Chase CC's switch to variable rates soon

[Pants]

Chase credit cards just sent a change to our CC stating they were going to a variable rate at the the end of Nov.

I guess this means if you're on time it's going to fluctuate 1 or 2% (15%). If you're late there's the justification for raising to 34%.

It states we can opt out, but, they will cancel the card. Look out, here comes the loop holes.

[smit5454]

I have about 60k in credit card debt, never missed a payment or been late. I have received letters from every CC company they are either raising their rate or going to a variable rate. Now I have these balances at about 20%+ on average when they were 9ish.

Now mortgage rates and lending rates are low, but we can't get a modification, can't refinance, and get to dump more money in interest expenses into companies that are gouging us.

I really want to thank Obama for his help with this. Let's give the CC companies about a years notice that there will be limits instead of enacting it now and making it retroactive.

This comment from a new article sums it up.
“Credit card providers have been aggressively raising rates on consumers now to avoid the ramifications of this rule when it goes into effect next year,” the senators write."

I am going to take the same approach with my kids. "Billie, I am concerned that you may have drugs in your room. I will be coming to check in July 2010"

[Chased around and around]

CC lets see, my Amex I have had for 27 years, $26,000.00 credit line, 7.9%, they dropped my credit line to my balance, 9K and now its 11.9%, closed the account. Never missed a payment, ever. Just got as letter from them stating my rate will go prime + 15.99% on any new purchases. Idiots didn't realize account was closed 4 months ago.

Citi card had for 9 years, $25,000.00 limit, 8.9%. they dropped my limit to balance, 3K and upped the interest to 29.99%. The letter said due to the financial problems in the country all limits were going up for everyone. Closed the account 2 months before getting the letter stating the new interest rates, again idiots.

I am done with CC and FICO, "cash is king, debt is dumb", Dave is so right...

[smit5454]

Dang Chase. EXACTLY what happened to me, and I have AMEX and CITI. Balances are about the same too.

Your not my wife are you?


LOL

[caldwellb02]

It's really time to stop using credit cards. They may be getting more from us right now because of the higher interest rates, but I'm educating my kids and my friends and folks are weaning off the dang things. Do you remember the day when not a week went by without getting some new, unsolicited credit card offer? We all created this together - no way anyone can blame the greedy consumer, and it's not all the bank either, but this reducint the credit limit on good customers and upping the interest rates is really unacceptable. What a fraud this is.

[Chased around and around]

Originally Posted by caldwellb02

It's really time to stop using credit cards. They may be getting more from us right now because of the higher interest rates, but I'm educating my kids and my friends and folks are weaning off the dang things. Do you remember the day when not a week went by without getting some new, unsolicited credit card offer? We all created this together - no way anyone can blame the greedy consumer, and it's not all the bank either, but this reducint the credit limit on good customers and upping the interest rates is really unacceptable. What a fraud this is.

I know it this era we live for right now, not tomorrow or the next day but right now. We are so impatient we stand in front of the microwave and say, "hurry up". We all need to slow down, stop using unsecured debt and live by cash only. I told my wife months ago, ATM or cash or you don't need it. We need to all live under our means not beyond them. Look what mess it all got us into with this ridiculous housing market if you bought '05-'06.

Still to this day, I will see some tool or something I want, not need, then think, heck all my CC are closed. A few minutes later I forgot about that purchase and moved on to doing something else and I didn't spend a penny.

I have had enough of being mortgage poor but at least I had excellent credit then. Big deal, my credit is now trashed and for once I am glad, I will not be getting into anymore debt for a long time to come...

[SwillerAlesbane]

Yo Chased...we gotta hit Oggie's or something up so we can sit and talk about how crazy it's all gotten.

I'm seriously thinking about trying to get a group of us together from OC...if nothing more than to SEE the real people who are getting shafted by the system, which IS our laws and government.

[grullagirl]

Same scenario here, limits dropped, int rates hiked. Hopefully if we can get our modification done we will pay ours off. We are trying to only pay cash for things right now. Good credit got us into this mess. Like my husband says "they only need to club us over the head once".

When I was 22, worked and in college and making 4.50 an hour I was in better shape than I am now. Financially and mentally. This modification "chaos" is driving me batty.

[Chased around and around]

Originally Posted by SwillerAlesbane

Yo Chased...we gotta hit Oggie's or something up so we can sit and talk about how crazy it's all gotten.

I'm seriously thinking about trying to get a group of us together from OC...if nothing more than to SEE the real people who are getting shafted by the system, which IS our laws and government.

Sounds good, let me know where and when.

Of course where ever we go cash will pay the bill...

[SwillerAlesbane]

LOL..it will have too, I haven't "owned" a CC for more than 6 months.