Blowing Things Up #2
I guess we have all had the experience of credit card outfits playing games with us — particularly raising interest rates for no good reason except that they figure they have us hooked for a time.
The first time that this happened to us we happened to be in the midst of refinancing and paying off a mortgage and some credit cards. We had been using the latter heavily during this process. POW — just as we paid off the credit cards we got notice from them that they had doubled their interest — ha, ha to them. As I recall they were MBNA and Bank America. We try now to use only one card and keep in reserve one from my union in case the primary one gets lost and has to be replaced.
POW again. Chase had several weeks ago offered to transfer funds at no cost. We decided to take advantage of this to assist a family member stuck with a massive interest rate — one of those former college students now wrestling with the college loan residuum.
No sooner than we had set up the arrangement than a notice came that our interest rate had now been doubled — so much for their good deal.
Will now figure out what to do with this one when we have time.
**Loan Sharks* *
Sanders proposed legislation to cap interest rates on credit cards.
Banks that have taken the largest taxpayer bailout in U.S. history,
the senator said, should not be allowed to slap consumers with rates
up to 30 percent. To watch him talk about loan sharks in three-piece
suits, click here
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“A war is just if there is no alternative, and the resort to arms is legitimate if they represent your last hope.” (Livy cited by Machiavelli)
Ed Kent 212-665-8535 (voice mail only) [blind copies]