Credit Cards add to Virginia Beach and National Subprime Real Estate Misery – Will the Real Jerks Standup
The news is grim, home foreclosures up even with Virginia Beach real estate, the country is 900 billion in debt to credit cards. Credit cards raising interest rates on consumers without asking – using some rationale that their FICO or credit score went down thus they are more of a Bank risk. Banks must protect themselves by making more money from consumers. Hard to believe this is legal.
Did you listen to these Bank Officials testifying? Do they look like they care? Conversely, the thinking is they should get more of your money. Now, some Banks are rethinking their policy – I doubt they will return money already collected from consumers. Big Banks say that it only applies to 10 percent of the credit card holders. Want to bet that most of that 10% are the middle and struggling class and home owners throughout our communities across the country. Sounds like preying on those who can least afford it.
NEWS FLASH: Credit card companies like you being 900 billion in debt – they would like that number to grow bigger!
You are late on your mortgage and now the credit card company wants to pile on.
Here is the scenario……….
1. You are late 5 mins on your monthly credit card payment. Of course the due date changes every month to keep you confused – they want you to be late just a little bit. Amazing how every other bill can have the same monthly recurring due date.
2. They raise your rate to 30% because you are now a dirt-bag in their eyes. A real “RISK”.
3. They want you to stay in debt with minimum payments which do very little to ever reduce principal. You may die before paying it off. You probably will.
4. You complain to the 1-800-no-customer-service.
You get to talk to the “i dont givva crap about your problem person”.
You ask can they please reduce your interest rate because it is killing you. They tell you after six months of on-time payments they will review your file for possible reducing of the interest rate. They really just need to suck a little more of life out of you. There really sorry, but gee…… too bad.
They know you are not a horrible credit risk and really like you because you are the type of client they want. Someone who makes payments after being screwed, but unaware of anyway out of this great credit card offer you received in the mail. You are dumb in their eyes, you failed to read the “small print” about opting out of their propaganda. They believe they are really here to help you. Most consumers do not get help.
5. Never mind that you already have a real estate mortgage problem that is “hosing” you. Now you fall further behind on your house and credit card payments.
6. It is a vicious cycle. You probably need a second job to have any chance of survival, but daycare expenses will eat most of that income so you contemplate not paying the credit card crooks. Eventually they sell you off to a collection agency. You think 30% was an unbelievable interest rate? Hold on to your britches and standby for the big KAHUNA coming.
Lastly, when will our lame politicians take on the big financial institutions and STOP these bank/financial thieves and their “misery interest rate index” from bleeding our society and mortgage holders. Politicians probably will not help us anytime soon as elections are coming and they need the Big Bank donations. Or their lobbyists will convince your elected officials that it is really not a problem. Just the lower end population complaining and they probably will not vote.
In the old days, only a few slimey lending institutions were known for their 30% PLUS interest rates – Now the NYSE big boys have jumped in the slop with the pigs.
Maybe we need a bailout for credit card holders with rates over 30%? The bailout could be banks and financial institutions reducing their interest rate to 15% or how about a one time fee for a late payment vice interest rate increase? What a concept.
Write your Congressman to complain about this.
