Credit Card Companies Add to Economic Woes

re: Credit Card Companies Add to Economic Woes

SUSAN LEE — Sat, 27 Dec 2008 23:35:18 GMT

I HAVE A LOWES PLATINUM VISA WITH A CREDIT LIMIT OF 3000.00 OR LETS SAY I HAD.......I USE IT FOR MONTHLY PURCHASES AND PAY IT IN FULL EACH MONTH...GE MONEY BANK REDUCED IT TO 720.00....WHERE IS THE JUSTICE IN THAT...

re: Credit Card Companies Add to Economic Woes

Stacey Maxwell — Sat, 13 Dec 2008 14:52:29 GMT

Here's another twist. I received an email alert that there had been a change in my credit score. When I went to the Experian site to see what the alert was, I was met by a 5pt. drop in my credit score. Why? Because we had charged $525 on one of our home improvement credit cards. Logic......The balance had gone from $0 to $525, a 1400% increase. This might indicate that the comsumer was in trouble and might not be able to repay the debt! In our personal effort to work through this economy we have been purchasing distressed foreclosed property, rehabbing it and renting it our to those who have lost homes in this economy. This was a purchase of materials toward that end, and the balance to be paid off upon receipt of the bill! All our other credit card debt is paid off! And yes we have had credit lines reduced, unused credit lines closed, and of course a drop in our credit rating. Gotta love how we are subject to the actions of those who have truly acted irresponsibly. Guess they are looking to spread their pain to the consumer.

re: Credit Card Companies Add to Economic Woes

frank — Sat, 13 Dec 2008 05:00:53 GMT

Another abusive practice with credit card companies arise from unauthorized charges. Since an unauthorized charge is not identity theft, the consumer is normally forced to pay fraudulent charges plus 29.99999999999% interest, or the account will be closed and due in full. Most credit repair companies document such predatory practices only to unveil the companies responsible are the same lenders who've insured "bail outs" for the bank crisis. Bank of America, Citi, Chase, and others are the major spiders who thrive feeding on borrowers trapped in the tangled web they consistently weave. The Surgeon General's time has come to finally put the warning label on borrowing? Wake up America, the real global super power is not America. As of today, the new super powers have graduated to overlord status and are known as Citi, Chase, Bank of America,and HSBC.

re: Credit Card Companies Add to Economic Woes

Mario Leon y Leon — Thu, 11 Dec 2008 18:13:19 GMT

Will this problem be left to the near end of it to begin to take actions?