I saw where President Obama is trying to work with the credit card companies getting them to update their credit card rules and regulations to include reducing or updating the fine print, unfair rate increases, late fee traps and and making the terms of the credit card contract easier to read for consumers.
Apparently, the President is still blind to what is going on and is allowing these financial institutions to blow smoke up his pants leg.
Bank of America bought out Countrywide Mortgage Company and Merrill Lynch last year. Suddenly, they found themselves to be a in a bind so they decided to go after their credit card customers to recoup some quick cash. It's not enough that the government gave them billions of dollars. I doubt that the United States government will ever see a dime of that money repaid by any financial institution.
The credit card companies have options that the President did not even bother to touch upon. It's not about US; it's about how much money the government can throw in the direction of the big banking institutions, while, at the same time, turning a blind eye to credit card holders. We are having problems. Where is OUR help? WE are getting blamed for our own credit card debt; however, I don't see any funds from the United States government being directed to us.
These options include:
Selling the debt to debt buyers who will sue the consumer in court for collections.
Putting a lien on a consumer's home or business in an effort to collect the debt.
Putting a hold on the consumer's bank account in an effort to collect the debt.
Putting a hold on the income tax return in an effort to collect the debt.
What are my options?
If any of you want to make a difference, go to www.occ. Gov and file a complaint.
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