http://azc.cc/9B9cRP
Hmm. Let me think about this logic. Homeowner loses job or wages reduced. Forecloses and/or short sales home. Credit score declines. Miss one payment, bounce a payment, make a late payment and your credit card is waiting like a lion in the bush to pounce. Beware. Next comes the letter from your credit card company that they are jacking your rate up to 30% interest. Homeowner has no home, no or little income and credit card triples his interest rate/minimum monthly payment. Yep, that is clear as mud. If I wanted to insure someone was going to pay me that is exactly what I would do - kick them when their down. (Sarcasm, injected here). These banks are giving people no other alternative than to stop making the payment or file for bankruptcy.
If someone has already fallen on hard times, is this not insult to injury. Is it not feasible to make a mistake? Don't they? It almost appears like the credit card companies want people to stop making payments and file bankruptcy. Oh yeah, I forgot, they received a bail out. Can someone please say "Enabler".
Oh, but wait, aren't these the same institutions preaching about doing what's "Morally" right and paying your obligations. Give me a break..........
Sorry to hear that the deliquency rates will be increasing as this affects us all and those we love. Just disappointed that instead of finding a solution to the problem, the financial institution are just adding to it. They are their own worst enemy.
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