The Banks and credit cards

[19000rpm]

How many of you have had their credit lines slashed and/or interests rates raised by 50%?

If you haven't already, you may be getting letters soon from your banks that allow you to opt out of the increased rates ("for economic reasons".) by closing your account and continuing making payments at the current interest rate on your card. If you can do this; do it.

This is a huge breach of trust that the banks have created with good paying customers to make up for those customers that have defaulted on their payments. I don't recall anything in any credit card agreement that said, "OK, if things get bad at the bank (we make bad management and risky lending decisions) we're going to penalize our good customers to make up the difference."

We're bailing out the banks on every level. It's bad enough they are taking our hundreds of billions of tax dollars and going on a spending spree; now they are sticking their greedy little hands directly into our pockets.

You can email the current administration with your concerns about this at www.whitehouse.gov/contact/

Happy landings

[mightyxxwhitey]

I totally understand about being penalized for bad decisions the banks make. I closed 3 CC from different companies, I get a letter about an increase in interest rates. Not 1% or even 5%.... try like 15-20% increase. Never made a late payment. The reason I got was because, I dont use the CC anymore, so im no longer a valued customer. I hate banks and CC companies so I really dont care if they all fail and are broke. They screwed up and the regular ppl have to pay for it.