I feel that it is necessary to share my experience with Bank of America. I urge others to refrain from opening any type of accounts with this Bank and to close their existing accounts if possible. It is time to stand together as consumers and demand that these companies refrain from economically taking advantage of us for their own profits, specifically the ENORMOUS and UNETHICALLY inflated profits of their top management teams.
Over the past 6 years, I have amassed a credit card debt on several cards that I am not proud of. I have realized that my actions were irresponsible and I fully accept those actions. I know that it is my responsibility to proactively pay back my debt and learn to live within my earning potential without the use of credit. I accept that & have taken steps to achieve being debt fee. I refuse to use a debt reduction agency and so am paying back my debt according the rules of my credit card agreements.
I proactively contacted Bank of America, by calling the customer service center, in an attempt to transfer a different high interest rate balance to my Bank of America account with a much lower rate. This account has been open for at least 4 years and is in good standing. I do not pay this account late and generally pay the minimum to slightly above the minimum value. I have good credit & pay a mortgage, but at the moment, I am a student so do not have a high income.instead of helping me by allowing me to make the balance transfer, they asked a few questions about my current income, & LOWERED MY CREDIT LIMIT to my current balance.
Now, I do not want more credit. I am done using credit. But they are punishing me by being responsible and doing everything in my power to pay off my debt. Had I not made the phone call to seek a lower interest rate, my account never would have been evaluated.in essence, they are hurting my credit score because now instead of having available credit that I have been qualified for I am not maxed out. This is unethical and fraud. It is in the interest of Bank of America for me to never ever pay down my debt in order for them to collect interest profit from me for my lifetime. This is ridiculous and and travesty against the American people that our government allows these companies to eliminate our ability to get ourselves out of credit card debt.
We as taxpayers are ALREADY paying for Bank of America to survive because we have chosen to bail it out. The proper action would have been to let Bank of America go bankrupt because no one is going to save you as an individual when you make poor decisions that lead to your inability to manage your finances.in fact, Bank of America is profiting off individuals going bankrupt. It is time to put a stop to this & the first action for that is showing the strength of the American consumer by boycotting the institutions that take advantage of us, starting with Bank of America. As soon as I pay off my debt, I will never ever be a customer of theirs again. I hope that those who read this are able to withdraw themselves as a Bank of America consumer before that. Thank you.
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