Credit Card Companies Complaint - Federal Crime - Credit Card Terms

Review by singinpoor on 2009-03-20
HUMBLE, TEXAS -- In addition, the breach of contract laws implied that a breach of contract occurs when one party to a contract makes it impossible for the other parties to the contract to perform, a party to the contract does something against the intent of the contract, or a party absolutely refuses to perform the contract.

My take on this to whom it cares:
These credit card companies are raising interest rates in mass here ahead of the rule changes and I had two they raised to 30%. Well I sent the bills back and said I don't pay 30% to anyone so basically you get nothing. My argument? Yeah the contract says you can raise my rates which I agree with. Look closely at the contract because it says you can and not that you have to. However since that is as written a voluntary step if you do change the original terms; by law you have to redo the credit application to see if I voluntarily qualify for the card and then issue me a new card every time you do that? That is per existing contract law which you guys always quote. As of now if you feel I do not qualify at a higher rate then you guys just try to lower my credit limit and then hit me with over limit charges right? That is also by law intentional fiduciary fraud by manipulation and since it is a mailed interstate contract a federal felony. So to protect my future interests I am with holding further payments until we go through the proper legal steps to update or redo an interstate contract and/or basically a trust fund of sorts your company has put in my name as a beneficiary to repay with interest charges. Trust fund terms and voluntary contracts cannot be altered unless all the beneficiaries agree and/or there is good cause or at least we have our say.
Comments:3 Replies - Latest reply on 2009-03-21
Posted by GenuineNerd on 2009-03-21:
On your credit card accounts, have you consistently made your payments on time? Usually CC companies would raise your interest rate to a "default APR" if you fall behind on your payments or go over your credit line, thus kicking in "overlimit fees". I had one card raised to 28.99% because I went over my credit line (they raised my minimum payment substantially as well.) The next month, I made the larger payment, and guess what? Despite my NOT charging anything to this card in the prior month, my payment still was not enough to put my balance below my credit limit. I eventually transferred most of the balance to another CC with a much lower interest rate and a much lower payment, which I pay well over minimum. I'd rather have my payments go toward the principal rather than interest and fees, and I'd rather pay 5.7% interest than 28.99%. I since cut up that higher-rate card, and am paying that off...at least I got the monthly payment on that card down too...I couldn't transfer the entire balance because my other card didn't have enough of a credit line for me to do so...so I transferred most of it, and still left a good cushion of credit line on it.
Posted by S. on 2009-03-21:
Posted by steve101 on 2009-03-21:
Not a good idea. Your interpretation of the law is flawed. The bank will only send you to collections and your credit will be ruined.

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