Posted on 09/09/2009 7:05:58 AM PDT by randita
A woman ticked off by Bank of America notice raising her interest rates to 30%. Great rant! This needs to go viral.
http://www.youtube.com/watch?v=jGC1mCS4OVo&eurl=http%3A%2F%2Fmarket-ticker.denninger.net%2F&feature=player_embedded
Please correct title to Debtors Revolt Begins Now.
Thanks.
begins?
They did this to my daughter. She’s working two jobs to try to pay if off. She was stupid enough to get into debt, however BOE just can’t change the rules in midstream.
Debtors revolt, being now, not tomorrow, is happening at this time.
oh i must see this.
I’d much rather see a taxpayer revolt.
Space aliens?...............
Uh, yes they can.
Better for her not to have gotten in bed with credit card companies; lesson learned.
Now that she and millions have, the rewards I and millions of others that pay on time earned are on the chopping block because the people that got themselves into trouble with credit cards whined and moaned to Congress....
I went to BOA to put $50 CASH into my daughter’s account and they wanted MY ID. New BOA rule - they need to verify I was there... I let her see my work ID - no DL for them.
Why isn’t the cash and a deposit slip enough?
It’s getting ridiculous.
Since she just got married, the account will be closed very soon!
not smart....B of A is just playing into the hands of the Bam Administration that is looking for more ways to regulate and seize the economy (and which many will applaud)
re: your complaint that ID was wanted to make a deposit to someone else’s credit card/bank account?
Because scammers will try to make a small deposit to accounts to verify it IS STILL OPEN and a good credit card number to commit FRAUD WITH!!!!!!!
SHEESE........Some people.
The only revolt I can support is to pay off your debt, cut up your card and fire your bank.
what does this woman think of high taxes?
Let's see. Most credit cards are issued by banks. All banks enjoy certain monopoly benefits of being banks: they can create money out of thin air. In addition many banks have receieved huge taxpayer handouts, particularly some of the largest credit card issuers. Given this I believe that the industry needs to be regulated, perhaps more than most. The reason to grant banks the monopoly they have is not to make bankers rich, it is to make society work. 30% interest rates are not in societies best interest. For years, until bankers lobbied to have them repealed, many states had usury laws. In Connecticut until about 1982 no financial institution could charge more than 12% interest on a credit card. The banks seemed to be doing just fine, despite this restriction. When I was a kid 30% interest was associated with the mob. Now it's associated with JP Morgan Chase. Oh, I see I'm repeating myself.
If we can launch on the Banks ... Isn’t BOA “owned” via Tarp,etc?
A 2 front war .. no problem... Thanks to the Great OBAMA, my position is such.. it will be just as easy to deprive 2 fronts economically. I can carry 2 signs, or I can appear at 2 different protests...
And get out and STAY OUT OF DEBT.
I am sure all the Freepers on this board would love to see how see racked up this debt. I am positive you will see alot of silliness - dinners, trips, nail salons, LCD TVs, etc.
Be an adult. You charged the debt on an unsecured line of credit. Pay it off. Next time know the crooks you are dealing with. Pay off your debts. Stay out of debt. Live below your means.
Ping to CSM for the Dave Ramsey list.
Get another credit card and transfer the balance from her old card.
Always read and understand the fine print. If it’s too fine, complicated or both, get someone to read and interpret it for you. If you have to borrow money, you do it at the terms of the person or business that has the money,even if it’s TARP money they are lending back to you. Just because they have TARP money, doesn’t mean they aren’t following some very strict terms laid out by the government. When you go into debt, you give up some freedom. How much freedom depends on how much debt. If it gets so bad you end up committing fraud, you go to jail.
Simple solution to 30% interest rates: DON’T USE THE CREDIT CARDS. I guess what you are saying that a viciously high interest rate of 16% or so was OK and the party chose to incure credit card debt, but now those same jerks want 30% so you want Congress to “fix it”.
Well, that’s life with borrowed money...and I want Congress to stay out of it. I am losing over $500 per year on rewards ALREADY because of complainers.
Great Plan
anyone who goes so far into debt with a credit card( true emergencies are a different matter) charging frivolous crap and who doesn’t notice the credit card balance growing each month is TOO STUPID to have a credit card.
Pay down the debt YOU ran up and please learn a lesson.No sympathy for greedy stupid people.( once againg true emergencies are a different matter)
I don't like it, made drastic changes to pay off the balance and are FIRING that bank for their greediness.
We as a Nation need to take seriously our addiction to credit, it's what is allowing what's happening in Congress and we have ourselves to blame for that ( I do, anyway ).
Dave Ramsey has it right --->
http://www.daveramsey.com/
“Be an adult. You charged the debt on an unsecured line of credit. Pay it off. Next time know the crooks you are dealing with. Pay off your debts. Stay out of debt. Live below your means. “
Amen!
I guess I’m just not devious enough. I never thought of that angle. Thanks
I have never been late on any of my credit cards...all 27 of them. Then I started getting notices that they were lowing my limit or closing my cards(which destroys my credit when they lower or close an account)...so I say screw em if they are gonna destroy my credit by closing my accounts(that have never been late) then i am going to help them go bankrupt! I dont need credit anymore...
I have no problem with a bank increasing rates on new purchases. I’m not sure it is fair for a bank to raise rates on old balances, though, especially to such a high rate.
Not necessarily. What the credit ratings folks want to see is that you have used less than 50% of your available credit. IOW, if you had a $50k combined credit limit on 27 cards, and you had a combined $15k in debt, there's no reduction in credit score if your combined credit limit goes to $30k. Now, if your credit limit goes to $20k, and you have $15k in debt, then yes, your score will drop because your debt is more than 50% of your available credit.
bfl
That has started as well.
If ya play with snakes, don’t be shocked when ya git bit!
Dave Ramsey Fan Ping List.
If you would like to be added to the “Live like no one else, so that you can LIVE like no one else” list, feel free to Freepmail me.
Thanks for the ping!
I’m making bigtime baby step 3 progress!
Along with a spellers revolt.
:-)
Contract law:
whatever is between the 4 corners of the agreement signed to create the credit card account is permissable. For sure they can increase and change fees at will.
I find it interesting that few are worried about the 25% of credit card charges these banks end up eating as uncollectable. That “huge” interest rate they charge BARELY covers the bad debts they incur. So don’t complain to the credit card companies about the 30% rates; complain to the people that DON’T PAY the credit card companies what they owe.
re: lowering limits on credit cards.
Blame TARP and Obama’s new rules. The banks are under orders to recapitalize. This means looking at every loan, potential loan, and credit card limit and reducing them to reduce exposure and limit the amount of capital they are required to have on hand.
Complain all you want about what credit card companies are doing. They are doing it because they have to.
I asked them if the next time I mailed them a check, should I send my drivers licence with it.
I also thanked them that they wouldn't just let anybody walk in and pay my phone bill. I walked out and mailed them the check.
Thank goodness I don't have to have AT&T anymore.
“Credit Card Debt is Dumb” - Dave Ramsey
One can reject the increases and not use the card.
We are being tracked.
I notice my bank is now tracking the monies that I cash on their bank, that is new.
“The only revolt I can support is to pay off your debt, cut up your card and fire your bank.”
Amen, amen and AMEN to that! :)
“Be an adult. You charged the debt on an unsecured line of credit. Pay it off. Next time know the crooks you are dealing with. Pay off your debts. Stay out of debt. Live below your means.”
Sing it! :)
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