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Old 04-07-2009, 11:44 AM
 
438 posts, read 774,511 times
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Unfortunately, the banks have NOT broken the rules according to the fine print to which us consumers agreed when we signed up for the cards. I say 'unfortunately' because had they broken the contract, the consumers would then have a reason to file a formal complaint or even a lawsuit. (I believe it's because of the contract the BofA is not charging you, Ani, the new higher interest on the existing balance. We all know they would otherwise! So in a way, you're less screwed.)

It's not just BofA, by the way. Many CC issuers are doing the same thing. Myself, I'm dreading the day that AmEx cancels my card for no good reason. . .
Oh wait--There is one good reason--I've piled up hundreds of dollars in cash rewards that is paid once a year . . . unless the card is cancelled. Hmm . . . I wonder when AmEx will cancel my card.
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Old 04-07-2009, 11:44 AM
 
Location: State of Being
35,886 posts, read 62,082,359 times
Reputation: 22160
Quote:
Originally Posted by Art1979 View Post
Oh Wulf, never tell a redhead her anger's unrealistic, unless you're good at dodging flying objects.

ROFL!!! WULF doesn't have to duck. He and I know we really do agree on the big picture here. We both know that plenty of people did NOT use credit wisely. We all have had choices; I am just angry b/c I feel the banks are not being fair to exemplary customers. I also know they are worried about default rates and have used these methods of cutting off credit and raising interest rates as a way to lessen risk.
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Old 04-07-2009, 11:51 AM
 
Location: Charleston, SC
4,561 posts, read 6,083,772 times
Reputation: 2497
Well, either way, I'm going to send the flying monkeys on these people.
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Old 04-07-2009, 11:57 AM
 
Location: State of Being
35,886 posts, read 62,082,359 times
Reputation: 22160
Quote:
Originally Posted by Oldsmobile View Post
Unfortunately, the banks have NOT broken the rules according to the fine print to which us consumers agreed when we signed up for the cards. I say 'unfortunately' because had they broken the contract, the consumers would then have a reason to file a formal complaint or even a lawsuit. (I believe it's because of the contract the BofA is not charging you, Ani, the new higher interest on the existing balance. We all know they would otherwise! So in a way, you're less screwed.)

It's not just BofA, by the way. Many CC issuers are doing the same thing. Myself, I'm dreading the day that AmEx cancels my card for no good reason. . .
Oh wait--There is one good reason--I've piled up hundreds of dollars in cash rewards that is paid once a year . . . unless the card is cancelled. Hmm . . . I wonder when AmEx will cancel my card.
We have had our personal AmEx since 1982. Let's see - that 27 years! Excellent credit w/ them, of course. We have used the points to fly first class to Europe 2 times, amongst other things. I have had my AmEx business card since 1992, so let's see - that is 17 years. Back in the summer, they kept hounding me to change the terms on that business card to payments that could be spread out over several months. In other words, if I incur $2500 worth of businesses expenses in a month, instead of having to pay off that entire amount as we all do w/ AmEx, they would allow me to carry over a balance. So I finally agreed, thinking - well - that could be helpful. We got a letter last month stating that they have changed the terms on our card and we can no longer carry over a balance. HELL - I never DID!!! But at the same time, they said that they were changing other terms, including how our points accrue. I just threw it in the garbage. I have quit using my personal AmEx and as soon as I can figure out the best solution w/ business expenses (I like their itemized monthly statements) . . . I will drop the business account, too. Just tired of being jerked around.
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Old 04-07-2009, 11:58 AM
 
Location: State of Being
35,886 posts, read 62,082,359 times
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Quote:
Originally Posted by nature's message View Post
Well, either way, I'm going to send the flying monkeys on these people.
Me, too.
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Old 04-07-2009, 12:13 PM
 
Location: Huntersville
1,852 posts, read 4,410,840 times
Reputation: 518
Quote:
Originally Posted by anifani821 View Post
ROFL!!! WULF doesn't have to duck. He and I know we really do agree on the big picture here. We both know that plenty of people did NOT use credit wisely. We all have had choices; I am just angry b/c I feel the banks are not being fair to exemplary customers. I also know they are worried about default rates and have used these methods of cutting off credit and raising interest rates as a way to lessen risk.
I may duck anyway..

Ani is much more passionate than I am. As she states we do agree on many things, not everything but on the bigger issues. (we probably were married in a previous life). Its not to say I am not passionate about the trouble we are in and fools in charge. But I also think that people have gone off the deep end (not Ani), like the gov't getting upset about bonuses and wanting to charge 90% taxes. Thats crap, because you can't change the rules for one group, right? I know I have been railed for "defending" Banks, but I just try to present another side. Even BANA, doesn't want to tick off every customer, because then.. um.. they have no business. Anywho.. 2009 is again going to suck, for those that persivere, we may come out ahead in 2010. Good luck to all.
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Old 04-07-2009, 12:26 PM
 
Location: State of Being
35,886 posts, read 62,082,359 times
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Quote:
Originally Posted by Whytewulf View Post
I may duck anyway..

Ani is much more passionate than I am. As she states we do agree on many things, not everything but on the bigger issues. (we probably were married in a previous life). Its not to say I am not passionate about the trouble we are in and fools in charge. But I also think that people have gone off the deep end (not Ani), like the gov't getting upset about bonuses and wanting to charge 90% taxes. Thats crap, because you can't change the rules for one group, right? I know I have been railed for "defending" Banks, but I just try to present another side. Even BANA, doesn't want to tick off every customer, because then.. um.. they have no business. Anywho.. 2009 is again going to suck, for those that persivere, we may come out ahead in 2010. Good luck to all.
LOL! Yes, I am feeling very passionate about this. Actually, kinda cooled off now cause I know I am not alone in having to deal with all these situations. Millions of others - who have "played by the book" - are trying to figure out how to deal w/ the consumer credit crunch.

I also agree that many have gone off the deep end. Firing the GM CEO - that was strange. GM is not owned by the government. And the whole bonus issue - that was also strange and way over-reactionary. You would THINK you can't change the rules for just one group! (It all looked like a dog and pony political show to me).

It may have been wiser to just nationalize these banks totally instead of lending them money. But it is all water under the bridge now. (BTW - the international opinion is that we SHOULD have nationalized these banks).

2009 is gonna suck for a lot of us. And it could be worse for me, personally. Hubby and I are still working. What if we had these medical bills to pay and no jobs? Or - like millions of Americans - NO INSURANCE?

I will get through this as will everyone else out there. But I do think there are millions of us who really do feel like our voices are not being heard. As EM said . . . I suspect most of us would stick our heads out the windows and yell that we have had enuff - if only we thought someone was listening.
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Old 04-07-2009, 12:35 PM
 
Location: Huntersville
1,852 posts, read 4,410,840 times
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Quote:
Originally Posted by anifani821 View Post

It may have been wiser to just nationalize these banks totally instead of lending them money. But it is all water under the bridge now. (BTW - the international opinion is that we SHOULD have nationalized these banks).
Nationalizing is not the answer (any version of it). They still have be profitable. The international community think it's the right thing to do, because thats what they do and it's working out so well for them? Oh wait, they are having the same if not worse issues. When you nationalize, you have no fall back.

We just need to give this time to adjust as all economies do. We have been living on borrowed time (pun intended) for so long. Mortgage rates at 6%? Credit cards at 7.9%? 0% for 12 months. 0% car loans? It lend to an unprecident amount of credit, every place had it. Remember layaway? You could pay for something over a period of time, but you didn't actually get the item until is was fully paid for. We went up too fast and this crash is going to hurt. But hopefully in 2010 we can put ourselves back together and rebuild. With a stronger foundation.
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Old 04-07-2009, 12:52 PM
 
Location: State of Being
35,886 posts, read 62,082,359 times
Reputation: 22160
Quote:
Originally Posted by Whytewulf View Post
Nationalizing is not the answer (any version of it). They still have be profitable. The international community think it's the right thing to do, because thats what they do and it's working out so well for them? Oh wait, they are having the same if not worse issues. When you nationalize, you have no fall back.

We just need to give this time to adjust as all economies do. We have been living on borrowed time (pun intended) for so long. Mortgage rates at 6%? Credit cards at 7.9%? 0% for 12 months. 0% car loans? It lend to an unprecident amount of credit, every place had it. Remember layaway? You could pay for something over a period of time, but you didn't actually get the item until is was fully paid for. We went up too fast and this crash is going to hurt. But hopefully in 2010 we can put ourselves back together and rebuild. With a stronger foundation.
Good points. And yes, the international community has not weathered this economic crisis so well, either.

I agree - we have been living on borrowed time. I have mentioned many times on this forum that I was so surprised to see interest rates ever go below 7.5%. I just never thought I would see that in my lifetime. And the credit card intro rates . . . that was a phenomenon that had to go bust eventually.

I am also a proponent of "lay-away." Bought my first appliance that way, even! A dryer. Bought the washer second hand and paid cashed. Bought the dryer on sale and put it on "lay-away." Pinched my pennies and managed to "pay it off" ahead of schedule. NO MORE LAUNDROMAT FOR ME!!! Did that at 20 while still in college. Lay-away was what made that purchase possible.
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Old 04-07-2009, 01:03 PM
 
Location: Charlotte, NC
2,193 posts, read 4,275,651 times
Reputation: 1071
Quote:
Originally Posted by anifani821 View Post
Yeah, BofA is saying they are paying back some of the TARP funds. Well, guess how they are getting that money? Raising fees and gouging the taxpayers whose money they were given to bail them out. THIS IS OUTRAGEOUS.
"They are giving our money to the banks to lend back to us with interest."
That's how the bailout is being funded. And the people are just sitting around idly by watching this happen.
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