Banks going to war against losses

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Mogul of Pineapples
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Banks going to war against losses

Postby Mogul of Pineapples » Sun Feb 01, 2009 5:03 am

The NY Times yesterday ran a piece about credit card companies "going to war" to combat losses. One of the stories is a man who had a Chase credit card with 3.99% for life of loan balance transfer and Chase decided to raise his rate anyway. They sent him a letter that he would have to pay a monthly fee plus increase the amount of his payment if he wanted to keep paying the same interest!
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Postby magyar1045 » Sun Feb 01, 2009 11:06 am

They're just biting themselves. As they become more aggressive against consumers, consumers will just turn around and file bankruptcies. What goes around, comes around.

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Postby 1bootcamp » Tue Feb 03, 2009 1:54 am

I agree this is going to come back and haunt them. ANd it's not like credit card industry has the best image to start with. I don't know why they would want to further tarnish their credibility.

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