Billions for giants, 31.99% interest for the little guy

Michael, it's great that you can report on stories like this and earn your paycheck. How about taking this to the next level? Send this to our representatives in Congress. Maybe they just might do something to correct the problem

People need to check out Credit Unions. They are non-profit and don't gauge you with interest rates and fees like banks do.

THis is one of THE main issues that should have been at the forefront of the election. Interest rates charged by the credit card companies are the real fault behaind the recession. The only thing congress did was make it more difficult for persons to discharge credit card debt in bankruptcy.

I suspect that there are millions of Americans in the same boat with Mr Mandel, myself included. Folks who have had to turn to their credit lines in these hard times to make ends meet are getting severely punished. These credit lines were earned with hard work. If the banks are not careful WE are the next casualty in this economic mess! Then we'll have to pay for another bailout!

Great point. My mortgage and credit cards come from a credit union. They are way easier to work with.

NAD from Fort Lauderdale wrote:

People need to check out Credit Unions. They are non-profit and don't gauge you with interest rates and fees like banks do.

He should have never bought something he didn't have the money to repay. He's part of the problem in society.

i have washington mutual card also and they did the same thing to me raised me from 19% to 29%. never missed payment or late on 2500 balance. they said i was risk account since i had a 3k limit. i heard that they did this to 50% of their customers since chase does not want to carry wamu credit card debt they want people to close their cards. this is truly a sin!

John Crumble wrote:

He should have never bought something he didn't have the money to repay. He's part of the problem in society.

If you could read in the article, the man had debts from an illness and from being FIRED from his job. I guess you would rather him be on welfare so YOU could pay his way! I hope you never have to make the choices this man has had to make.

The banks are more expensive than old fashioned loan sharks. This used to be considered illegal. How did we ever allow this country to become so corrupt?????

John Crumble wrote:

He should have never bought something he didn't have the money to repay. He's part of the problem in society.

In recent years he has not missed a payment or been late in paying his credit card. He wants to pay the debt off. How is that part of the problem in society? If over the last 10 years everyone made all their debt payments on time then the country would not be in a financial crisis.

I agree with the first poster, we should all write to our congressmen and senators demanding that they force impose on the banks a cap in interest on credit cards, and mortgages. If everyone writes they will listen. It's always the people who have to pay the highest rates.

observer wrote:

The banks are more expensive than old fashioned loan sharks. This used to be considered illegal. How did we ever allow this country to become so corrupt?????

Deregulation

Emma0503 wrote:

<quoted text>
If you could read in the article, the man had debts from an illness and from being FIRED from his job. I guess you would rather him be on welfare so YOU could pay his way! I hope you never have to make the choices this man has had to make.

I agree with you, john crumbles is a republican, that is their party line for everything. They say, well, I work hard for my money and don't buy anything I can't afford. This translates to: I am better than you and the rest of you are stupid. They can't ever think beyond their own pocket.

Have him call Obama Mayo, isn't he going to save the world? I still have not found that line for the free gas and mortgage payments.

All the people who took out equity loans on their homes after the banks pushed harder than drug dealers with their promises of the values our homes never had, should join in class action suits against the banks who gave those loans.

The banks themselves are guilty of fraud, the credit card companies are guilty of false advertising. They lied by giving out the credit no one could ever afford to pay back.

And they knew it.

Dude get back at the bank stop paying after 3 missed payments they will be begging you to make a payment. At that time you can renegoitate the rate and terms and pay the back.

Emma, are you stupid? He got Fired. Hmmm wonder why? He's been divorced twice, hmmm wonder why? He's filed for bankruptcy, hmmm wonder why. Its clear this guy makes some bad decesions in his life. We all get sick, we have to pay our way. Have him call Obama and get in line for the redistribution.

Loser is what I read!

Emma0503 wrote:

<quoted text>
If you could read in the article, the man had debts from an illness and from being FIRED from his job. I guess you would rather him be on welfare so YOU could pay his way! I hope you never have to make the choices this man has had to make.

Rather than giving a handful of companies billions and billions, why not figure out how many people filed income tax returns for FY07, divide that into the total for the bailout and then give each taxpayer a check? Talk about stimulating the economy! Giving people a few hundred thousand dollars to spend will certainly do that. It will allow people to pay their credit card bills; pay off their car; maybe pay off (or at least down) their house mortgage...now THAT's a bail out...

I just got the same letter from the same credit card company with the same new rate. Had the card for just over a year and a half, never made a late payment, in fact made two payments a month, and I only owe $800. Called their customer service line - tough noogies said Chase/WaMu. Wrote them - too bad for you they said. I'm paying off the card, but leaving it open since closing it would drop my credit score, but these guys should be wearing masks and carrying six-guns. There is no difference between them and the guy in the alley who is holding up innocent victims. Shame on Chase!!!! I'm telling everyone I know not to do business with them on any level. I hope they go belly up!!

Mr. Mayo, I am always amazed at how you can find the most extreme example of why capitalism is bad.