Bank Of America
Cridit Card RIPOFF - changing contracts at will

Due to financial difficulties, that this bank didn't help with, my account with BOA was closed about 2 yrs ago. Since then, and up until then, I had made my payments every month on time. I received an ebill from them today showing that they have raised my minimum payment to more than double what it had been for the previous 2 yrs. I have had this card for 15 yrs.
I called and spoke with an account rep, who explained that they have changed the way they calculate payments due saying that they now calculate the interest, 1% of the principle. (she then tried to get me to apply for a debt consolidation loan, I was not amused at all)
I am sure that I am not the only one this is a serious issue with. How can they just up and change the way they calculate your payment? Especially when it creates such an increase? I didn't sign and additional account contract with them. According the the rep -Alice in Pacadina, CA a notice of this change was sent out last Jan - I told her that, I may have received it, but how many people are going to remember something they received 11 mos ago that they wouldn't understand without a lawyer anyway?
This is just plain wrong, and I don't see how they can get away with it.
I have a 100% disabled husband and an 8 yrs old, so every penny, every month counts - I cannot afford to pay this new payment they have assessed and this will force me into bankruptcy - isn't there anything that can be done?
I have notified the Attorney Generals office in FL, of whom I have had a lot of assistance regarding this company in the past - I just hope they can help with this new issue.
Something has to change with the way the govt lets these banks do anything they want!
Mary McCarthy (Pompano Beach, FL)

Company: Bank Of America
Country: USA
State: Delaware
City: Wilmington
Address: PO Box 15019
Phone: 8007329194

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