Bank of America Complaint - Bank Of America - Obama Help! Credit Card Companies Are Killing Our Economy!
ORLANDO, FLORIDA -- I have been a member of Bank of America for the past 5 years and currently have an Alaska Airlines credit card. We are always timely on our payments and recently we got word that they would be increasing the interest on our card to a WHOPPING 28%! How can this be legal? All of our hard earned tax dollars are being spent to help ruthless banks like Bank of America recover from the economic crisis but they are carelessly spending it on salaries and marketing campaigns. They are making a unethical profit off of hard working citizens who are paying rapidly increasing interest rates on credit cards and adjustable rate home loans. However, the credit card interest rates currently do not have a cap on how high these companies can rake up their rates. Does this mean we could be paying as much as 35% in credit card interest. I'm calling to have our account closed and will elect to pay of the balance at the old rate before the 28% interest kicks in. Here is the issue, if you close an account this reflects negatively on your credit but if you leave it open the interest will prevent you from effectively paying off your debt...here lies the problem, it's a "catch 22" and is one of the leading contributors to our economic downfall. Our whole "credit" theory needs some by laws established or we could be paying far more interest than we are now, in the near future.
This could be a very sad day for many as we all struggle in this failing economy to make ends meet while pompous executives sit in their large offices with health salaries all paid for by the struggling consumer.
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