Wow just opened BofA statement and my interest went from 1.99% to 28.99%

[Flamingo]

I did not read the fine print on the balance transfer check but it does not mater anyway since they did not keep to the terms on the check anyway since I never received the promo rate. There excuse was I no longer qualified because balances were to high on my other revolving accounts. I did not argue with them and I just stopped paying them so they can charge me all the fee's they want.

Reread your first sentence - if you no longer qualified because your balances wre to high on your other revolving accounts, that information is stated somewhere in your paperwork. You just did not know or read it and when confronted with the information, it is a shock and their fault. That small print and all those clauses and paragraphs can get anyone who does not take the time to read or educate themselves as to exactly what they are getting into. Creditors are smart and make it confusing for a lay person without that much knowledge about credit and finances. If everyone would take a few moments and educate themselves about what t hey are doing before they sign, when the interest rate jumps 10% as to something if a payment is missed or cash advance check interest rate is denied, it won't be a shock. However, in today's world all anyone wants is the credit card and they don't care about all the terms and conditions that go along with it until something happens and then everyone states it is not "their fault." I know, been there and felt the same way.

[fltoo]

Tuesday is a federal and state holiday and no court will be in session.

As to your original topic, what you received should be no surprise to you. Pull out and read the original information you signed when you obtained the card and agreed to their terms and conditions. Everyone should read that stuff when they obtain a credit card or sign for a loan. It will amaze you what is in there that no one ever reads. Make it a habit from now on when/if you ever apply for credit again to read all that information. When you actually sign, you indicate you have read and understand the terms and conditions for obtaining credit. As soon as you miss that first payment, you are in breach of contract. Most people, after reading all that, would not sign to obtain the credit or the loan.

Not a federal holiday although Obama is asking that everyone take the day off. LOL

[StartingOver08]

I understand your frustration and anger but you need to know you agreed to the terms and conditions they are applying to you...read my previous posting. You signed the paperwork allowing them to do what they are doing...it's not their fault that you did not read the paperwork although you stated when you signed and agreed to the terms that you did. All of us like to blame someone else when all this starts to occur but the blame really lies with ourselves...it's hard to realize at the time when all the bills and interest rates are rising but when it all gets resolved and you sit back and look at what occurred, it all begins with us. As I stated prevoiusly, in the future before signing for anything, take the time to read all the terms and conditions as to what the creditor can do if you agree to all those terms and conditions to obtain the credit. It's an eye opener, believe me!

Flamingo - You misunderstood my post. I do not blame the cc companies at all. I ALSO READ EVERY SINGLE LINE BEFORE I SIGNED UP WITH THE CARDS AND LOC'S. I do not blame them. I blame myself. I got cancer. I had to live with the choices that I made prior to getting ill. For you to say that I am blaming someone else it totally uncalled for. When I found myself with a serious illness and an extreme income reduction, I did what I needed to do. First I contacted all of my creditors and worked out payment plans. I stuck to the payment plan until my income was reduced further - then I filed Ch 7. Now, you are saying to me I was irresponsible. It does not help matters to point fingers. When we have made an error in judgment you FIX THE PROBLEM rather than assign blame. That is what I am doing.

[ansky0007]

A $750 check writing fee? I hope that was a typo!

Did you write a $25,000 check at 3% fee with no maximum fee limit?

I did not read the fine print on the balance transfer check but it does not mater anyway since they did not keep to the terms on the check anyway since I never received the promo rate. There excuse was I no longer qualified because balances were to high on my other revolving accounts. I did not argue with them and I just stopped paying them so they can charge me all the fee's they want.

[banca rotta]

I understand your frustration and anger but you need to know you agreed to the terms and conditions they are applying to you...read my previous posting. You signed the paperwork allowing them to do what they are doing...it's not their fault that you did not read the paperwork although you stated when you signed and agreed to the terms that you did. All of us like to blame someone else when all this starts to occur but the blame really lies with ourselves...it's hard to realize at the time when all the bills and interest rates are rising but when it all gets resolved and you sit back and look at what occurred, it all begins with us. As I stated prevoiusly, in the future before signing for anything, take the time to read all the terms and conditions as to what the creditor can do if you agree to all those terms and conditions to obtain the credit. It's an eye opener, believe me!

It's very bad business making up the rules as they go along and it's wrong. Most people don't do business that way but you are correct as to who's fault this is, ours.

[Flamingo]

Court will still be in session in our district, there are cases scheduled all day.

Election day is not a holiday in Minnesota. There are only 8 states in the USA that consider it a holiday. Delaware, Hawaii, Kentucky, Montana, New Jersey, New York, Ohio, and West Virginia.

You are correct - I left out in my posting "in certain states."

[Flamingo]

IMHO I think the banks do it because they can...they do not even wait until you pay them late. They can do it for any reason, like you have excessive balances on the rest of your cards or a high utilization. As long as they give you 15 days notice they can charge you what ever the market will bear.

And of course they are making money hand over fist - at a 29% interest rate you would NEVER pay off that debt if you paid the minimum payment. That is the intent of the cc company's - then we are their annuities! Or their slaves to our own debt....they know this, it is part of their business plan.

I understand your frustration and anger but you need to know you agreed to the terms and conditions they are applying to you...read my previous posting. You signed the paperwork allowing them to do what they are doing...it's not their fault that you did not read the paperwork although you stated when you signed and agreed to the terms that you did. All of us like to blame someone else when all this starts to occur but the blame really lies with ourselves...it's hard to realize at the time when all the bills and interest rates are rising but when it all gets resolved and you sit back and look at what occurred, it all begins with us. As I stated prevoiusly, in the future before signing for anything, take the time to read all the terms and conditions as to what the creditor can do if you agree to all those terms and conditions to obtain the credit. It's an eye opener, believe me!

[ready2puke]

I do know that even tho I never signed anything..this is one of those promo thru the

Tuesday is a federal and state holiday and no court will be in session.

As to your original topic, what you received should be no surprise to you. Pull out and read the original information you signed when you obtained the card and agreed to their terms and conditions. Everyone should read that stuff when they obtain a credit card or sign for a loan. It will amaze you what is in there that no one ever reads. Make it a habit from now on when/if you ever apply for credit again to read all that information. When you actually sign, you indicate you have read and understand the terms and conditions for obtaining credit. As soon as you miss that first payment, you are in breach of contract. Most people, after reading all that, would not sign to obtain the credit or the loan.

and I just made a phone call..Its just seeing it in print that makes me dizzy...

[WhatMoney]

and to make thinks worse they charged me a $750 fee for using the check. After they hit me with the $750 fee my account now reached the limit so they dumped me with over the limit fee's as well.

A $750 check writing fee? I hope that was a typo!

Did you write a $25,000 check at 3% fee with no maximum fee limit?

[StartingOver08]

IMHO I think the banks do it because they can...they do not even wait until you pay them late. They can do it for any reason, like you have excessive balances on the rest of your cards or a high utilization. As long as they give you 15 days notice they can charge you what ever the market will bear.

And of course they are making money hand over fist - at a 29% interest rate you would NEVER pay off that debt if you paid the minimum payment. That is the intent of the cc company's - then we are their annuities! Or their slaves to our own debt....they know this, it is part of their business plan.

[Tbornetun]

Tuesday is a federal and state holiday and no court will be in session.

Court will still be in session in our district, there are cases scheduled all day.

Election day is not a holiday in Minnesota. There are only 8 states in the USA that consider it a holiday. Delaware, Hawaii, Kentucky, Montana, New Jersey, New York, Ohio, and West Virginia.

[banca rotta]

Seems to me these credit card companies are just shooting themselves in the foot by raising the interest rates so high that most people can't possibly pay and are forced into BK. Just does not make sense. Crazy!!!!

I thought that too but I guess unlike any of us here there are those people that have substantial assets and the cc companies are betting that these debtors may borrow against a 401k, take out home equity or pull any money if available out of the bank to pay it off and close the account.

They are still in business so it must be the above. You're correct though. It does not make any sense but they are doing it so they must be getting something by it.

[Flamingo]

I just may be in court on Tues. This is my week for guess what? Jury duty...yuck..so looks like another week of no income, just what I need right now..yah right!

Tuesday is a federal and state holiday and no court will be in session.

As to your original topic, what you received should be no surprise to you. Pull out and read the original information you signed when you obtained the card and agreed to their terms and conditions. Everyone should read that stuff when they obtain a credit card or sign for a loan. It will amaze you what is in there that no one ever reads. Make it a habit from now on when/if you ever apply for credit again to read all that information. When you actually sign, you indicate you have read and understand the terms and conditions for obtaining credit. As soon as you miss that first payment, you are in breach of contract. Most people, after reading all that, would not sign to obtain the credit or the loan.

[ansky0007]

Seem's 28.99% in the norm for these companies. Do they actually think if someone missed a payment and them jacking them to 28.99% and more than doubling the payment will make it easier on someone to not default.

PNK Bank was the one that did this to me which made up my mind about going BK, I was at 3.9% on a balance tranfer and it expired so they jumped me up to 28.99%... At the same time PNC Bank sent me new checks to transfer another balance at 1.9% for 6 months so I sent them a full payment from another card to clear my balance with them and then used the 1.9% check to bring the balance back.

After I did this they decided not to honor the 1.9% check and hit me with the 28.99% on the new transfer and to make thinks worse they charged me a $750 fee for using the check. After they hit me with the $750 fee my account now reached the limit so they dumped me with over the limit fee's as well.

And these banks are the ones getting bailed out. Maybe if they did not rape their customers the customers might be able to pay. They are getting money from the Gov't our tax money are like 1% and charging us 28.99%... Its unreal...

[dealingsdone]

I noticed my BofA account also was jerked up to 28.99%. Although I am in deep poopy, I had continued to pay on time...but this month I will likely be toast, over 550 in interest alone.
The one thing I am guilty of is being over their credit limit which in itself may have been enough of a violation to jerk my rate up so high.