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Thomas

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: September 23, 2009, 08:36:43 PM

http://www.mahalo.com/ann-minch

we need to band together to fight the powers that be!! lol
or just become a member of the Bohemian Grove and worship Molech (the owl) like the other billion dollar brotherhood hellbound monetary rulers

http://www.infowars.net/articles/july2008/210708Grove.htm

John Galt?

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#1 : September 23, 2009, 09:12:03 PM

Much ado about nothing.

Here is the thing: if a CC raises your interest rate, it only applies to any NEW debt you add to the card as long as you pay on time. If you call up and cancel the card, they HAVE to keep the interest on the existing balance the same (unless you miss a pmt, DON'T MISS A PAYMENT!). Usually when you call and threaten to cancel, they will back off and give you the lower rate (unless you are so buried in debt that you are a likely Chapter 7).


olafberserker

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#2 : September 23, 2009, 09:58:51 PM

Much ado about nothing.

Here is the thing: if a CC raises your interest rate, it only applies to any NEW debt you add to the card as long as you pay on time. If you call up and cancel the card, they HAVE to keep the interest on the existing balance the same (unless you miss a pmt, DON'T MISS A PAYMENT!). Usually when you call and threaten to cancel, they will back off and give you the lower rate (unless you are so buried in debt that you are a likely Chapter 7).


Interesting info JG, I wasn't aware of the existing balance staying the same, but in the existing climate are they really backing down.   I've just been informed that two of my cards are going up in interest rate in the next couple of months.  No balance on one and fairly low balance on the other, but either way I'm not very happy about since I have excellent credit and never missed a payment.

Thomas

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#3 : September 24, 2009, 05:58:40 AM

I have worked for B of A for 3 years and Chase 2 years. Never heard THAT before...is this new JG?

John Galt?

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#4 : September 24, 2009, 02:53:06 PM

I have worked for B of A for 3 years and Chase 2 years. Never heard THAT before...is this new JG?

It was vaguely part of the Truth in Lending act, but the new (signed by BHO on 5/22/09) Credit Card Accountability Responsibility and Disclosure Act of 2009 really reinforced it.

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No interest rate increases on pre-existing balances. If your credit card issuer decides to increase your interest rate, that new rate would only apply to new balances. Your current balance would continue to be subject to the old interest rate. There's an exception, however, if you become more than 60 days late on your credit card payments.

http://credit.about.com/od/consumercreditlaws/a/creditbillright.htm


The White Tiger

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#5 : September 26, 2009, 04:00:48 AM

That's just it JG, I don't think regular citizens know how bad it is.

I think the wave of coming bankruptcies will be staggering/tsunami-like. I believe CC's are playing for cash flow until some fundamental change, happens.

I do believe a debtors revolt on the way...and there's nothing anyone can do about it. It was signed, sealed and delivered, the moment Bush signed on to the financial and banking bailouts, which were pressed down shaken together and rolled up (expanded) by Obama and this rubber stamping congress.

As unemployment continues to wander above the re-revised 10.7% level - more and more banks are going to find that it doesn't matter how much you raise the interest rates, or increase the fees if no one has money to eat, they aren't paying their CC bills.

Nor will they pay taxes simply because government decided to expand in order to hand out all that newly printed cash...

Much stuff coming still from America's own national-sozialists - they won't be surprised in the next round. They got everyone here, and I think that's been the goal all along...and they have a plan for any rebellious free-thinkers.


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2goodbucs

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#6 : September 26, 2009, 12:02:05 PM

and they have a plan for any rebellious free-thinkers.

I agree 110%!! Police state while sending this guy to Guantanamo Bay. http://www.liveleak.com/view?i=32e_1253844339

Thank you congress for passing the Patriot Act and thank you Obama for supporting it!! [/sarcasm]
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