Wow just opened BofA statement and my interest went from 1.99% to 28.99%

[WhatMoney]

and to make thinks worse they charged me a $750 fee for using the check. After they hit me with the $750 fee my account now reached the limit so they dumped me with over the limit fee's as well.

A $750 check writing fee? I hope that was a typo!

Did you write a $25,000 check at 3% fee with no maximum fee limit?

[ready2puke]

I do know that even tho I never signed anything..this is one of those promo thru the

Tuesday is a federal and state holiday and no court will be in session.

As to your original topic, what you received should be no surprise to you. Pull out and read the original information you signed when you obtained the card and agreed to their terms and conditions. Everyone should read that stuff when they obtain a credit card or sign for a loan. It will amaze you what is in there that no one ever reads. Make it a habit from now on when/if you ever apply for credit again to read all that information. When you actually sign, you indicate you have read and understand the terms and conditions for obtaining credit. As soon as you miss that first payment, you are in breach of contract. Most people, after reading all that, would not sign to obtain the credit or the loan.

and I just made a phone call..Its just seeing it in print that makes me dizzy...

[Flamingo]

IMHO I think the banks do it because they can...they do not even wait until you pay them late. They can do it for any reason, like you have excessive balances on the rest of your cards or a high utilization. As long as they give you 15 days notice they can charge you what ever the market will bear.

And of course they are making money hand over fist - at a 29% interest rate you would NEVER pay off that debt if you paid the minimum payment. That is the intent of the cc company's - then we are their annuities! Or their slaves to our own debt....they know this, it is part of their business plan.

I understand your frustration and anger but you need to know you agreed to the terms and conditions they are applying to you...read my previous posting. You signed the paperwork allowing them to do what they are doing...it's not their fault that you did not read the paperwork although you stated when you signed and agreed to the terms that you did. All of us like to blame someone else when all this starts to occur but the blame really lies with ourselves...it's hard to realize at the time when all the bills and interest rates are rising but when it all gets resolved and you sit back and look at what occurred, it all begins with us. As I stated prevoiusly, in the future before signing for anything, take the time to read all the terms and conditions as to what the creditor can do if you agree to all those terms and conditions to obtain the credit. It's an eye opener, believe me!

[Flamingo]

Court will still be in session in our district, there are cases scheduled all day.

Election day is not a holiday in Minnesota. There are only 8 states in the USA that consider it a holiday. Delaware, Hawaii, Kentucky, Montana, New Jersey, New York, Ohio, and West Virginia.

You are correct - I left out in my posting "in certain states."

[banca rotta]

I understand your frustration and anger but you need to know you agreed to the terms and conditions they are applying to you...read my previous posting. You signed the paperwork allowing them to do what they are doing...it's not their fault that you did not read the paperwork although you stated when you signed and agreed to the terms that you did. All of us like to blame someone else when all this starts to occur but the blame really lies with ourselves...it's hard to realize at the time when all the bills and interest rates are rising but when it all gets resolved and you sit back and look at what occurred, it all begins with us. As I stated prevoiusly, in the future before signing for anything, take the time to read all the terms and conditions as to what the creditor can do if you agree to all those terms and conditions to obtain the credit. It's an eye opener, believe me!

It's very bad business making up the rules as they go along and it's wrong. Most people don't do business that way but you are correct as to who's fault this is, ours.

[ansky0007]

A $750 check writing fee? I hope that was a typo!

Did you write a $25,000 check at 3% fee with no maximum fee limit?

I did not read the fine print on the balance transfer check but it does not mater anyway since they did not keep to the terms on the check anyway since I never received the promo rate. There excuse was I no longer qualified because balances were to high on my other revolving accounts. I did not argue with them and I just stopped paying them so they can charge me all the fee's they want.

[StartingOver08]

I understand your frustration and anger but you need to know you agreed to the terms and conditions they are applying to you...read my previous posting. You signed the paperwork allowing them to do what they are doing...it's not their fault that you did not read the paperwork although you stated when you signed and agreed to the terms that you did. All of us like to blame someone else when all this starts to occur but the blame really lies with ourselves...it's hard to realize at the time when all the bills and interest rates are rising but when it all gets resolved and you sit back and look at what occurred, it all begins with us. As I stated prevoiusly, in the future before signing for anything, take the time to read all the terms and conditions as to what the creditor can do if you agree to all those terms and conditions to obtain the credit. It's an eye opener, believe me!

Flamingo - You misunderstood my post. I do not blame the cc companies at all. I ALSO READ EVERY SINGLE LINE BEFORE I SIGNED UP WITH THE CARDS AND LOC'S. I do not blame them. I blame myself. I got cancer. I had to live with the choices that I made prior to getting ill. For you to say that I am blaming someone else it totally uncalled for. When I found myself with a serious illness and an extreme income reduction, I did what I needed to do. First I contacted all of my creditors and worked out payment plans. I stuck to the payment plan until my income was reduced further - then I filed Ch 7. Now, you are saying to me I was irresponsible. It does not help matters to point fingers. When we have made an error in judgment you FIX THE PROBLEM rather than assign blame. That is what I am doing.

[fltoo]

Tuesday is a federal and state holiday and no court will be in session.

As to your original topic, what you received should be no surprise to you. Pull out and read the original information you signed when you obtained the card and agreed to their terms and conditions. Everyone should read that stuff when they obtain a credit card or sign for a loan. It will amaze you what is in there that no one ever reads. Make it a habit from now on when/if you ever apply for credit again to read all that information. When you actually sign, you indicate you have read and understand the terms and conditions for obtaining credit. As soon as you miss that first payment, you are in breach of contract. Most people, after reading all that, would not sign to obtain the credit or the loan.

Not a federal holiday although Obama is asking that everyone take the day off. LOL

[Flamingo]

I did not read the fine print on the balance transfer check but it does not mater anyway since they did not keep to the terms on the check anyway since I never received the promo rate. There excuse was I no longer qualified because balances were to high on my other revolving accounts. I did not argue with them and I just stopped paying them so they can charge me all the fee's they want.

Reread your first sentence - if you no longer qualified because your balances wre to high on your other revolving accounts, that information is stated somewhere in your paperwork. You just did not know or read it and when confronted with the information, it is a shock and their fault. That small print and all those clauses and paragraphs can get anyone who does not take the time to read or educate themselves as to exactly what they are getting into. Creditors are smart and make it confusing for a lay person without that much knowledge about credit and finances. If everyone would take a few moments and educate themselves about what t hey are doing before they sign, when the interest rate jumps 10% as to something if a payment is missed or cash advance check interest rate is denied, it won't be a shock. However, in today's world all anyone wants is the credit card and they don't care about all the terms and conditions that go along with it until something happens and then everyone states it is not "their fault." I know, been there and felt the same way.

[Flamingo]

Flamingo - You misunderstood my post. I do not blame the cc companies at all. I ALSO READ EVERY SINGLE LINE BEFORE I SIGNED UP WITH THE CARDS AND LOC'S. I do not blame them. I blame myself. I got cancer. I had to live with the choices that I made prior to getting ill. For you to say that I am blaming someone else it totally uncalled for. When I found myself with a serious illness and an extreme income reduction, I did what I needed to do. First I contacted all of my creditors and worked out payment plans. I stuck to the payment plan until my income was reduced further - then I filed Ch 7. Now, you are saying to me I was irresponsible. It does not help matters to point fingers. When we have made an error in judgment you FIX THE PROBLEM rather than assign blame. That is what I am doing.

Here is your posting that I responded to: Originally Posted by StartingOver08
"IMHO I think the banks do it because they can...they do not even wait until you pay them late. They can do it for any reason, like you have excessive balances on the rest of your cards or a high utilization. As long as they give you 15 days notice they can charge you what ever the market will bear.
And of course they are making money hand over fist - at a 29% interest rate you would NEVER pay off that debt if you paid the minimum payment. That is the intent of the cc company's - then we are their annuities! Or their slaves to our own debt....they know this, it is part of their business plan."

I did not call you irresponsible in my response to that posting. In general terms, when we all in the beginning sign on for a credit card, how many of us take the time to read all fine print as to what we are allowing the bank to do if we cannot make payments on the card? None of us at that time may think we will end up in a place where we may have to file BK. When it does, we are all shocked an confused as to why the banks are raising our rates when we have contacted them that we cannot pay. At that point in the situation, we tend to blame the banks/creditors for what they are doing to us when we, in the first place, allowed them to do it by taking on the credit. Banks are in business to make money; they charge interest on items you buy through them and penalize everyone when payments are not received or received on time. That is how they make their money and if you reread your last sentences above in your posting - you are correct - and of course it does not seem fair but business and business in the business world and it is all about making money.

I am sorry you were struck with cancer to be in the position you are now as it happens to many along with many people losing their jobs or having disabling heart attacks, etc. that put them in line to have to file. The intent of my posting was not how someone got to the point of filing, it is what we have allowed the banks/creditors to do as to our bills when we sign on the dotted line and that is why all the problems occur. Many people come on here in shock that their interest rate rose 10% on their next statement or the cash advance check was not honored and they were given an "excuse" by the credit card company why it was not when, in the first place, we allowed them to do that by signing. We make ourselves the "slaves" as you indicate in your posting. No one is saying anyone is irresponsible - everyone needs to educate themselves from these experiences by understanding how and why these things occur and educate oneself as to the terms and conditions of one's credit, loan or mortgage accounts.

[JRScott]

Not a federal holiday although Obama is asking that everyone take the day off. LOL

You know it probably should be a federal holiday. However if Obama was really serious about that, he could have introduced legislation making it so as a Senator......

Still I think rather than all this early voting, allegations of fraud etc. I think better to make the day to vote a federal holiday. Ask all businesses except essential ones (hospital, fire, police) close down, and even the essential ones should provide some time to get to the polling place.

Yeah they all jacked my Interest rates up to, some of mine were just at 30%, like some of you I didn't care anymore and when they started jacking them up is when I stopped paying them....odd how that works

[2Bshinyandnew]

No one is saying anyone is irresponsible - everyone needs to educate themselves from these experiences by understanding how and why these things occur and educate oneself as to the terms and conditions of one's credit, loan or mortgage accounts.

Understanding the terms of an agreement doesn't always make the agreement right, fair or legal. In contract law, which is codified by each individual state, typically the terms must be fair and reasonable. There is an inherent presumption by the consumer that the creditor who extends credit is doing so in a manner that is fair and will enable the borrower to pay back the loan. The consumer is permitted to assume that their lender is acting in good faith. One of the affirmative defenses used to defend a debtor against defaulting on a contract is that the terms are "unconscionable" and if a judge or jury agrees that the terms are unconscionable, the borrower is relieved of the debt, even IF they signed and understood. The legal interpretation is that a creditor (usually a large business or corporation, not an individual selling a car) has a higher level of responsibility to draft fair terms. The expectation that each and every individual who borrows money or signs a credit agreement even has the education or capacity to understand those terms is unreasonable, so most states have codified a businesses responsibility to their customers in such circumstances.

Unconscionable contract terms can be crystal clear or much more ambiguous.
Should we to assume that just because the terms of a credit card issuer are in writing that they are fair? The credit card companies would like you to think so, and in fact that is a tactic they use to get you to pay. If no one calls them on it it will continue, even if it is not right, fair, or legal. Our system is a reactionary system. Laws are set up in reaction to an event. A person/business will sue another person/business in reaction to an event. And so on.

The problem for consumers is, once they get to the point that these "unconscionable" terms are presented to them, they are in an unfair position, they are usually already in debt, or lack the education/time/capacity to get it, OR they were lulled into a false sense of security that their credit card company actually cares abut them. It's called predatory lending, and it's illegal, unethical and unfair.

So to say "you should have read the terms, next time read the terms an learn from your mistakes" is a simplistic point of view that assumes that what the credit card companies are doing is completely legal and fair.

[BigJohn]

What might have happened is the credit card company changed the terms of the loan. I have had that done several times. I received when I got the credit card decent terms. When things started to look bad, the credit card company sent me new terms with the stipulation that if I did not like the new terms, I could just pay off the loan.

Changing the loan terms after you get the loan doesn't seem right to me, is it?

[Mi Bankruptcy]

What might have happened is the credit card company changed the terms of the loan. I have had that done several times. I received when I got the credit card decent terms. When things started to look bad, the credit card company sent me new terms with the stipulation that if I did not like the new terms, I could just pay off the loan.

Changing the loan terms after you get the loan doesn't seem right to me, is it?

I think BigJohn has the right Idea. We received these modifications on some of our credit cards when obviously we were not able to pay the balance off in full. It's similar to tying someone to a tree and telling them your going to shoot them and they are free to move(even though they are tied)

[2Bshinyandnew]

I think BigJohn has the right Idea. We received these modifications on some of our credit cards when obviously we were not able to pay the balance off in full. It's similar to tying someone to a tree and telling them your going to shoot them and they are free to move(even though they are tied)

Exactly! And to say that you knew it MAY happen because it was in he fine print of your agreement illustrates precisely what I was talking about in my previous post. How many "may"s or "could"s are in the agreement? Yes we signed them, but these agreements give the credit card issuer entirely too much leeway. Consumers have the right to expect fair lending practices, not just in their mortgages and secured loans, but with unsecured credit as well. The system needs fixing, one way or another.

How many "may"s or "could"s are in a typical mortgage? Not many. Usually the language states "will". A contract with too many "may"s or "could"s isn't a valid contract. It is predatory.