And "they're" raising the interest rates....

[AMISLANDER]

...on Chase, Cap I and Bank of America Credit cards...I believe it was on dateline last night...just heard bits & pieces as I'm listening to the radio.

We that have been through the bk process understand we might have to give a little to get our credit back on track, however, they're upping people that have rates between 3 and 10% up to 32% without any advance notice without any issues on payment with the cardholder.

What's up with this? Anyone hear about this?

[One Half Full]

I think, like housing, credit cards as they are now were another "boom." I remember after college, being told at a job interview at Sears that most of the company's income came through credit cards. It was not money that actually existed, but contracts for future payment.

I remember, getting out of college also, that they used to use them as secondary identification.

After this crap is over, less people will use them. They are dropping people who pay on time and have good credit because they don't make them enough money. I mean, only those truly resolved to kill themselves continue smoking with cigarettes 4-7 dollars a package.

What I see is the junkie/pusher cycle at play here. First get the person addicted with freebies (low interest rates) and then start asking for more when the person is totally trapped. I really don't know when that became America's business model.

When something becomes too expensive many people do "opt out." I know that I will never use a "true" credit card again. Master card, visa, federal express all put out money cards that have numbers which can be used in lieu of credit cards.

I've been trying to find what instances you need a "real" credit card.

[Cali]

...on Chase, Cap I and Bank of America Credit cards...I believe it was on dateline last night...just heard bits & pieces as I'm listening to the radio.

We that have been through the bk process understand we might have to give a little to get our credit back on track, however, they're upping people that have rates between 3 and 10% up to 32% without any advance notice without any issues on payment with the cardholder.

What's up with this? Anyone hear about this?

That happen to me.

[magyar123]

They're raising interest rates & fees now because they are in anticipation of a Democrat becoming President and a a Democrats controlled Congress overturning many creditor friendly provisions of the 2005 bankruptcy laws.

[FLBK7]

They're raising interest rates & fees now because they are in anticipation of a Democrat becoming President and a a Democrats controlled Congress overturning many creditor friendly provisions of the 2005 bankruptcy laws.

I agree completely.

[Bandit]

between 3 and 10% up to 32%

That would be me. I am expecting that any day now.

[Bandit]

What I see is the junkie/pusher cycle at play here. First get the person addicted with freebies (low interest rates) and then start asking for more when the person is totally trapped. I really don't know when that became America's business model.

That is just being honest about it all. An excellent way to put it.

[Bandit]

I think, like housing, credit cards as they are now were another "boom." I remember after college, being told at a job interview at Sears that most of the company's income came through credit cards. It was not money that actually existed, but contracts for future payment.

That is so intersting that you say that about Sears. I have never liked that place & they must be collecting it to insurance. That is another big rip off business these days that huge corporations have their foot into. If they can't pay, just file a claim with insurance. Much easier & less messy.

I remember, getting out of college also, that they used to use them as secondary identification.

I kind of remember when a CC was used like that as well but it was only brief & did not last for long. More like when they first starting coming out.

After this crap is over, less people will use them. They are dropping people who pay on time and have good credit because they don't make them enough money. I mean, only those truly resolved to kill themselves continue smoking with cigarettes 4-7 dollars a package.

Exactly. The ones with good credit will either be getting charged more on interest or they can just let them go. I am not sure if we are still talking about Sears or all them.(?) I would guess all of them.

What I see is the junkie/pusher cycle at play here. First get the person addicted with freebies (low interest rates) and then start asking for more when the person is totally trapped. I really don't know when that became America's business model.

Already commented on this one.

When something becomes too expensive many people do "opt out." I know that I will never use a "true" credit card again. Master card, visa, federal express all put out money cards that have numbers which can be used in lieu of credit cards.

I wonder what that is. I never heard of a money card before. But it acts like a credit card? Just prepayed?

I've been trying to find what instances you need a "real" credit card.

Just something about your entire post that really hit home. About what is "real" & what is "true".