Wednesday, October 15, 2008

credit cards

banking analysts are so SMART!!!! They cut earnings estimates on banks and credit card companies AFTER they came out and said they were seeing delinquencies rise. I can't believe the get paid for this crap. D0 you mean to tell me that after all that was going on with the economy that they could not see credit card defaults going higher???? Give me a break. Maybe some of the credit card holders got that letter in the mail that said we know you have been a great customer and that you have always paid your bill on time but we are raising the rates on your card and cutting your credit limit. Some of them may decide not to pay after reading that letter. The credit card companies like to change the rules in the middle of the game. Even if they put it in the fine print of the contract it still as extremely senseless to increase the rate of interest on customers that are going through a recession and may rely on the credit card to fund important expenses. I know that wall street is well insulated from the real world but all paychecks are not alike and all months do not have the same expenses. A credit card can be used in times of need until a bonus check or commission check arrives. People do wait for month or two at times for that check and therefore a balance remains on the card. The company abuses the contract and tries to increase their profits to shore up their balance sheets by sticking it to their most important customers. They have milked the system and customers for years and now because of their own stupidity they try to rape the consumer to make up for their losses.

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