Sportsman2505qss
Winter Springs, Fl USA
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Joined: 05/03/2002
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I just got an Important Change in terms notice. They are raising my monthly payment from 2% to 5% reason: The principal factors we considered in increasing the minimum payment due include the current APR's and revolving balances associated with your account. I have 4.99 rate for term of loan. I called them and they said they needed to do this to keep themselves afloat. My 3,000.00 balance monthly payment will increase from 60.00 to 150.00. I told her that this is not right as people are having a hard time now. I ask if I could close the account and keep the terms as there are and she said no. There are no options. Said they are getting thousands of calls. Does anyone know who and where you can write about all of this. I have always tried to do the right thing and pay but if worst comes to worst, I just won't pay and any other bank that penalizes me because of this, I won't pay them either.
2002 KZ Sportsmen 2505qss bought in 2001 1999F-150
Gamble Rogers
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KeninAZ
Prescott, AZ
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Joined: 06/22/2002
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Tell them that you are on the verge of filing a chapter 7 bankruptcy anyway and this will be the straw that broke the camel's back.
That will get their attention in a hurry.
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jcapps
Not a senior just a
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Joined: 08/18/2004
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If you are a homeowner open a home equity line of credit. Interest rates on them are from 3.5 to 5.5% right now. All you then have to do is pay off the interest monthly which is cheap.
"The great challenge of adulthood is holding on to your idealism after you lose your innocence."
– Bruce Springsteen
"This ain't the practice round"
- a friend
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Saftman
Lafayette, La.
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Joined: 08/14/2006
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Welcome to the change. It will probably get much worse before it gets better (if it ever does).
'06 F250 SC, FX4
'06 Cedar Creek 36 RLTS
Me, The Wife & 1 Big Dog
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RVForever
.
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Joined: 06/18/2004
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Unfortunately, someone has to come up with the money that you are loaned anytime you use a credit card. Borrowing money costs everyone involved in the chain of the loan.
With a two percent minimum monthly payment it will take you almost 6 years to pay off the $3000, that is if you never charged another dime.
I was once in credit card trouble, and it took years of doing without to get it all paid off.
Today's Idea of spend, enjoy, spend, enjoy, spend, enjoy, at someone else expense and then file bankruptcy is a bad idea.
Try if you can to get the cards paid off and then use them only if you will have the money as the end of the month to pay what you owe.
You will no longer be able to impress the folks down the street, but you will sleep better at night...JMHO
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Orion
Pacific South West
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Joined: 10/21/2002
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To be honest, even though I was in the banking business, I have never heard of a 2% Credit card repayment. I always thought that the norm was 5%. You do have a low rate on the loan so I can see your reluctance to get this paid off quickly.
Never miss an opportunity to walk on the grass.
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dogmom4
never, never land
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Joined: 10/29/2004
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I received just about the same notice from my Fifth Third Mastercard
account yesterday. I pay my balance in full every month. I understand
that we that do that are considered "deadbeats", if so, I'm a proud deadbeat.
I will never again let them catch me in their traps. God I hope.
Sure you can trust the government......
Just ask an Indian.
Abuse Thrives in Silence!
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KeninAZ
Prescott, AZ
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Joined: 06/22/2002
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Like many others, I no longer worry about it anymore.
I got rid of all of mine.
Now it's a savings account backing my debit card like the old days.
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MasterBoondocker
nw lower Meeeechigan, TN and FL
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Joined: 10/11/2003
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Wanna hear about a major Chase fiasco ?
There was an UNjust finance charge placed on my card so I just paid-off the balance(as I normally do) .... so GUESS what the interest rate was on that carry-over balance the next month ? ....
40.78% !!
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dogmom4
never, never land
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Joined: 10/29/2004
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Are they going to make you pay it???
Now adays they don't want to correct things I'm finding out.
* This post was
edited 06/24/09 04:43pm by an administrator/moderator *
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