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Yes, I know...some changes will indeed benefit consumers. But I understand that grace periods may no longer be used - interest starts getting charged immediately. Also cards will probably have fees. And before the changes hit they will squeeze us all they can. And some people who are struggling right now may well default, and that won't help consumers OR credit card companies. The squeezing will prolong the recession/depression plus they will lose formerly good customers.
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They are publicly-traded, for-profit corporations. They are interested in increasing shareholder value above being "nice" or "helping" their consumers. The sooner you come to the realization that credit companies do not exist to help you or make your life easier, the better.Originally posted by julee_m View PostComment
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OP, this happened to my good friend, too. She was one day late. She called and was told the same thing, but she didn't give in. She told them about her payment history, ect and stayed on the phone over half an hour while the agent was able to finally get the rate lowered back down and have the interest charges waived.
Call again, try another agent and be proactive. If all else fails, look to transfer the balance. You might mentioned this in the call too!
Good luck. Let us know how it turns out.My other blog is Your Organized Friend.Comment
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Yes, we all are well-aware they are for-profit. But they are shooting themselves in the foot with sneaky and unfair tactics that other businesses wouldn't try - because they will lose good customers and increase defaults. They are hurting themselves as well as their customers. We will take our business elsewhere.
Thank you all for the info, all, but please don't assume that I am stupid. This website and many others and books are great resources and I appreciate them. To all those being gouged I wish you luck.Comment
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Julee, I'm not sure what you mean by being gouged. I could be wrong, but I'm pretty sure when you sign up for a CC it says somewhere in the agreement that they can raise the rate if x,y,z happens. I haven't gotten a new CC in 15+ years though so perhaps I'm mistaken.
Ultimately, when you use a CC you are essentially borrowing money from the company under agreed upon terms. I think it is a matter of personal responsibility in most cases. I know this is a rather simplistic view and it may not be pleasant, but that's how I see it.Comment
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hmmm, would Softcenter consider herself gouged?
it's the "agreed on terms" that I have issue with. The cc companies keep changing the terms. I am extremely responsible and will not default. Some people will have no choice, if their payment goes from $100/month to $500/month for instance. They still have to feed their kids. I think companies have the responsibility to be reasonable, 29.99% is not reasonable for a first offense (see 1st post). I have gotten about 5 different notices from Chase in the last 2 months with changes to the initial agreement. When you enter into an agreement with defined terms, you expect the agreement to stand. Do you make agreements and then continually change them? Not if you are honorable. Not if you want to keep your customers.Comment
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I agree it isn't honorable, but I would hope no one signs an agreement with a CC company expecting them to be honorable. They are a business and their goal is to make money. That still doesn't negate the fact that while what they are doing may not be nice, it is legal, thus in my mind, not gouging.
While I think it would be a good thing if everyone quit using CC's, I doubt that will happen and I wouldn't be surprised if even Chase keeps making money, their ultimate goal.Comment
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