Comments on: Affected by credit card changes?

By: Scott

Scott — Sun, 02 Aug 2009 02:37:26 +0000

I just tried to use my card and it was declined. I called chase and they said they had closed the account because of low activity. I went online and saw they had also raised my interest to 23%!!! I only have $900 dollars on a 2500 dollars limit and no late payments. We will never do business with Chase again.

By: Nick

Nick — Sun, 19 Jul 2009 20:48:23 +0000

I have been beaten down pretty badly by the cards over the last few months. I HAD a good credit score, was only using about 25% of my credit limits and always paid on time. In October one bank decided to lower my limit to just above my balance. Within a few weeks, my other card issuers hit me with either limit decreases, massive rate increases or both – each one now saying that it was because my balance to limit ratios were too high. So one bank toppled my house of (credit) cards. Just when I was getting that mess under control again, the last few weeks have brought another round of rate increases, minimum payment increases, etc. Oh yeah, I was laid off from my job after 17 years of continuous work last month too. The only reason I had so many cards with balances was because I got divorced and used them to take over my share of the marital debt, mostly with low rate balance transfers. Still trying to pay my debts but it keeps getting harder, despite my spotless payment record. I may have to look into bankruptcy after all. I would write to my representatives or congressman, but I suspect Citi/Chase/BofA’s contributions mean more to them than my vote.

By: F-Citi

F-Citi — Fri, 17 Jul 2009 15:10:04 +0000

Citibank first cut my maximum by $2,500 four months ago, then sent me a notice that my interest rate is going up from 9.9% to 14.9% “due to the market”. I wish I had the money to pay it all off now so I can “refuse” the change but I can’t. Once I do get it paid down, I will NEVER bank with Citibank EVER AGAIN!

By: Penny

Penny — Tue, 14 Jul 2009 14:49:01 +0000

I just got a notice that one of my First Equity Cards just closed my account for inactivity. At first,
I thought it was the card that I had paid off and wasn’t using but it’s the card that I have a $500. balance. I haven’t had this card for long. I had applied for several cards to transfer balances from
a card or two that I had a higher balance. My Advanta Card account was closed as well but it was due to some reason on their end because of bankruptcy (I believe). I feel sorry for Teresa. If I were her I would quit paying on the card all together since her credit score is affected anyway. I have a good mind to quit paying on my cards as well since they are closed. I was wondering how much worse would that affect my credit score? But, I’m not sure that I’m ready to be hounded by collection agencies just yet.
My husband is wanting to quit paying on our cards as well because he says he wants us to start saving and paying cash for everything in the future. He says that he has heard other stories of people not making payments on their cards and after a month or two of delinquency that the companies are offering them a settlement for about half of what they owe. My husband says that we won’t need credit to buy a house because we will pay with cash. I’m just not ready to stop making payments just yet because I say that you never know when you might need credit (unforeseen emergencies or circumstances that could arise). I would for sure quit paying though if they pull anything on me like they did to Teresa!! Wouldn’t you all?!

By: John E.

John E. — Sun, 12 Jul 2009 14:21:02 +0000

Somebody call the IRS on Cindy! I wonder who will be laughing when the government does find that stack of cash that you haven’t been paying taxes on.

By: Cindy

Cindy — Tue, 07 Jul 2009 19:11:09 +0000

I AM the millionaire next door.

No credit cards, pay cash for everything, no debt, no worries, I own everything I have. The only thing I finance is my house. And I have a stash of cash the government can’t find. WOO HOO……

The car is old, and paid in full. The only other bills I have are the monthly household bills……that’s it.

I’m loving life……and laughing at those who overextended themselves. Then they blame the credit card companies……well, you HAD to have all that stuff you bought on credit, the big HUGE McMansion, the Escalade, the 50inch plasma tv, etc….SUCKERS……

By: Seminole84

Seminole84 — Tue, 07 Jul 2009 17:39:58 +0000

What’s a student loan? Or a stipend? How much should I spend on a TV? What about a car – do I even need one of those? Should I take the bus? Where can I get a job that pays the most? The friendly people at Wachovia told me they appreciate my business; they certainly wouldn’t raise my rates and/or lower my credit limit? So they’re not my friends?

Why would I want to read books like The Millionaire Next Door or the Millionaire Mind? What about The Billionaire Next Door or the Trillionaire Mind?

By: John

John — Tue, 07 Jul 2009 16:31:51 +0000

To Mr. Hughes – if we could all live in your world life would be so wonderful, but we don’t. The point of this post is not to lecture us for getting in this mess. The point is that credit card companies that we have been dealing faithfully with for many years are now drastically changing the rules just ahead of the credit card reformation Obama is putting into place.

For me – I have four Chase cards. Three have lifetime low interest rates of between 3.99 and 4.99%, the other one has a variable rate currently at 9.24%. I received four notices from Chase last month. Three notices stated that the minimum payment due on my low cards would increase from 2% to 5%. The fourth notice stated that the rate on my 9.24% would increase to 16.24%, all beginning in August.

So what has Chase done here? Well, they have now prevented me from paying more than the minimum on my high interest rate card by raising the minimum on the low interest ones. How clever of them! They have found a way to ensure more money for themselves as I was paying down the high rate card, but no longer can do that. I now will be in credit card debt longer because I’ll be accruing more interest each month…

By: Joseph

Joseph — Tue, 07 Jul 2009 14:27:54 +0000

Mr. Hughes, thanks! Yes Americans in general consume to much. Yes despite President Bushes statement that being a good American including spending, spending to much is not good long term. But thanks you make it easier to see the glass half full. 2 posts you did! the second being particularly long winded and sermonizing!!!! Being a victim of banks acting without honor, acting like loan sharks is bad but it could be worse. One could be subject daily to your long winded sermons that miss the point.

Yes Americans used to much debt. OK?

The point is not how we got here, but how Credit Card companies changing the rules in the middle of the game effects us.

The CC companies should reign in new lending practices but don’t jerk around existing debt that is current and not in default. Charging over 20% merely because they have chosen to crunch the lending worthy stats differently? These guys are loan sharks and its hurting people.

How people got in the grips of these loan sharks i’m sure varies long wide and far. And yes it was foolish to expect the credit card companies to act with a modicum of decency.

By: beyondmad

beyondmad — Tue, 07 Jul 2009 14:19:22 +0000

Fine. I carry a balance. What of it? I paid all my minimums plus some on time. Paid off a loan over a year early.

So what did “I” do to deserve this?

I didn’t vote for ego boy and his admin who believe we are in this ish “together.” I didn’t buy a home I knew was a scam. I didn’t use the credit increases.

My credit report as green as a xmas tree. Does it matter? Nope.

We are under attack and no one can step up and help us but only blame us? Give me a break.

Bush didn’t sign the damn bill, ego boy did! Feb. is a long way away and we are going to be screwed even worse!

If you shut down a card you trash your rating but the banks can do it by lowering your limit?

Nothing makes sense.

Oh and if you aren’t aware they are now looking at what stores you shop at and where you buy. So now you are going to take a hit for being a wise shopper?

I don’t ever want to own a house. Are you kidding me with the tax rate in my area? I don’t ever want a new car. Are you kidding me with 17″ tires and a engine I can’t work on myself?

So I’ll try but in the end push me to far and guess what … I just don’t give a damn anymore. Why line your pockets while you put me down to $100 a month to live on? I was doing my part and you attacked. Well guess what…I have weapons to. Survival is an instinct no one should ever mess with.

The gov’t needs to get out of bed with the banks and do something to stop all this madness. If ego boy cared he would speak up on this — instead listen to the crickets everyone.