More big-government socialism coming your way. Hallmark of the socialists.
Chase has a particularly nasty way of getting into their customers' wallets.
I had a cash withdrawal with a 'guaranteed' interest rate for the life of the loan as long as I wasn't late. I put it on automatic withdrawal to take care of that evenuality and forgot about it.
Some time later I looked at the loan--and it was considerably more than my original debt. Seems Chase has a 're-evaluation clause' in their fine print that says they can give your credit a negative rating, even if you are paying them on time, and kick the interest rate up from 7.5% (in my case) to 30%.
You'd think they'd have to at least notify you with a certified letter or something noticeable since they are changing a contract, right? But all they did was send one of those little fine print notices hidden among the ads stuffers for $4.99 sunglasses and such.
When I started I had debt equal to about 3.5 months take-home pay.
Admittedly some outfits like Chase are really out to screw their cardholders and my credit-union is not.
But all other things being equal one can get out of debt without recourse to government intervention.
Oh, I didn't cut up the card I paid off and won't with the other. I am keeping them for things like gasoline, real emergencies and the like. But non-necessary stuff is no longer in the equation.
No, in this case something has to be done with the loanshark-like tactics that some credit card companies employ.
There needs to be a return of usury laws.
This isn't about acquired debt; this is induced debt; a scam perpetrated by the banking industry.
The RICO statutes should apply.
Class action suit.
In this case, I have to agree that the credit card companies need a visit from the Sopranos. You don't do this to family. Ever. Sayonara, dirtbags.
Considering it was the credit card lobbyists who LITERALLY rewrote the bankrupcy laws the make the goverment a collection agency, they brought this scrutiny upon themselves.
We also have to remember the consumer has zero barganing power with the card agencies. It literally is an adhesion contract.
I find it unconscionable that a credit card company can use problems with one card for whatever reason to breach a client in other contracts even if the debt is current and good.
There is also the problem of wrong information. If a person has erronous information on their report a collection agency can and does try to legitimize the claim by papering the innocent person to death. Then even if they go to court, the demand summary judgment because some paper was not refuted.
I love my Citi Dividend card.
Implicit discount (thanks to paying for purchases up to a month later) and $50 cashback every quarter.