Nothing personal, but you don't understand the problem. In your response you said that both sides agree to the terms but that is not an accurate statement. If it was accurate, then the borrow would realize the lender is not changing any rules during "the middle of the game". In the contract that you sign when you get the credit card it clearly states that they can increase the APR whenever they want to and the responsibility is on you to opt out. While I don't think its right for them to do it, its fair because it was spelled out from the beginning. Hopefully this crisis will teach Americans that credit cards aren't YOUR money. It belongs to someone else and you have to pay to borrow it...sometimes pay a lot to borrow it.
With CC's you have 2 options... 1.) Pay your balance in full monthly. 2.) Borrow $20-30K from 10 cards, and tell 'm all to go fuck themselves!!!
Yep. That's pretty much my point. The only way for us regular taxpayers to take advantage of this is to default. Otherwise, we just remain slaves to our credit score and the band plays on...big ball keep on rollin'. The only way for any of us small fish to take advantage is to say screw it and keep the money we borrowed.
Before you do that, try and get your dog on a few mailing lists, maybe a magazine subscription, an AARP membership, that sort of thing, before too long your dog should be getting a few CC solicitations in the mail. What are friends for?
No I do understand the problem. They print money out of thin air and then charge interest on it. Then they jack up the rate after you have already borrowed so they can keep you in debt. Then when enough people default, they go to Congress to get a bailout.We pay for it every step of the way. Yes in the contract it says they can change it at any time, for any reason. But no reasonable person would assume that meant raising it from 8-24% on a customer who had perfect credit history. Itâs like a broker who charges you $5 a trade, but says it can change at any time. Nobody would assume that meant they would make it $15 for no justifiable reason. Raising it to $6 or $7 is understandable, not $15. Or letâs take an employment situation. Technically an employer is allowed to fire an employee at any time. But no reasonable person would assume an employer would fire someone who had been faithful for 3 years and done nothing wrong. This is greed taken to an extreme. Credit cards are a great resource for people to have. Now the system is being ruined.