Stand-back! The Credit Card Companies are Reducing Interest Rates!

[The Whiskey Priest]

Not in this lifetime.

[greatauntoftriplets]

1. REALLY?????

:rofl:

[Dhalgren]

2. It's just the first step in their diabolical plan to acquire

massive amounts of real estate and other properties in the US.

[shoelace414]

3. with their tax cuts and the new anti-bankruptucy bill

I expect the intrest rates to be lowered in about 6 months

:sarcasm:

[MeDeMax]

4. got that right, BANKONE is my worst predator

I am sure there are others that are worse, but as far as my accounts go BankOne is my worst financial predator.

They are raising the rates to 27% on accounts that haven't had any late payments. Because they can...

[all.of.me]

8. did i read that right?

if you have NO late payments, your interest will go UP?! what a weird reward! unbelievable.

[MeDeMax]

9. yep you read it right...

over the past two or three years, BANKONE has steadily raised their fees for everything from cash advances, foriegn currency transactions, balance transfer fee...etc etc

They have computer models that forecast how much financial wiggle room you have. Once they have you boxed in, they raise the rates since they are confident you don't have enough leverage to get out of the box.

Frontline did an interesting piece on this, check it out:

<http://www.pbs.org/wgbh/pages/frontline/shows/credit/>

"Even if you make your credit card payments on time, the credit card bank can raise your interest rate automatically if you're late on payments elsewhere -- such as on another credit card or on a phone, car, or house payment -- or simply because the bank feels you have taken on too much debt."

In BANKONE's case they merged with chase recently, mergers frequently result in substantial one time expenses. So as not to disappoint walstreet, they pound the life out of the "boxed in" consumers and recover their losses with higher fees & interest.

[all.of.me]

11. thank god i don't use credit cards.

i had them taken away 20 years ago for wracking up bills when i didn't have a job. no more! now i have a debit card and cash. life has to be simple that way, but it's more realistic.

thanks for the info!

[kcwayne]

5. Don't use credit cards to finance anything

Pay off your bill every month. If you need to get something financed, do it through a bank or credit union.

Once you are caught in the cycle of needing the credit card to float from month to month you are in a vise grip that will prevent you from escaping until you can reduce your spending or increase your income, or both.

Don't get into the trap. Buy what you can afford without floating the purchase on credit card debt.

[bushisanidiot]

6. I'm paying off my credit cards this year. A huge portion of their profits

go to repuke political candidates.. just like the insurance companies, pharmacuetical companies, power companies, and OIL companies.

make the rich richer and the poor poorer.. that's the repuke way!

[woodsprite]

7. Interesting dinner last night at the in-laws

My SIL works for a large bank here in Delaware. She was listening to the whole family blast the bankruptcy bill. She herself has claimed bankruptcy to get out of a mortgage that she held on a property the state of VA confiscated under "eminent domain". She had just bought the 5-acre 2-story fixer-up property, turned down the State's offer of less than she owed, she didn't give in so they "condemned" it and she still owed almost 29 of the 30 yr mortgage. They tore it down to build a road.

She chirped in that the bankruptcy bill was good because it forced CC companies to require more than the bare interest for minimum payments and it prevented people from taking advantage of the system. I informed her about some of the clauses - medical bills, single moms, etc. She then agreed that that's not right. I also lamblasted the way CC companies prey on consumers and kids right out of school.

All she said was "They didn't tell us that" Duh, yah think it might have something to do with it being a BANK that you work at?

[LSK]

10. interest rate on cash is 0% nt

[radwriter0555]

12. AND after they've reeled you in with their low interest rates, they always

have the option to raise those rates any time they choose, for any reason with no warning.

It's called sucker bait.