I want to tell you about a situation that has me between a rock & a hard place: Chase, a Credit Card company that received tax payer funded government bailout money and has made record breaking profits are acting like loan sharks!
I have excellent credit, I pay my bills on time, and take my credit obligations as well as my credit score very seriously. I have never been late on a payment to Chase.
In light of Obama's credit card reform, Chase is acting quickly to screw as many of their customers as possible, before the reform stops them.
Due to my good credit, over the years Chase has offered me very low fixed rates on balance transfers for the life of the balance. You bet I took advantage of those offers. My current fixed rate for life of a balance with Chase sits at 5.85%.
Apparently Chase has re-thought their position on those offers, sees me as a risk, and is now trying to force me to not be able to make the minimum payment. Which would result in Chase being able to raise that fixed for life APR, to a much higher rate that would enable them to make more money off me.
I received notification from Chase that my minimum payment would no longer be 2% of my balance but would now be 5% of my balance. This increase raises my minimum payment due by $600.00.
Their reason: "The principal factors we considered in increasing the minimum payment due included the current APR's and revolving balances associated with your account."
This tells me their reason is nothing more than greed and to make more money. Chase has found a very sneaky, crooked way to do so.
There is no way I am going to be able to scrape that extra $600.00 up, and Chase likes it!
They know that if I default, I loose that 5.85% fixed APR, and the APR on my account would skyrocket to something like 25 %. Chase is thinking YAY for us.
I called Chase, and told them I could not afford the ridiculous $600.00 increase in my minimum monthly payment, and asked if we could work something out due to my good payment/credit history with them.
The response was a flat out NO.
The customer service rep then went on to tell me that it sounded as if I was in the middle of a hardship.
Hardship? What hardship, there was no hardship until Chase created one for me!
Their solution was for me to go on their hardship program, which closes my account, and I loose that fixed 5.86% APR. The APR would go up to something around 25 %. Now that is a hardship!
How does this help me, oh that's right, it only helps Chase... It helps them make more money off me! Obviously the tax payer funded government bailouts were just not enough money for them!
Chase has basically found a way to pull the fixed APR they offered me, by changing my terms to something they know I would never be able to afford.
Sounds like loan sharking to me!
My being in excellent credit standing with them meant nothing. My 775 credit score meant nothing. So, with this in mind I am being forced to say "forget my good credit score, and forget my excellent standing with Chase, it does not matter any way".
At this time I am planning on speaking with a bankruptcy attorney, and Chase may find out that they stand to get nothing from me very soon! Will I feel guilty about it, no way. Chase does not want to work with me, does not care to keep me as a customer, and is forcing my position on the matter.
In this day and age I no longer worry about the random psycho criminal who could rape me or rob my home... I do have to worry about being raped and robbed by the criminal like & crooked creditors known as Chase, that I do business with!
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