Builders ltd. Informative - Stop credcard use - visa

Review by bones1 on 2009-10-07
WILMINGTON DE -- Think about this, chase bank received +25 billion dollars, tax payer funds. how did they thank all the tax payers, by increasing interest rates a lot on every body. I know I for one will never do business with chase bank, or any of their holding companies, wake up people you in the long run can do some thing. contact your senators, congressmes, weekley until they stop this practice and start payihg the rate they have charged all of us.
Comments:4 Replies - Latest reply on 2009-10-07
Posted by Anonymous on 2009-10-07:
Does no one read the news anymore?
New credit card laws were passed. The bailout had nothing to do with them raising rates.
All credit card companies have been doing this.
Posted by Slimjim on 2009-10-07:
1. Credit card laws have already changed prohibiting banks from raising interest rates on pre-existing balances. Of course, they can offer new credit at any rate they want. It's up to the consumer if they want to use a line at any raised rate or not.
2. the bailout was due to the economy flattening and banks being overrun with defaulted loans. I'm guessing no one thanked the banks when they decided not to pay back hundreds, if not thousands of dollars they borrowed.
3. If you do come back here bones, take a minute and use your edit link to fix the erroneous title.
Posted by tnchuck100 on 2009-10-07:
"congressmes" - a typo? Maybe not! LOL
Posted by Anonymous on 2009-10-07:
1. The changes to the law don't go into effect until February 22, 2010.

2. The bailout was mainly a result of deregulation/lack of regulation that spawned derivatives such as credit default swaps that allowed banks to over leverage beyond sanity. The financial sector became reckless gamblers placing bets they couldn't cover. That's the truth but eh I guess it's easier to blame joe six pack for defaulting on his mortgage.

3. Yeah, that title kind of threw me off too.

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