Quote:
Originally Posted by RawAlex
The adjustments that the credit card companies are making are pretty much criminal in nature. I can understand re-evaluating people's credit, I can understand raising rates over time (in keeping with the default rate of overall credit, example). Heck, I can even understand adding fees for processing or other.
{snip}
Moving someone's CC rate up from 8% to 15 to 16% overnight without warning is terrible. Adding service fees just to use the card or to receive a bill is terrible. Moving the minimum payment levels up by more than double is a recipe for disaster. In many ways, it appears that the credit card companies are trying very hard to make customers default.
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Doing all of the above AND lowering someone's limit - even those who are paying in a timely manner on a monthly basis, at or significantly above minimums - is a recipe for disaster. We were talking about it this morning, and I strongly feel that this is the banks' way of making SOMETHING. They're not making any interest on B2B loans (0% interest, Fed? Really?), so stab the consumers.
*ponders*
Hmmm. Why does that sound SO FAMILIAR?