I have had a Chase Business Credit card for several years. I never even applied for it, they just sent it to me, that's how good my credit once was. Six months ago business really started to slow down and I made my credit card payment to Chase 2 days late. Not 30 days, not 2 months, 2 days. They immediately raised my interest rate from 9.99% to 29.99% causing my payment for a $12,000 debt to increase to almost $600 a month.
I was proactive and contacted them to tell them what I was going through, do you think they care? Hell no! For months they have been telephoning me relentlessly, both at home and my business demanding the money at 30% interest. They upset me so much demanding the money, I end up in tears. Every person I have spoken to there has a different story of how they can help me, and transfers me to a different department. Then I speak to the person in that department and they refuse to put me on a payment plan or lower my interest rate, because they don't think I will be able to keep up the payments, despite the fact that I was current on my account UNTIL they raised my interest rate.
Tell me how it makes any sense to expect a person to pay the higher payment with the higher interest rate yet in the same breath tell them, if they lower the rate, you won't be able to keep up the payments, and my, we can't have that. I was told by one person the only way she would work with me was if I contacted their Consumer Credit Agency and got on one of their plans. Well I contacted them and they said I didn't qualify for one of their plans either! The amount of money they said I would need a month to make my "reduced" payments was $200 higher than if I paid everything I am paying now with no reductions and 30% interest. What's wrong with this picture?
Now my business is closed and I have no income, and now with every missed payment almost an additional $80.00 worth of late fees and now, overlimit fees accrue. I am so furious with the backwards logic of this bank and out and out lies I have been told, I am praying this bank goes under and gets no more help from the government. I have actually been told by a representative that with all this bail out money they received, the government won't let them put people on payment plans, because that would reduce their revenue, and they have to pay back the government! I have also been told that the same rules don't apply to business accounts as to personal accounts.
It seems that, despite the fact that one of this countries greatest assests are its entrepreneurs, business to business practices are ruthless and uncompromising, and no one cares if you just lost your business, as long as they get their money. I don't believe they really want their money, their actions totally contradict that goal. They are into punishing people and harassment and my only hope in writting this is that 2 years, 5 years, 10 years down the road, however long it takes, people like me will remember who treated them fairly during the worst economic crisis since the Depression, and they will once again be responsible for their own failure, but this time people will be applauding to see them go out of business.
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