Debtor's Revolt Begins

[NinjaPirate]

Um, if this lady has a credit card balance that she is not able to pay off at the end of each month, then she does not know how to budget, as she claims.

Are you serious? Did you listen to what she had to say?? She was making her payments, but then they hiked her rate to 30%, and basically told her to eff off when she tried to negotiate a lower APR. So out of civil disobedience she is refusing to make further payments until they lower her rate again.

 

[Live_Free_Or_Die]

I have no sympathy if you agree to the deal regardless of how bad the terms are. She wasn't bitching when she was spending.

How about this radical idea. Stop using the banking system. Stop taking on debt.

 

[rrcamp]

It's clear she's in the wrong: she has X days after being notified of the rate change to NOT ACCEPT the increase. The bank will simply close her card and allow her to pay off the balance at the old rate. This is exactly what she should have done.

Now, having said that, I'd like to see a peaceful revolt of any type against the banks and the government (one and the same these days).

 

[tmosley]

Killing is wrong, yet it is a necessary evil in war. Stealing is wrong, but depriving an enemy of his supplies makes him weaker and easier to fight. This is economic warfare. Those who choose to take this route do not do so without risk, as it is likely they will be sued. It is definite that they will be harassed for years.

Those who complain about having to pick up the bill, well, you are collaborating with the enemy, and you deserve what you get. Sorry, but that's the way it is. Those who are just staying out of it are doing good for the movement, as even simple disassociation harms the enemy.

I don't care whether she could or couldn't pay her debts before, or it's just some excuse not to pay. You don't ask soldiers to justify themselves in war, so I see no need to do that here either.

 

[Objectivist]

To be fair to the woman in the clip, maybe we should ask why B of A is still in business? They would have gone under if not for Congress and the POTUS handing them 100 billion in taxpayer money. In other words they would not exist if they were a real business like mine.

 

[Objectivist]

I have no sympathy if you agree to the deal regardless of how bad the terms are. She wasn't bitching when she was spending.

How about this radical idea. Stop using the banking system. Stop taking on debt.

The terms have changed if you read my earlier posts.

 

[cbc58]

My view is that she shouldn't have to pay any higher rate on the current balance, but if she decided to charge more it would be willingly done at the higher rate. She's had enough and I don't blame her.

People say "why doesn't she just pay it off"? Maybe she can't. She based her spending on good faith terms and they came back to screw her because of their mistake. Let them rot in hell those bastards. Anyone who doesn't view this as wholesale theft of the Amercian consumer has a screw loose. This is a criminal act sanctioned and pushed through by none other than.... you guessed it... the banksters and special interests in Washington.

For the person who says that her charge-off will be borne by other cardholders... don't use the card then... use a debit card.

 

[NinjaPirate]

Ha! I just got off with my CC company because I got a notice saying they're going to jack up my rates from 8.99% fixed to 14.24% Variable. While it's not as bad as 30% it's still FU*KED up! Damn, and I've always made my payments on time, too. Well, I'm going to reclaim my points and close out my account!

No good deed goes unpunished yet financial irresponsibility gets rewarded.

 

[acptulsa]

No good deed goes unpunished yet financial irresponsibility gets rewarded.

And yet there are people who think the banksters don't run the nation. What better evidence do they need? Here we have the people who allow themselves to be raped by them being enabled, and the rest of us getting stuck with the bill whether we participate or not...

Democracy truly is two wolves and a sheep discussing what to have for dinner. And fascism is two bears discussing how to kill the dogs and use them to fertilize the grass in order to preserve and fatten up the sheep.

 

[Firegirl]

While I totally agree with what this woman had to say about the banks themselves (greedy, selfish bastards), I don't agree with continuing to support them by racking up debt. She wouldn't be in this position if she paid off the card, only charge what she can afford, or just use it for emergencies.

I read Dave Ramsey's "Total Money Makeover" before the economy took a nose dive and went to see a financial planner. Why the hell was I paying the minimum on a credit card with $5000 on it when I could instantly take that money out of savings, pay off the card, and be able to save even MORE each month because I didn't have any debt to pay off? Duh! I think that book should be required reading for every stupid American that lives beyond their means. He's NOT a financial genius or anything, but his plan for getting out of debt, staying out of debt, and saving money you need for emergencies really is a no brainer.

I haven't had debt in YEARS (except a mortgage because who was $200k lying around?) and have saved enough to get me through two emergencies, a root canal and a kidney stone. Used the card at the time of emergency, then went home and instantly paid it off. Will NEVER be a slave to these companies that could care LESS about America, its citizens, or the economy ever again.

I called and cancelled a Chase credit card that I had always paid on time, fully paid off, and used for gas once in awhile because they wanted to change my rate from 7.99 to 30%! Told the lady exactly why I was cancelling and she didn't care one bit. Will never do business with a major bank again. Stick to credit unions. Why do people insist on continually giving money to these people who took our money is beyond me.

Get out of debt, stay out of debt, and these horrible banks will hopefully go away!

 

[Brian4Liberty]

I think that book should be required reading for every stupid American that lives beyond their means. He's NOT a financial genius or anything, but his plan for getting out of debt, staying out of debt, and saving money you need for emergencies really is a no brainer.

It is a crime that a standard education does not include true, unbiased financial management training. And the small amount that students do get is usually something that was probably written by Goldman Sachs and Citibank.

Unfortunately, sound financial advise is like politics. You can tell people until you are blue in the face, and most people will not listen.

 

[ladyjade3]

Pay off the card, close the account. Screw them without screwing yourself in the process.

 

[devil21]

Pay off the card, close the account. Screw them without screwing yourself in the process.

Actually, you're still screwing yourself. Closing cards reduces your credit utilization ratio (total credit lines minus balances) thus lowering your credit scores. No win situation.

 

[acptulsa]

Actually, you're still screwing yourself. Closing cards reduces your credit utilization ratio (total credit lines minus balances) thus lowering your credit scores. No win situation.

Ah well. I, for one, have far more credit than I use, or intend to use.

 

[muh_roads]

balance transfer to a new lower interest card.

 

[acptulsa]

balance transfer to a new lower interest card.

Isn't it amazing how much more they value new, stolen customers than the ones they already have? Patronize them and they'll screw you every time...

 

[devil21]

balance transfer to a new lower interest card.

Read my post earlier in this thread about how BoA changed a 3.99% for life balance transfer rate into a 28% rate through no fault of my own. They claimed "economic climate and viability" as their reason.

 

[Brian4Liberty]

Read my post earlier in this thread about how BoA changed a 3.99% for life balance transfer rate into a 28% rate through no fault of my own. They claimed "economic climate and viability" as their reason.

Was there fine print that said they could do that?

"3.99% for Life *"

"* Terms and conditions: blahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahwereservetherighttochangetherateatanytimeforanyreasonblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblah"

 

[devil21]

Was there fine print that said they could do that?

"3.99% for Life *"

"* Terms and conditions: blahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahwereservetherighttochangetherateatanytimeforanyreasonblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblahblah"

But see, that sort of fine print makes the advertising and offer dishonest and misleading. If it's 3.99% FOR LIFE then it can't be changed unless I do something to default on the account. For life means until it's paid off. Otherwise, what's the good of FOR LIFE?

Surely you're not defending false and misleading business practices, are you Brian?

 

[Brian4Liberty]

Surely you're not defending false and misleading business practices, are you Brian?

Nope. Those people are scum. I just question what the actual solution is, other than not doing business with them. I fully support prosecution for fraud.

It's almost a cliche in our society that things that are "guaranteed for life" really aren't. People don't really care. If it sounds too good to be true, it probably is. Never believe anyone who makes promises they obviously can't and won't keep.