I too have had these similar experiences with GE Money Bank. Changing due dates, slow processing and jacked up interest rates. I have also had this experience with Bank of America. So, credit seekers beware. They work just like a legitimized GE Money Bank.
On both accounts I have always paid significantly over my minimum due, and generally I have paid earlier than the due date. But, due to the fluctuating due date I have been a couple of days late on several occasions. Mind you, they cannot even report me to the credit bureau until the account is 30 days past due. But, man do they jump on every opportunity to 'steal' from me. The primary reason this pisses me off is that not once in the 7 or 8 years I have been using these organizations did anyone ever give me so much as a "thank you" for paying over and/or early, much less lower my interest rate for keeping my account in good standing. That would be fair business practice in my opinion. But, all of my efforts in speaking with these people has resulted in nothing but me being frustrated.
So, here is what I propose. A class action lawsuit is costly and time consuming and there is no guarantee that we would win a judgement. Let us remember that the people to whom we would submit such an action are driven by the "good old boy" network of greedy money mongers that have put us in the economic crisis we are currently in. I think it is time we woke up and struck a blow at this gargantuan of greed. The only way to strike back is to hit them where it hurts and that means money. So, I have taken on a second job (temporarily) to pay off these two organized crime enterprizes. I have made a pact with my spouse that we will no longer use credit of any sort (save mortgage and current autos). These companies are making their billions off of our burning desire to consume (as advertised to us thousands of time per week). The advertisers have duped us and we have taken the bait. If I really feel strongly I need a big LCD TV, then I'll save for it. Screw them, screw the banks and screw the corporations that have been raping and pillaging the working class for decades. We are the only ones who can stop it. The government will not intervene, they stand to lose too much money too. They are too short-sighted to correlate the boom in credit availability in the US to the beginning of the decline of the US dollar world wide. We (the American consumers) need to take control. We can do that through our own self discipline and due diligence. Stop paying full price whenever possible. Stop using credit at retail locations. I am a heavy electronics consumer. But I will not ever purchase another item on credit. The corporate philosophy in our country has become completely unAmerican. How in a "free" country can our employers tell us what we can and cannot say in a public forum outside the work place, to what organizations we can and cannot belong, drug testing... The list goes on. We have allowed our government to turn over the decimation of our constitution to corporate America. This financial mess is just a symptom of all of this. Let us stop this madness and bring the social classes closer together by screwing the upper 10% for a change.
I am typing this staring at a large hole in my entertainment where my 42" plasm tv used to be (that I am still paying GE Money Bank for) while it is being repaired (yes I got the P.O.S. Model: D). I could run out to hhgregg and buy a replacement, but I do not have $2500 to do it. If I were to finance it, guess who hhgregg uses. Why, GE Money Bank, of course. So I will pay for the repair and will not purchase any new equipment until I have resolved these debts. And I will not be establishing new ones. Do not fall for the economy hype.Us getting further and further in debt is only going to bail out the people who do not need to be bailed out. I have little sympathy for them. They are the reason we are in this recession. Screw 'em, let them feel the pain for a while. The rest of us little people (as Leona Helmsley so elequently put it) have suffered enough.
Sorry for ranting, but man I feel better.: D
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