The new law congress passed already has my credit card company screwing me over. Chase bank sent me a letter notifying me that effective Dec 1 my rate will increase to Prime 25.99. Unbelievable... Lucky my balance is low and I will be paying them off but why screw over your good customers to pay for the bad. I am an outstanding customer, my bill has never been late and I always pay more than the minimum. Way to go Chase bank, you along with another credit card company (that I am reporting next) has lost a customer. I have come to the understanding that the "big banks" who have been one of the major causes of our economic crisis, really do not want good credit customers, they get big and fat off all the poor people who cannot pay. Its just a shame that these poor unsuspecting customers who cannot pay off their credit cards will never be able to now with what they are doing. Do you know it would take someone 57 minimum monthly payments (estimating the minimum to be $56.00) to payoff $1,800.00 in credit card debt at the new rate they are switching too. You can do the math yourself for those of you who don't take the time to that is $3,192.00 for borrowing a mear $1,800.00 from Chase Bank. That is almost half of what you borrowed, now take that same formulation for someone with a $20,000 balance they are looking at paying back over $50,000. Good luck to all the consumers out there, if it hasn't happened to you yet it's coming your way so Buyer BeWare!
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