Due to Changes in the Economic Environment, We’re Screwed!
I just received a notice from my credit card company that “due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts. Having considered these economic conditions, your accounts currant Purchase rate, and the length of time you’ve had this rate and account, we will be increasing your Purchase rate. We’re also raising your Cash Advance and Default rates”.
Boy if that ain’t a line of bull shit! After getting billions of Federal bail-out dollars, these businesses have the balls to turn around and change our account terms?
The only option I have is to close my account with these bastards. I would rather deal with a loan shark, at least then you know their terms, either pay up or die. With the credit card companies you are going to die a slow and costly credit death, something we just don’t need in today’s economic environment.
So I am closing this account, I have had for over ten years, I have never been late, or ever over my limit, and I’m contacting my Congressman and Senator (like that will do a lot of good). I have also contacted the Office of the Comptroller of the Currency, the Federal agency that has allowed this shit to happen.
The notice we all should have received, “due to extraordinary changes in the economic environment, (the Federal banking bail-out) we will not be charging you any interest for the next 6 months”.
Well done Electra Blue….Well done.
It makes no sense to send a ltetter that says they “reviewed” your account, and because of the length of time…ect….
You’ve been with them ten years? And that’s not long enough to call you a good client of theirs deserving of a break? How dare they send that letter out while the Bank CEO is recieving MILLIONS to sit on his fat ass and steal from the country?
Can ya tell I’m pissed? If your bad work habits cause you to fail, then you don’t deserve to be bailed out.
If their bad lending and business practices cause them to be near failure, then let them fix the problem by clearing the deadwood within thier own companies first, changing economic policies they have put into place that don’t work, and stop this paper buyingl…easy credit is not the way to a sound economic country. Never has been, never will be.
Comment by Chessie — February 17, 2009 @ 4:45 am
Isn’t it funny how capitalism works as long as they’re raking in the dough. Now that they’re suffering, they’ll take a socialist stance and let us taxpayers bail them out! Talk about having your cake and eating it too!
Regarding the letter from Cap One, I got one too. Am I pissed? You bet! I’ve been with them for 15 years and have a 7.9% credit line. This is how they reward me? Jacking up my line to 17.9%?
Well, I’m not going the cancel. I’ll pay off the balance and let them sit on a zero balance for months with no purchases. They can forget about the vendor fees they get from the thousands of dollars a year that I purchase with this card. No more!
My sentiments pretty much match the author…to hell with those bastards!
Comment by Db (Aurora, IL) — February 20, 2009 @ 9:11 am
It should have said “due to extraordinary changes in the economic environment, we’re reviewing our existing credit card accounts. Having considered these economic conditions, your accounts have been credited $1000.00″. Now that would be some stimulus!
Ride on,
Torch
Comment by Torch — February 23, 2009 @ 7:54 am
Amen Torch!
Comment by rick — February 23, 2009 @ 4:48 pm
[...] The Times Have Changed, the economy is in the dumps, no new jobs, the government is hurting for money, so they increase [...]
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