BOA found a new way to get us, read this: (loan, borrow)

[jwren]

Well great news to all of you who were able to get the interest rate increase reversed, but beware because they have something else up their sleeves:
Well here is my story with my gold option LOC... not only did they close my acct about a year ago, (which was fine because I only was paying it off, not charging more, actually I didn't have a way to charge so I don't know why it was called a LOC) Well last week I guess they found a new way to get us..I received a new bill and my payment went up, yet my interest rate was the same. So I called and they told me due to the economy, they are changing the terms of the note to be paid off in three years instead of eight years. So although I have paid faithfully for the past two years, my loan is now shortened to three years and forced my payment to go up. I am struggling to make the one I have due to the economy and lack of work for our business and now this. I made this loan over the phone and was told this rate and term would remain the same. I never signed anything before receiving the funds. I have over a 760 beacon but they gave me a 14.99% interest rate because I am self employed, I was told I could have a review in 6 months and when I called back they said they couldn't lower it. I have paid over $11,000 in two years in interest because of this high rate and they get that before applying to principle. I borrowed $25,000 for medical bills, I still owe $22,000 two years later. I am not sure what to do, but I need something to be done. I also have a LOC through my company that they also cut off, we never paid late, they just said they weren't doing LOC's anymore. Now we are just paying interest and minimal to principle due to the same scenario. I think when "they" close your acct they should lower the interest rate to help you pay it off sooner. It was "Our taxpayer dollars" that not only saved them but paid bonus's to all their big wigs. What is wrong with this picture?