It has become quite obvious that the credit industry doesn't give a damn about it's customers. I recently posted a blog about them cutting credit limits on people with perfect credit, now they are increasing interest rates to ridiculous numbers. This is all a plot to undermine President Obama's administration in it's attempt to right the economy. As I stated in an earlier blog, Pres. Obama has to take the blame for the AIG bailout bonuses that were paid according to AIG's contractual agreement with it's employees. To his credit he did, and he acted swiftly to rectify the situation and said it will never happen again. More and more people are falling in line to my idea of giving the people bailout money to pay off their creditors rather than giving it to big business so they can continue to rip the American people off, and if you don't think it's my idea, just go back through my blog history to read my post on Dec. 2,2008. I told you this would happen.
The only way to fight these companies is to put them out of business. They are trying to make you go bankrupt by using these tactics when they are the ones who should have gone bankrupt for the tactics they were using prior to the bailout. It is time we showed these companies that we deserve to be treated better. It is time for a nationwide boycott against the credit industry. It not only will make these companies wake up, but it will let our government know that we will not accept them helping these companies abuse the American people. The retail industry is already feeling the effect of people not having money to spend and prices are starting to fall to reasonable numbers. The gas companies felt the crunch of raising prices up to over $4 a gallon under Bush's orders, people quit driving and prices fell, although that could also be attributed to the republicans getting run out of office. So now it is the credit and banking industries turn
Imagine the panic that would ensue if Americans didn't pay any credit card bills for two months straight. Imagine the panic if the threat were to continue until these companies and banks change their attitude toward the consumer. When you signed that credit agreement you said you would agree to pay them back at a certain rate, and if you didn't keep up your part of the agreement, they could raise your interest rates. What you probably didn't realize is that they have the right to change these terms as they feel fit, even if you are a good paying customer and held up your end of the bargain. Well we've held up our end of the bargain and you are trying to screw us. I think it's time we change the terms on you.
I am sick off having to pay over limit fees when I don't go over my limit, just because you add interest. If I didn't go over the limit you gave me, I shouldn't have to pay over limit fees because your interest rate puts me over as long as I bring my limit down before the next billing period. Modern technology is making it so we will have to pay all bills online in the future because if you call in to make a payment you get charged between $10-20 processing fee. If you go to a place that you can pay your bill like Ace Check Cashing, they charge you a minimum of $10 to process your payment. So not only are they raising your rates, they are making it harder and costlier to pay your bills on time. Did you know some banks charge you for going in and dealing with a teller?
Consider the fact that these institutions rarely lose money on any loan because they charge so much interest that by the time you actually default, you have usually paid off more than what you borrowed in the first place. That's why they can sell your account to collection agencies who are willing to settle your account for much less than you owe. So boycotting and not paying your bill can actually lead to you paying less than they are asking for. I'm sure most of you don't feel as I do, but I've got nothing to lose. I can't get any more credit from companies that I have paid faithfully to for years, never missing a payment or being late, even when I brought my balance to zero and had a credit score over 750. So if I can't get credit with those numbers, I may as well max out all of my cards and file bankruptcy. What's the difference? I wipe out all my debt and get a fresh credit start. Think about it.
The only way to fight these companies is to put them out of business. They are trying to make you go bankrupt by using these tactics when they are the ones who should have gone bankrupt for the tactics they were using prior to the bailout. It is time we showed these companies that we deserve to be treated better. It is time for a nationwide boycott against the credit industry. It not only will make these companies wake up, but it will let our government know that we will not accept them helping these companies abuse the American people. The retail industry is already feeling the effect of people not having money to spend and prices are starting to fall to reasonable numbers. The gas companies felt the crunch of raising prices up to over $4 a gallon under Bush's orders, people quit driving and prices fell, although that could also be attributed to the republicans getting run out of office. So now it is the credit and banking industries turn
Imagine the panic that would ensue if Americans didn't pay any credit card bills for two months straight. Imagine the panic if the threat were to continue until these companies and banks change their attitude toward the consumer. When you signed that credit agreement you said you would agree to pay them back at a certain rate, and if you didn't keep up your part of the agreement, they could raise your interest rates. What you probably didn't realize is that they have the right to change these terms as they feel fit, even if you are a good paying customer and held up your end of the bargain. Well we've held up our end of the bargain and you are trying to screw us. I think it's time we change the terms on you.
I am sick off having to pay over limit fees when I don't go over my limit, just because you add interest. If I didn't go over the limit you gave me, I shouldn't have to pay over limit fees because your interest rate puts me over as long as I bring my limit down before the next billing period. Modern technology is making it so we will have to pay all bills online in the future because if you call in to make a payment you get charged between $10-20 processing fee. If you go to a place that you can pay your bill like Ace Check Cashing, they charge you a minimum of $10 to process your payment. So not only are they raising your rates, they are making it harder and costlier to pay your bills on time. Did you know some banks charge you for going in and dealing with a teller?
Consider the fact that these institutions rarely lose money on any loan because they charge so much interest that by the time you actually default, you have usually paid off more than what you borrowed in the first place. That's why they can sell your account to collection agencies who are willing to settle your account for much less than you owe. So boycotting and not paying your bill can actually lead to you paying less than they are asking for. I'm sure most of you don't feel as I do, but I've got nothing to lose. I can't get any more credit from companies that I have paid faithfully to for years, never missing a payment or being late, even when I brought my balance to zero and had a credit score over 750. So if I can't get credit with those numbers, I may as well max out all of my cards and file bankruptcy. What's the difference? I wipe out all my debt and get a fresh credit start. Think about it.
