Chase Credit Card-Boooo

[bsmith]

Well, I'm just a little PO'd. Just thought I'd spread the word that Chase Credit Cards Companies are "Standardizing" their product lines.
I've had a 7% Fixed rate card with Chase for 8 years, after 8 years they closed the account and re-opened it at an Adjustable rate currently at 11.99%!

So I figured if any of you out their are loyal customers like me, don't expect them to reward you by leaving you alone.
I've made 96 payments on time and have used that card for most my purchases. I can't imagine how much they have made off me.
I'm transfering all my balance to one of the 3 Apps I get a day! If I didn't have ethics or pride, I'd almost considering declaring Bankruptcy just to stick it to them! :pissed:

 

[Okiewan]

I bailed on ALL credit cards years ago. ... nothing but Debit cards, American Express and Dinner's Club in this house.

And no, those aren't "credit cards". They are charge cards :)

 

[Reesknight]

Thanks for the heads up. Time to transfer balances again. :bang:

 

[bsmith]

What chaps me most is I also missed the letter they sent in November telling me of the change! However I think it should be more then one letter, especially when they know it looks like junk mail.
But My wife had her Neck operation the week the sent it. Then the Holidays kicked in! If I wouldn't have missed it they would have just closed the account and I'd pay 7% unitl paid off. I could have lived with that!

I'm just going to do everything through my local small town bank and use checks or cash!

 

[jaction125]

I just transferred a balance to them, intro rate of 0.0% until aug of '07. Them it's no more cc's. :cool:

 

[robwbright]

If I didn't have ethics or pride, I'd almost considering declaring Bankruptcy just to stick it to them! :pissed:

I quit using credit cards about 4 years ago because of issues I created and the companies made worse. I intend to never get one again for personal use.

Unless I'm mistaken, it is more difficult to include credit cards in a bankruptcy as of 2005-2006 - thanks to Congress (after the credit card companies paid 100 million dollars lobbying fees - what in some worlds would be known as "bribes"). Plus, many cards have had their minimum payments significantly up'd by the new laws.

The credit card companies say they are doing this for the consumer's own good - because it would take 30-40 years to pay off a balance if you're only paying minimums.

The companies apparently failed to notice that a large portion of their customers are so financially stretched that a 50-100% increase in the minimum payment on their credit cards will cause many to stop paying. . .

Quote from here:

http://www.inthesetimes.com/site/main/article/2662/

"[Judge] Monroe was furious, not with the Sosas, but with Congress for tying his hands. “Can any rational human being make a cogent argument that this [law] makes any sense at all?” he wrote in his opinion. He even accused Congress of colluding with the nation’s credit industry “to make more money off the backs of consumers in this country.” "

"“Unquestionably, this is the most poorly written piece of legislation that I or anyone else has ever seen,” says U.S. Bankruptcy Judge Keith M. Lundin, who has overseen cases in Tennessee since 1977. “No one has ever seen a piece of garbage like this,” he adds. “There’s going to be the most fantastic anarchy in bankruptcy courts for years.” "

"Hundreds of law professors and judges tried to weigh in, testifying before Congress and signing letters denouncing the proposed reforms. But they were no match for the coalition of credit card companies, auto lenders and home mortgage providers who claimed that many Americans who filed for bankruptcy—a record two million families in 2005—were abusing the system. The law easily passed both chambers last April. "

 

[Okiewan]

So, the CC companies are bad because Joe Blow can't keep from digging a huge debt hole? APR/Finance charges too high? Don't use it. "I ran my card up to $20,000 and now I'm having a hard time paying it back and the credit card company isn't being nice". And? :whoa:

It's really very simple, they are out to make money but they DON'T force you to use their cards. It's just more of the "it's not my fault" crap that's so previlent these days.

And the bankruptcy thing? I'd be willing to bet, 1 in 10 people at least know someone that ran their cards/loans, etc. to the MAX right before filing. Something had to be done to stop the abuse we ALL pay for.

 

[Okiewan]

And BTW .. if Bsmith's card company transferred his balance to a higher rate (on THAT balance), that's theft, plain and simple. The money was borrowed at "X" rate, they can't change it after the fact.

 

[Papakeith]

Oh, I'll bet they can. I'm sure it's somewhere in the fine print of the contract.

 

[Okiewan]

Oh, I'll bet they can. I'm sure it's somewhere in the fine print of the contract.

You may be right... maybe I should read the fine print. Oh wait, I bailed on CC's long ago. :)

 

[trevor9a]

And the bankruptcy thing? I'd be willing to bet, 1 in 10 people at least know someone that ran their cards/loans, etc. to the MAX right before filing.

This is incorrect. I went through bankrupcy after child custody battles that were not initiated by me. If you run up your credit within a year before filing bankrupcy the credit card companies can successfully sue you for the money. Also, to say that people stuck in bad financial situations due to medical expenses, lawsuits, the local mill closing down due rich credit card companies sending their jobs overseas as spongers off society is ludicrous. The government sold out the little people with this. Suprise surprise. Have you seen that 9-11 documentary where Bush is at that fundraiser. He says "you are the have's and the have mores. You are my base". Says it all right there.

 

[Okiewan]

Also, to say that people stuck in bad financial situations due to medical expenses, lawsuits, the local mill closing down due rich credit card companies sending their jobs overseas as spongers off society is ludicrous.

Who said that?

Bush is at that fundraiser. He says "you are the have's and the have mores. You are my base". Says it all right there.

Yeah, I saw that.. it was obviously tongue-in-cheek... you know, republicans are rich? A joke? Humor?

Regardless, it's still the borrowers responsibility to pay back their debt. Even if they lose a job. There are no get out of jail free cards. If they keep their debt low, it's not as difficult to get by until the next job.

I'm sure there are MANY cases of medical expense, disability, etc problems and situations that weren't the debitors fault, THAT is what the Bankruptcy laws were put in place for. NOT to be abused by people who have no self control over their spending habits. In general, we are a society full of people that live WAY beyond our means and are in massive debt... thus my original post.

 

[FruDaddy]

Have you seen that 9-11 documentary where Bush is at that fundraiser. He says "you are the have's and the have mores. You are my base". Says it all right there.

Did you know that John Kerry and a high ranking catholic priest were right next to him? It is an annual event where, during an election year, both candidates are invited and expected to make fun of themselves. Michael Moore and that entire mockumentary are full of s***. But have endured that piece of garbage, you owe it to yourself to find and watch "FarenHYPE 911". Sorry if it's off topic, but that film did little more than p*** me off.

 

[motometal]

yes, they make sure and throw enough pages of fine print at you that unless you don't have a life or have much time on your hands, you aren't going to read it all every time it comes.

there's nothing wrong with credit cards, as long as you:
1. don't charge anything to the card unless you can aford it
and
2. pay off the balance every month (ok, maybe make a small exception at Christmas time, pay off within two months)

I think they are rather convenient for all sorts of transactions, plus you have record of it all in one place. Plus if a deal goes wrong, you can get credited from the CC company. I'm pretty sure debit card through your local bank doesn't work that way.

 

[robwbright]

So, the CC companies are bad because Joe Blow can't keep from digging a huge debt hole? APR/Finance charges too high? Don't use it. "I ran my card up to $20,000 and now I'm having a hard time paying it back and the credit card company isn't being nice". And? :whoa:

It's really very simple, they are out to make money but they DON'T force you to use their cards. It's just more of the "it's not my fault" crap that's so previlent these days.

And the bankruptcy thing? I'd be willing to bet, 1 in 10 people at least know someone that ran their cards/loans, etc. to the MAX right before filing. Something had to be done to stop the abuse we ALL pay for.

Okie - I think you missed my point. I took blame for my own problems, but when I was unemployed and my card got $200.00 over limit and THEN they lowered the credit limit $1000.00 without warning - I was put in a position where I could not possibly catch it up to current for quite some time.

That's hardly fair - in fact, it should be illegal.

I didn't say anything about the "it's not my fault." Anyone who runs up large credit card debt is being stupid - and I include myself in that.

However, credit card companies are repeatedly in trouble for illegal and unethical behavior. The new laws merely encourage them further.

BTW, in most cases, after the first year or two, the credit card companies don't bother to keep the original, signed contract between the them and the card-holder. In many cases, without that initial contract, they cannot win against you in court.

Call it a cop out, but the law says they must keep the contract to prove that there was a contract. They don't bother to obey the law, so the company loses out.