I see you have not responded to my comparison of how difficult it was to gain even a small 5% price increase in my former realm of business versus the 100% plus price increase levied by BOA and other credit lenders whenever they choose to. The comparable credit card rate increase was .6% when looking at the 5% increase we had to risk all of our business for. Listen....you and I will never agree on this issue and there are a majority of Americans that would agree with me. In fact...I would challenge you to find many people outside of the banking industry that are in lockstep with you on this.
Not taking sides here......I just think that this article is germane to the discussion....... TARP Committee Looks Into Fee, Rate Hikes
Read the article and the comments Sid and here is one in particular that resonates: "Chase Bank is doing the same thing. I am a former credit card holder from WaMu (Washington Mutual). Chase moved up the due date on my credit card payment in midstream of the billing cycle WITHOUT card holder's knowledge. It happened within a week after they transitioned the WaMu accounts to the Chase online system. Then when card holder's go online to make their payment on or around the due date that's printed on their last statement they are discovering that they've been slapped with finance charges and late fees before the payment due date. AND Chase Bank is refusing to amend the error of their ways. In fact, I complained about it in writing directly to Chase customer service and I received a threatening written response that essentially says shut up and pay your bill. Then they turn around and jack up your credit card rate. They even go as far as saying the derogatory (late payment) info may be reported to the credit bureau's thereby adversely affect your credit rating and further risk other credit card issuers to raise your rates too. Not to mention the affects it can have on mortgages, auto & personal loans -- both existing and future transactions. Congress needs to get off their butts and do something now -- not wait until 2010 like they've been saying they'll do." Typical ******** that BT is so fond of....because it all must be in the fine print. Chase pulled the same crap on me back when they purchased Wachovia'a assets. I received a notice after the purchase went through that my balance with Wachovia....although paid on time....would now be assessed a 24.9% interest rate and there was nothing I could do about it. Everything was fine with my account and Wachovia but I was royally screwed by the new owners....Chase. And I assume the BT's of the company were in their corner offices laughing about it and hoping to count their chips....which they did not get a chance to because I paid them off immediately.
Completely irrelevant. Did you ask the carmakers give their CONSENT for you to raise prices at your discretion as a condition of doing business? You gave your consent....as a condition of doing business.....and then took the money. The reason they include those terms on revolving credit products is to protect themselves from the very environment in which we find ourselves.......do you think it at all reasonable for them to say we will never raise prices for any reason? That is an absurd position. If those particular terms did not suit your needs or desires, you could have availed yourself of literally hundreds of thousands of other credit products and/or credit providers wherein you are not asked to agree to such terms. You made the decision not to do that.....now for that you blame the lender. Sorry.....that one is on you pal. Do you honestly believe that a majority of Americans want the central government to set prices in the private sector? Do you honestly believe that the majority of Americans want the central government to rescind and/or revise agreements consented to and in place between private parties? Do you honestly believe that the majority of Americans want Nancy Pelosi to manage pay practices and compensation policy in the private sector? I don't believe for one second that the majority of Americans want the central government meddling in the lawful agreements negotiated and agreed to between consenting parties in the private sector. If they do, the sociey in which we grew up in - the greatest society in the world, imho, is gone....... Sid, I have been following those discussions.....this is my favorite quote. Read that once or twice and think about what she said......"furnishing high profits". WTF? It seems to me that she has completely missed the purpose behind the taxpayer funds to begin with......in other words - either clueless or an agenda devoid of logic and full of politics......and this is the Chairwoman of the Congressional Oversight Panel - the very person who my gator friend wants to oversee the affairs conducted between two parties in private enterprise......No, I don't believe that the American people want that woman to tell them how to do any damn thing, much less things that are none of her damn business. No thank you.....
Pardon the pun, but he's right on the money. In this environment, the premium placed on liquidity for any enterprise, large, small, public or private is very precious indeed.
My real good friend and fishin buddy died very suddenly at age 59 last Jan., Mark the Byrd Fridrich just died today at age 54 and one hot twisted lady Marylin Chambers was found dead today also at the age of 56. In other words.....none of this is worth elevating the blood pressure over. My mantra from now on is chill....
T, If you liked his article, check out his radio show or other articles. That's the program that Bliss produces.