Chase more than doubled minimum payment..
Date: Thu, 06/25/2009 - 09:08
Yet another blow from a cc company. BofA had raised my interest unknowingly from 12% to 22%. Didn't catch until 5 months later.
Current and never late on every single account. Overall debt cut by 35% during the last 2 years and somehow they seem like they're forcing me to choose either settlement or BK and I really don't want to do either.
I lost it on the phone with Chase and all they could do is refer me to credit counseling. Finally after my third call, I was able to close both accounts and lock 6% APR and a monthly payment of $630 for 50 months.
Now awaiting the next blow...
Yup....it is happening with most lenders. Watch their profit de
Yup....it is happening with most lenders. Watch their profit decline even more....
You still don't get why this happened do you? You need to read
You still don't get why this happened do you? You need to read the new Obama credit protection act and you will clearly see that almost all American's (even if you credit score was above 800) will be receiving interest hikes up to double what they were paying before. Analyst told Obama this would clearly happen if he meddled in the credit industry but oh well. My Capitol One account will chance to 17.9% from 8.9% as of November and my Chase card is roughly the same going from 7.9% to 14.9% (never a late payment to these cards, any utilities, or mortgage payment either). If you want to know who to blame.....look towards the White House.......
We had this happen with several cards. Citibank decided that my
We had this happen with several cards. Citibank decided that my permanent 8.9% was not so permanent. BofA went from 11 to 27%. The only reason they gave me was because they can. It is in the terms of service. Between rate hikes and loss of income, we are being pushed in the direction of a Chapter 7 filing. We do not have any other options that I can see at the moment. The only curious thng that I saw was that the lenders would not work with me when I called and tried to make arrangements when the problems started. They would not even discuss any modifications. When they got 90 days, then they would help, if I paid the past due balance. That was not possible. Now when they call and I give them my lawyers name and number, they get annoyed that I am going forward with bankruptcy. If they would have just worked with us in the first place, this may not have happened. They would have at least gotten a few more payments out of us. Don't know they are thinking.
