Credit Card Revolt….What Would You Do?
| September 16, 2009 |
All across the country, millions of Americans are receiving letters in the mail stating that their interest rates have increased and credit limits have decreased. With these changes some credit cardholders have decided to continue using their cards while others have decided to turn to cash or debit cards for making payment. For one woman from Red Bluff, California, this change in her terms and conditions has caused her to take on Bank of America in a very public way, via youtube.com.
So what does she want exactly? According to an interview with The Huffington Post, she just wants her interest rates lowered. Apparently, her interest rate has been raised multiple times and is now at thirty percent. Since she has tried many times to get her interest rate lowered only to be declined, she has taken all of her money out of her Bank of America accounts and now banks with a smaller community bank. Since no one at her local Bank of America branch would speak with her, she has sent several letters to the CEO and board of directors asking them to watch her youtube.com video and reply back to her.
After reading her interview about her story, I really don’t know if this will have any outcome with getting her rates lowered. There are many people that would probably say she should just pay her credit card debt and move on, but on the other hand there are millions of people who are getting treated the same way by issuers and believe this is the way to go.
How would or did you respond in a situation where your rates were raised for no fault of you own?
| Share | Tweet |
I just received, yet again, another notice from another credit card company that my rate will increase 3%. I am in good standing with this credit card company like I am with all my credit card companies. This particular credit card company is a Saks Fifth Ave. Mastercard. I will keep my account open as not to affect my credit score. However, Saks Fifth Ave. has lost all my Christmas business. I will not use their card or shop in their stores.
Comment by Claudia Williams in Eagle, Idaho — October 15, 2009 @ 1:18 pm
I have just tried to payoff my credit card balance with BP Card Services… According to them the customer service can not provide me with a pay off amount… How are we to pay off these theives if the credit card co can not povide a payoff balance… This is insane… I am try to make a final payment and they want let me… How do you close a credit card acoount??? I mailed a check for the amount of my statement and do not plan to make any more payments to them.. they tell me now it will appear on my credit report… how do you keep your credit reports good if stupid companies can not provide the amount to pay off an acoount..Someone Please enough is enough…..
Comment by Fred in Dobson — November 12, 2009 @ 3:38 pm
As is most evident,credit card companies are real crooks because they and the banks have a license to steal, thanks to our congressional representatives, who are bought and paid by these people. I believe there is only one way to deal with these crooks and that is to simply stop paying them, not one red cent. If this were to happen these crooks would have to spend their monies to enforce any actions against the public. I say let these crooks be put in their place once and for all. If the public doesn’t have the guts to do this then they get what they deserve from these crooks. What is credit but a curse to working people, once they have you hooked they stick it to you. Wake up America and give these crooks a real revolt. Also, in the next election vote against every, so called representative of the people, who has let this happen to all of us. REVOLT NOW
Comment by Mac in Lapeer Michigan — December 18, 2009 @ 1:35 pm
My Chase credit card rate was just raised by 8 percentage points. I wasn’t late, I wasn’t over limit…. I had fulfilled my part of the agreement and the bank simply did what it wanted to.
I am a Real Estate agent. I will tell my customers NOT to finance their home with Chase. I will tell everyone that I meet (sales people in stores, waiters in restaurants, attendants at gas stations, etc. — I will tell EVERYBODY that Chase raised my rates and that everybody should use another bank.
Comment by dmeach in Maryland — January 7, 2010 @ 1:50 pm
I faithfully made all my payments on time for 20 years only to have my rates go up and up may credit lines cut to nothing. I was truly the best credit customer out there. I ran high balances and faithfully paid on time every time and had no intention of changing my ways.
Ultimately, however, I came to the conclusion that the credit card companies already considered me bankrupt so I went ahead an made it official and filed Chapter 13 Bankruptcy and ended up paying 7 cents on the dollar and now have an extra $1,500 a month and could care less about my credit rating because now that I don’t have credit anymore I don’t need it.
Comment by Mark in Sacramento — January 7, 2010 @ 4:20 pm
I have done business with Cabelas for near 20 years. They sell outdoor sporting goods. I have had their Cabelas Visa for nearly as long. For paying my card multiple times a month and on time I have been rewarded with an interest rate increase of 4%+. I recommend to anyone to stop business with Cabelas (they had to OK this increase.)and move your Cabelas Visa charges to another card and stop business with both. They should both be on a list of robbers that don’t deserve our business.
Comment by Phillip W. Sexton in Clarksville, Arkansas — February 22, 2010 @ 1:23 pm
Each time I pay down a credit card they lower my available credit and raise my rates. When I call they say something like “it’s the current economy and we can’t do anything about it” Well, it is a f…ing firewall. The time to resist is now. If we keep hounding them they will have to do something. Send in a letter to your paper. Call your congressman! Let them know you are contacting your attorney. All we can do is give them back the grief and disrespect they gave us. They are all in bed with each other. All blood sucking pigs!
Comment by James in Oregon in Oregon — March 9, 2011 @ 12:00 am