I have two credit card accounts with Bank of America.in the past few months they have reduced my credit limits; raised my interest rates to almost 30% and gave me an incorrect address to send a letter to 'opt-out' of the higher interest rates.
I followed the instructions given to exercise my 'opt-out' right and refuse the interest rate change. I had a time limit to send the letter, which I followed. My letter was returned to me, marked as undeliverable as addressed. I double checked all addresses and I addressed it correctly. Of course the time limit has passed and now I automatically go to the higher interest rate.
All this seems like legalized extortion to me. I pay my bills on time. I pay more than the minimum payments. All this nonsense is going to be the financial ruin of our country if we allow it to continue.
I have no problem with paying a reasonable interest rate. That is good business. I have no problem with paying for things that I purchase. That too is good business. I do have a problem with being robbed blind and it is all being done legally (as far as I know). These practices must be stopped and these companies must be brought under control.
There are no 'bail-outs' for all of us average citizens. What good is raising rates to beyond reasonable rates? Make minimum payments so high that people have to choose between paying living expenses or their credit cards. It's a no brainier to see who will win that argument.
These companies are trying to pull in as much cash as possible from those of us that believe in and value our credit rating but the ultimate cost of this is spiraling so far out of control; it's down right frightening.
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