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If you havent switched banks, your the one punishing yourself. Stop blaming the banks for your laziness to find a new credit card company or your inability/unwillingness to negotiate..
I'm not lazy, and I'd appreciate it if you would not insinuate as such. The fact is, banks are practicing predatory lending. If bank A does it, bank B will and has done it as well.
I pay my bills. And if you've ever been in the situation (as I have), where you absolutely HAD to rely on some form of credit to stay afloat until you could get back on your feet (all the while, PAYING your bills), you might be a little more sympathetic to my argument.
The last thing someone needs when they are in a situation of unemployment with zero income is the bank coming in and increasing rates drastically. It actually prevents you from being able to remain current and increases the chances of you going into default on your loan, which is not something I think is in the best interests of the banks or you.
Well now here is a lesson in life isn't it? Don't over use the cards or you will get stuck paying them off for a long time. Sorry but I know folks who make the same living that I do and carry anywhere from 10 to 15 g in credit card debt. They use them to pay for vacations, buy toys, and then complain when the interest is so high.
1. I will never charge a toy.
2. I will never finance a vacation.
3. I will never finance anything unless I can afford to pay it off within 1 month. ( Outside of a crisis)
But, if you are put in the situation where you have to survive because of unemployment, you would most likely use that card to buy food and pay for basic expenses would you not?
I never charge toys, I never finance vacations, BUT I will use my credit card to survive until I can get back on my feet (paying more than the minimum due each time).
Easier no. But then thats not the banks problem. Their problem is that they gave the individual a credit card on the good faith that said individual would pay their bills on time. Said individual failed to do so and enjoys the cosequences of their failure. What sounds logical to me is:
1. Don't be foolish with a credit card.
2. Make your payments on time.
Life isn't always fair and is seldom easy don't make it any harder than it is already by being foolish with something as potentially damaging as a credit card.
What about those of us who make our payments on time and STILL get their rates hiked because of the irresponsible ones? You failed to address that in your tirade against CC holders who maintain a good rating.
What is really dishonest is when they decrease your limit to below your balance.Say you have a $5000 limit and owe $4000 and they decrease your limit to $3000 and start nailing you with over limit penalties.
What is really dishonest is when they decrease your limit to below your balance.Say you have a $5000 limit and owe $4000 and they decrease your limit to $3000 and start nailing you with over limit penalties.
I pay my bills. And if you've ever been in the situation (as I have), where you absolutely HAD to rely on some form of credit to stay afloat until you could get back on your feet (all the while, PAYING your bills), you might be a little more sympathetic to my argument.
The last thing someone needs when they are in a situation of unemployment with zero income is the bank coming in and increasing rates drastically. It actually prevents you from being able to remain current and increases the chances of you going into default on your loan, which is not something I think is in the best interests of the banks or you.
And using your argument, the banks wouldnt have extended you credit, they simply would cancel credit of individuals having "hardships".. Whats better, a little higher interest, or no card at all. Remember, no card = no ability to stay afloat..
A petition to Congress for those who are interested in signing it.
The Senate is considering a strong bill to outlaw some of their most egregious abuses.
But the bill isn't moving, and too many senators are scared to take truly bold action against the banks. If enough of us speak out together quickly, we can make sure Congress knows we expect them to protect voters, not banks. Can you add your name now so they get the message? Clicking below adds your name:
The petition says: "We need a strong Credit Cardholders' Bill of Rights that isn't watered down by the big banks—and we need it now."
To get our economy back on track, we need a functioning financial system that extends credit on fair terms to worthy borrowers like small businesses, students, and car buyers.
But as long as the banks are the ones writing the rules, we'll continue to have a system that's good for them and bad for everyone else. Since the early 1980s, the government has gotten rid of more and more regulations at the banks' urging. Entire industries have sprung up built on misleading people and taking advantage of them.
Now that we've seen the disastrous consequences of that deregulation, we have to act.
The House bill passed by a big margin, but the Senate bill, sponsored by Senator Chris Dodd, is significantly tougher on the banks. If we don't pass strong reform now—in this moment of anger at the industry's wild abuses—we may not get the chance again. That's why we need to speak out right away to make sure the banks can't block or water down these necessary reforms.
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Remember, no card = no ability to stay afloat..
A petition to Congress for those who are interested in signing it.
