At the time when the economy is still trying to recover, when we are still reeling from the financial crisis generated by greed, and President Obama is working on legislation to curve the Credit Card companies from their aggressive and unfair practices these companies are at it again.
I have just received a notice (along with thousands of people) that Chase Credit is increasing the minimum payment on my two accounts from 2% a month to 5%! This is more than doubling the amount of money that needs to be paid to them on a monthly basis and this is for a customer who has NEVER been late in a single payment and has actually been paying a lot more than the minimum to one of those accounts (voluntarily) to reduce the debt.My current minimum payments are $310 and $160 every month, but under their new scheme, I will instead have to pay $775 and $400 beginning August 1st! So now I will have to come up with an additional $705 every month just to cover the minimum payments on two accounts in which I have never been late. When I borrowed the money, I entered into an agreement to pay an X percentage a month at a fixed rate and now they are changing this terms arbitrarily and have told me that my only choice if I don't like the new terms is to close the accounts and pay them in full within a month!
How can this be done by the same companies that are borrowing our money from the goverment to stay (allegedely) in business? How can these companies get away with this predatory practice at the same time when Mr. Obama is trying hard to stop them from bleeding us to death?
If this is not something worth investigating, there is not much that President Obama will be able to do to save the country from the greedy and the powerful.
If anyone has any suggestions or can get this example of abuse to Mr. Obama, please let me know!
Thank you for your attention,Daniel CarvajalPflugerville, TX
danielck@suddenlink.net
