Comments on: Credit Card Execs On The Hot Seat

On Capitol Hill, Industry Leaders Defend Hiking Rates When Credit Scores Fall

[johngoodnews]

Wow. I read this article then went over my credit card bills. I should have been more careful instead of just mindlessly paying what the bottom line said. Well, my only credit card is history now...I cut it up and its in the trash and a letter cancelling it on its way, asking for a final bill. Yeah, they''ll get their blood money, but that''s all they will ever get from me.

[seancky]

citi bank is a bunch of liars. I used to work for them and if your credit score goes down they do raise your interest rate as well as cut the card off when it expires and not allow you to renew it. I know because I was on the management team for one of their portfolios

[allunknowing]

Dear DiscoverCard,

Thank you for your recent letter regarding my annual rate reduction. I am pleased to admit that I will be accepting this reduction with open arms. The new rate is a whole 1.5% less than my previous one, who wouldn''t accept that?!

It means a lot to me and my family to have a credit card company that cares and to have my annual rate go from 25.49% to 23.99%. We can now afford to do so many more things in life that we could not do before.

What amazes me most is that you gave me this astounding rate reduction when my balance has been $0.00 for over two years. Anywho, the card does serve me well, it makes a great surfboard wax scraper.

Best regards,
me


ps. You''d think a guy with a credit score of 750 would get a lower APR than 23.99%. Well, he does; it''s 7.99% through USAA Financial.

[ianlou]

The difference between a Credit Card Company and a Loan Shark is the Loan Shark tells you how you will be $crewed before the loan is made.

[kissamaarse]

Let them eat cake. Force feed them their own universal default rates. I had fraud on my Capital One card, and while I will prevail after 32 years of perfect credit, the credit card issuer is trying to make me feel like dirt, like a criminal, at each step.

[future121]

Larry DiRita, a spokesman for Bank of America, said its customers "have the right to say ''no'' to an increase."

Yea, if you say no and cancel your card your FICO rate falls! Real justice there!

[ianlou]

If you need to buy a big ticket item like appliances or furniture, get the store offered "interest free financing for a year" deal, pay what you can each month and then pay off the rest at the eleventh month with your Credit Union provided Home Equity Line of Credit at around 6% interest.

This works great as long as you have been careful enough with your credit to own a home, built equity, and controlled your spending.

[gkc99]

If you''ve gotten screwed over by a bank or a credit card company--thank a Repugniscum.

The changes in bankruptcy laws that allow the money masters to trap people in debt forever are pretty much the doing of the Darth Bushit admin. Before the elimination of bankruptcy for private citizens of modest means (but preserving it for the wealthy corporations like Donald Trump''s), the Repugs set the stage for the present abusive system. When bankruptcy was available the credit predators were less abusive as they knew people could escape the debt trap.

No more.

Thanks, Bushits!

[omega39-2009]

What to finance:
Car
House

Nearly everything else is optional.

Posted by PrivateCitiz

Many people find their job suddenly outsourced and must use the cards to fill in the gap between unemployment and what is required to survive. I know in an ideal world people would have savings to cover this, but the soaring costs of everything are making it harder and harder to save.

[omega39-2009]

They should grill them about their ATM fees as well. When they installed those things we were told they could reduce the number of tellers and the savings would be spread around.