Credit card companies like Chase and Captial One can just bite me. I was carrying a balance on two different cards at decent, single-digit fixed interest rates (which is what I agreed to when I signed up for the cards) and in the last two weeks I’ve gotten two letters saying “Oops, the economy is bad so we’re changing your fixed rate to a variable prime plus 10.5%”. That makes the rate almost 15% for now and it can only go up from there since the prime rate is bottomed out.
That is so fucked up, why should I have to pay for the fact that they extended credit to fools who can’t pay them back now? I am going to have to refuse the changes which means they close my account and I get the privilege of paying off the balances at the interest rate that I initially agreed to. Now I have to hope that at least my Visa through the credit union doesn’t send me the same letter.
Hey Mr. President, how about some bailout money for us regular Joes?