posted on Feb, 13 2009 @ 09:09 PM
This is one area Obama wanted to curb. He doesn't want to curtail it completely, but wants to limit and on what conditions these banks can review
your account, and raise your rates.
Why can they raise them? They don't really have to give a reason at all. They are allowed to "review" your credit, at the end of a 'contract'
year, and then raise your rates. Imo, it's just criminal. But people do sign for these, and don't read the tiny print. Ever wonder WHY the print
is purposely so tiny on the agreements? They don't want you to read them, seriously.
I wouldn't suggest not paying to get even though. Your FU to them means not a whole lot to corporations that we the taxpayers are apparently now
throwing billions at, but it will screw your credit for life.
My wife and I still have some credit cards, but we closed most of them, and negotiated a low rate (you can possibly do this). If you want an 'out,'
do that, instead. It's funny.. they send you to the 'hardships' department. I told one "The only hardship you realize, is your company trying to
screw me over."
It's like dealing with the mafia. Organized crime.