Credit Card Companies Raise Rates In America, What's Wrong With This Picture

The video pretty much says it all. Card companies are raising our rates but are letting us OPT OUT if we choose. If we do OPT OUT they will cancel our card. IMHO this is out-right blackmail!

Category:

News & Politics

Tags:

• Crimes
• Against
• Americans
• Interest
• Rates
• Rising

[JohnRinNoHo]

I had a lifetime rate of 6% until they raised the minimum payment two and a half times(read the fine print), I missed a payment, the rate went up to 29%. The missed payment was added to the next payment plus a $40 late fee plus the interest rate of 29%. It made no sense to continue making payments so I stopped. After 6 months they offered a settlement of about 25% of the loan bal. in a lump sum which I still could not do. End result is that I will go bankrupt and they will get nothing :)

[MrNormsHGW]

@JohnRinNoHo, I know a few other people that has happened too. I know it's hard for those that use cards to stop but somewhere down the line we need to ween ourselves off them, that's the only way they'll understand we're tired of getting ripped off by them.

[packjim56]

Whoops. I meant "loud" not "load". You'll have to forgive me. I am product the American public school system...... I guess from now on, I will have to learn how to spell in Chinese. I wonder how you spell "Black Mail" in Chinese?

[MrNormsHGW]

@packjim56, in Chinese, you spell Blackmail "Bend Over". All that duck & cover practice I got in the 50s is finally coming to it's own. LOL

[ATOMIKDOG23]

i've never had a credit card......my opinion is  if you cant afford it.....dont buy it... maybe i'm wrong?

[MrNormsHGW]

@ATOMIKDOG23, you are indeed correct, I agree 100%. Having a credit card is nice and if used right can serve you well, I guess that's why I don't have any problems with mine like I hear others have. It can go either way, their good and bad and with identity theft now it's best not to get one if you don't need it.

[packjim56]

Careful Mr. Norms, our new masters in Bejing might be monitoring these tubes and they don't like it when......... Whoops, got to go, I hear load knocking on my door!