans to people who cant repay, with no documentation. I think the banks are out of their minds the way they do business, and i'll be glad when I'm done with this mess, i have learned my lesson, If you cant pay cash for it you dont need it.

[Pizza]

I don't agree.... my mom (who is 76) never missed a payment in her life (I mean literally never missed a single payment, not one single late payment) who only has two credit card with a combined balance of $3500 was sent a letter by BoA that her 9.99% fixed rate was going to 20.9%. She was upset to say the least. She called them and they "talked" her into their new "points rewards card" with an annual fee of $30 and a VARIABLE rate of 12.9% curently...12.9% I was so pissed, they scammed a little old lady out of $30 a year and put her on a variable rate card.

So, no it is pure greed, they are NOT trying to weed out anyone with any type of bad credit, they are out to screw everyone that will remain a card member. I tried to tell my mom to let me help her find a new card but she is convinced BoA is a great bank and that it was HER FAULT because she charged to many prescription drugs and she never should have let her balance get that high ($2800 on a $23,000 credit limit) It is so sad, she thinks it is her own fault for this happening and was just "happy" they let her have "a low" 12.9% now.

My mother-in-law had a similar situation with Amex. She actually signed for a card that was fixed 6.0% for life twenty-some-odd years ago. She has paid it OFF every month without fail for all those years. Then she received a letter saying it was going up to a 14.99% variable. So much for that fixed rate for over twenty years.

I honestly don't know what they're thinking. MIL's situation aside, how do they figure if we can't make a minimum payment at a low rate that we could make payments that are jacked up with penalties and higher interest rates? Even better, when they send us to collections, they really think we can pay the balance in full. Idiots. They just know that Washington is willing to bail them out if they get in trouble and don't care how stupid their decisions are.