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Banks have found a way to stick us AGAIN - This time it's PERSONAL!!

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posted on Feb, 14 2009 @ 11:34 AM
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reply to post by drphilxr

I am tempted to agree with you but, as in all cases, then the question would be "who gets to decide how much products and services are worth?" I believe the answer is we should just cut our losses and call in the bailout loans, let the banks fail (there are plenty of small banks that aren't in trouble), and never again let them get as powerful or as big as they have this time.




posted on Feb, 14 2009 @ 11:34 AM
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Originally posted by xman_in_blackx

If you want to make a statement to the too big to fail banks, move your credit card to a local privately owned credit union. If you have good credit, you will be pleasantly surprised at the interest rate you will get. You will also be investing in your local community instead of some corporate jerks elsewhere.


Also many will offer a very low intrest balance tranfer. This means if you have lets say 10,000 on a card that goes from 6.99% to 28% you can many times get it well below the 6.99 with a tranfer.

I'm going to look at all my CCs too and see just what are they doing and if they are bumping my interest rate I will change banks and CCs.



posted on Feb, 14 2009 @ 11:34 AM
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reply to post by xman_in_blackx
 


OMG, another breath of fresh air!!! Thank you very much! We don't even realize if we ONLY filled our cars up at stations that used american fuel, do you know what just that would do? Same scenario, but with banks instead!
Thanks for the posts and thread!



[edit on 14-2-2009 by dodadoom]



posted on Feb, 14 2009 @ 11:35 AM
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I agree totaly...i never have owned a credit card...i never saw areason for it..ever since ive had a job at age 14, i figured out, why would i purchasse stuff, to remain in debt, and be charged any amount of %? Never ever made sense to me at all. I had tried to get a credit card last year, form mastercard, visa, american express, as a new cardholder...i couldnt, becuase i had no established credit yet.. The hell with them then. It made me feel, like you have to be someone important, or some kinda CEO in order to have one. I would LOVE to boycott credit cards, send emails to government and local senators protesting them... We should have remianed with green cash in and on hand money, becuase its simple, easy and it works.
All i have ever ever learend about credit cards, is that its a way to make sure yuo will never get ahead in life, you will pay 29% on a bag of cheese puffs, and it gives bankers and the crredit card compys alike, a way to skim some money..so they can go on a personal spending spree or refurbish THEIR homes with the interest money they just stole from you. That is ALL i have learned from them.



posted on Feb, 14 2009 @ 11:36 AM
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Originally posted by xman_in_blackx
Stop handing over your money to these large corporations who couldn't care less about you.


This just made me think of something - even if we cancel credit cards, and pay cash or money orders, we're still paying them! And not just with bailout and taxes!

Each credit card company charges the merchants who we buy products from a 2-3% fee for the privilege of accepting credit cards as payment. Even if you don't use a credit card, that fee is built-in to the price that the store sets for the things you buy.

It's almost like a VAT (Value Added Tax), except going to the private banks, not the government.

So, start demanding a 'cash discount', or shopping only at stores that don't accept CC payments!



posted on Feb, 14 2009 @ 11:39 AM
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Originally posted by projectvxn
I am so sorry. I think people should start canceling their credit cards, and boycott BofA, Wells Fargo, and a whole host of other banks who do this to their customers. STOP PAYING THEM. Force them down. Money is the only thing these guys respond to. If you cut off the crack the patient gets better after initial withdrawals.


I had the same thing happen to me, not by one bank, or two, but by all three. I was quite irritated and called each one of them to complain, two of them offered to reduce my rate. I too have good credit as the O.P. states, I pay all my bills on time and most of them early. I was so angry with these people I told them to shove their cards and I cut up all three. These people are predators, they are not businessmen or women, they are flat out predators, they have the EXACT same mindset as a rapist or murderer.

This is where our "supposed" government needs to step in and say, "Hey fool, these very people just saved your stupid a$$, if you continue to abuse them and make them pay for your poor lending decisions, we will not only withdraw our aid for you, we will close your ignorant a$$es down."

But of course we know what the government response will be, stick their tails between their legs and say, "Its ok, can we give you any more of the taxpayer's money?" This is the exact crap that is going to cause the people to revolt against not only the banking system but the government as well.

*mod edit*

If our government is interested in its own survival, I would highly recommend to them that they at least make it look like they care about us in some small token fashion.

Good luck to you all, very bad times are on the horizon.


Mod Note: Terms & Conditions Of Use – Please Review This Link.


1b.) Profanity: You will not use profanity in our forums, and will neither post with language or content that is obscene, sexually oriented, or sexually suggestive nor link to sites that contain such content.



[edit on 14-2-2009 by Duzey]



posted on Feb, 14 2009 @ 11:43 AM
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Mine are still low. My BoA has gone up from 6.99 to 7.24, but my Capital One is still 5.45%.

But I will continue to monitor monthly and dump them to a Credit Union in a heartbeat.



posted on Feb, 14 2009 @ 11:47 AM
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If I'm not mistaken a new law in 2010 will require the credit card companies to
change or restructure their interest rates on consumer credit. If this is right they only have a year to build up the coffers thru loan sharking.

[edit on 11/03/2008 by Skydancer]



posted on Feb, 14 2009 @ 11:51 AM
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Originally posted by DarrylGalasso

This is where our "supposed" government needs to step in and say, "Hey fool, these very people just saved your stupid a$$, if you continue to abuse them and make them pay for your poor lending decisions, we will not only withdraw our aid for you, we will close your ignorant a$$es down."

But of course we know what the government response will be, stick their tails between their legs and say, "Its ok, can we give you any more of the taxpayer's money?" This is the exact crap that is going to cause the people to revolt against not only the banking system but the government as well.



Actually, I think that our politicians just have totally forgotten that it is OUR money and not THEIRS (with a very few exceptions). They ARE saying "Hey fool, I am the very person who just saved your stupid a$$, if you continue to abuse me and make me pay for your poor lending decisions, I will not only withdraw my aid for you, I will close your ignorant a$$es down." I honestly believe they have said this to the banks and that is why the politicians really cannot grasp the situation because they haven't been hurt by it, they've only benefited.



posted on Feb, 14 2009 @ 12:01 PM
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reply to post by MischeviousElf
I was reading a while back in one of the UK papers, that they have some kind of Mortgage fine print, I forgot what they called it, but the banks could notify their Mortgage holders, and call the house note DUE...for any reason, giving the Mortgage holders just like a month to come up with the BALANCE of the note, or have the house forclosed on.......
 



posted on Feb, 14 2009 @ 12:58 PM
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reply to post by Iamonlyhuman

Hey, Iamonlyhuman, I feel your pain, something similar happened to me a while back, but the credit card company lowered my credit limit, thereby putting me OVER my credit limit, charging me an over the limit fee and raising my interest rate to the highest rate.

They wouldn't change it back when I called them, so I closed the account and paid it off as soon as I could. When I called the credit card company to ask that they change my interest rate back down, they said no, and then they said if I closed my account, I would not be able to use the credit card anymore!!!!! DUH!!!

Now the same company calls and sends me letters wanting me back as a customer.....NO WAY!!!

If I were you, I would call the credit card company and tell them unless they change your interest rate back down, you will just stop paying on it, and then they will never get their money back, eventually they will settle the bill with you for a discounted amount.

I know they will do this, because I once worked for a company that bought charged off credit card debt from the banks for pennies on the dollar. Then the company I worked for waited until the customer wanted to buy something like a car or house, and they were allowed to collect on that old, charged off debt!!!

That's what our elected officials have done to us, changed the laws to allow stuff like this to happen. The bank gets to claim the charged off debt on their taxes probably, then they sell the debt the customer thinks is gone, and they make more money on it, albeit, not what they would have if the customer would have paid it off, but still, most of the money the customer "owes" could have been interest and fees on the original debt.

Anyway, I read an article a while back about a bank, can't remember which one, and they had been KEEPING customers' refunds, that they should have been crediting back to customers' credit card accounts, or depositing back to customers checking accounts, like when you take something back to a store. They had been doing this for YEARS, because they know customers don't always check on this. There was a class action lawsuit against the bank.....

Anyway, I was trying to find out which bank it was when I found THIS info below.....


Does Bank of America Owe You Money?

Anyone who has ever been hit with overdraft fees will appreciate this, especially if one has accounts at Bank of America or any of its acquired trust companies. If they dinged you anytime between 2000 and 2007, you may be entitled to some mean green.



Bank of America recently settled a class-action lawsuit that alleged it (and by extension, Fleet Bank, LaSalle Bank and U.S. Trust Company, which it acquired during that period) changed the posting order of transactions and embarked on other activities in order to increase the revenue it received from non-sufficient funds fees, overdraft fees and similar charges. The lawsuit, which was settled for $35 million, also alleged that the bank failed to warn customers that certain transactions were triggering fees. Even though Bank of America denies any wrongdoing, it is agreeing to pay up to $78 per account holder.



Deadline: May 1, 2009 -- Remember it's YOUR money. Do not procrastinate! Eligibility: Payouts are for account holders at Bank of America or its acquired banks. You must have been charged an insufficient funds fee, overdraft fee, returned item fee, or similar fee within a set period of time: Bank of America (Dec. 6, 2000 through Dec. 31, 2007), Fleet Bank (April 1, 2004 through Dec. 31, 2007), U.S. Trust Company (July 1, 2007 through Dec. 31, 2007), or LaSalle Bank and LaSalle Bank Midwest (Oct. 1, 2007 through Dec. 31, 2007). During that time, you must also have had access to your account through a debit or other bank card. Payout: Up to $78 per claimant, depending on the number of claims. Filing Procedure: Fill out the forms here -- online, or print out a version to mail in. Provide your name, address, telephone number and a few details about eligibility (dates you were a customer and the eligible account number). You do not need to detail specific instances when you were charged a fee. If you'd rather not send your account number, you can specify your home address at the time you believe a fee was incurred. SOURCE: www.smartmoney.com

 


full article here

Hope this helps you out some



posted on Feb, 14 2009 @ 01:03 PM
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reply to post by sezsue

Thanks Sezsue.. I'll go back and see if this applies... hmmm .. a whole $78! Well it's something anyway. lol



posted on Feb, 14 2009 @ 02:22 PM
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I think the banksters are getting desperate. I've intercepted a phone call from American Express at 1-800-678-0738 this morning for someone that I knew didn't have a credit card. I asked the freak if they were selling something and that person said it was a personal matter that they needed to speak with the person. That phone number has been registered via the DoNotCall.gov website, by the way. I said loudly before hanging up: WHATEVER!

Rant on: I really HATE the banks and banksters for they have put poor commoners into a bind by charging too high an interest. Bunch of scammer from hell! They need to go to jail!



posted on Feb, 14 2009 @ 02:30 PM
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cut up your credit cards and cancel them, use the federal opt out program to keep from getting pre-approved ones in the mail, use only cash or debit cards for everything. You don't need credit, it's legal gambling.



posted on Feb, 14 2009 @ 02:38 PM
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If you're having issues with a Certain credit card, it's worth the $35 (Approx $10-12 month per bureau) to monitor your credit rating through all three companies.

ANYTHING that these companies report to your account, Late fee's, charge-offs, no-pays Etc... DISPUTE THEM.

The company has to provide evidence to the Credit Bureau that you do indeed owe them the amount stated. Due to interest rate fluctuation and the fact that these companies aren't used to people fighting them this hard, they don't keep such good records.

Also, any items showing on only ONE Credit Bureau Should be disputed with the utmost prejudice. These are normally the charges that destroy your credit (as they throw off the scales, causing a difference (normally large) between 1 of the 3 ratings) If one of the ratings is different, they go with the lowest rating normally.



posted on Feb, 14 2009 @ 04:06 PM
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Originally posted by Skydancer
If I'm not mistaken a new law in 2010 will require the credit card companies to
change or restructure their interest rates on consumer credit. If this is right they only have a year to build up the coffers thru loan sharking.

[edit on 11/03/2008 by Skydancer]


I thouhgt I read or heard about that too. Just another scam by the corrupt scum to rob us blind while they still can.

This entire country and it corrupt sytems are nothing more than the biggest source of legalized, organized crime. Their time will run out. Every criminals does.



posted on Feb, 14 2009 @ 06:50 PM
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Originally posted by Revealation

Originally posted by Skydancer
If I'm not mistaken a new law in 2010 will require the credit card companies to
change or restructure their interest rates on consumer credit. If this is right they only have a year to build up the coffers thru loan sharking.

[edit on 11/03/2008 by Skydancer]


I thouhgt I read or heard about that too. Just another scam by the corrupt scum to rob us blind while they still can.

This entire country and it corrupt sytems are nothing more than the biggest source of legalized, organized crime. Their time will run out. Every criminals does.


I just found this but the problem is that it doesn't address anything up to the point that it's passed. So, if they raise the rates before this is passed, then it can continue. They just can't do it after they pass it (if it even gets passed). What is to keep them from raising every last one before it passes? Nothing.

Possible benefits for credit card consumers

Possible benefits for credit card consumers

Credit card reform has been a very hot topic in Congress all week.

On Wednesday, the Credit Card Act was reintroduced in the Senate.

Bill Hardekopf, who runs the LowCards.com Web site, posted information about some of the key provisions of the proposed legislation.

1. Protect consumers from interest rate increases and account changes for reasons that are unrelated to card. This will prevent issuers from increasing interest rateson cardholders in good standing who have done everything right.

2. Interest rate increases will only apply to future credit card debt. If the rate is increased, customers may close the account and pay under the existing terms at the time the account is closed.



posted on Feb, 14 2009 @ 07:13 PM
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Here's some background on credit cards. Harvard Law Professor and Congressional Consultant for the Bailout, Elizabeth Warren in a PBS interview in 2004:

Secret History of the Credit card


A professor of law at Harvard University, Elizabeth Warren is an expert on bankruptcy and an outspoken critic of consumer lenders. She is the author of several books including, most recently, The Two-Income Trap: Why Middle Class Mothers and Fathers Are Going Broke.

Here, she discusses the range of deceptive and unfair practices she says the credit card companies try to hide in the fine print of card agreements and she lays out the remedies that should be put in place to protect the consumer. She is especially outraged by those who argue that the debt problem facing Americans is really a tiny fraction of the overall economy and that such consumer spending has helped keep the economy afloat.

"Seventy percent of American families last year said that they are carrying so much debt that it is making their family lives unhappy," says Warren. "Middle-class Americans, hard working, play-by-the-rules Americans, Americans who lost a job, who don't have health insurance, who are in the middle of a divorce -- those are the Americans who are carrying enormous credit card debts."
... full interview at link...


[edit on 14-2-2009 by Sergeant Stiletto]



posted on Feb, 14 2009 @ 09:00 PM
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reply to post by Iamonlyhuman
 


Pay them off, cut them up, and NEVER EVER EVER EVER IN YOUR LIFE USE ONE AGAIN!

You signed a contract for a Variable Rate....

It's legal.. though immoral .. you signed a contract..


Pay them off.



posted on Feb, 14 2009 @ 11:35 PM
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Originally posted by Rockpuck
reply to post by Iamonlyhuman
 


Pay them off, cut them up, and NEVER EVER EVER EVER IN YOUR LIFE USE ONE AGAIN!

You signed a contract for a Variable Rate....

It's legal.. though immoral .. you signed a contract..


Pay them off.



Credit cards should be an item of convenience, where you pay off every month. I use a debit or credit card for 90% of purchases, I hate carrying cash, but if you find you have more than 5k on credit you are in a rather big hole that will take you a very long time to get out of if you earn a middle class wage.



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