The jacking around with credit card interest rates, the closing of credit card accounts for no justifiable reason, or even no reason at all, the reduction of credit limits, etc, are not the only thing these banks are doing to their credit card customers. And it is not only big banks like Citi, Bank of America, and Chase that are doing this. Even the smaller and local banks are doing these things, with some of the smallest ones doing even more. My boss had a Master Charge/Master Card account with a small local bank in our town for over 40 years, he told me. He is a very successful businessman who deals in the buying, refurbishing, and selling of land, homes, and real eastate. My boss earns at least six figures every year, clean and clear, after all bills and texes are paid. His credit is rock solid. He can get a loan anywhere in a matter of minutes; his income is that high, and his credit is that outstanding. But, my boss does one thing that Citi, Bank of America, and especially the local banks don't like. When he charges something on a credit card, he pays off the charge within days after making it. Well, the local bank that issued my boss that Master Charge/Master card over 40 years ago apparently got tired of his paying off any charges he made on that credit card they issued him before they could charge interest on it, so they sent him a letter telling him that from now on, if he pays off the entire balance on the card or all charges made within days after making them he would be charged a fee of 50 dollars or more as an administrative fee because the bank was not making any money off him (no interest). Needless to say, my boss, who had just paid off all charges or balance on that credit card, as is his habit, closed out that credit card on the spot, and easily got himself a credit card from American Express and Discover, both of whom so far appear to be glad to have him as a customer.

None of this is new. Chase did exactly the same thing to me in January. Raised the minimum payment on my 2.99% "life of the loan" loan from 2% to 5% and tacked on a monthly "fee" of $10. When I complained they said I could swap it for a 7.99% rate for only 2 more years, then it would jump to the "regular" rate - something like 14.99%. I had never missed a payment or been late and always paid more than the minimum. I told them what I thought of them and moved the balance to Citicard - 3.99% for the life of the loan. At least I believe Citicard. We'll see. Chase is the worst. Oh, and did I mention they did all this without notifying me? Then claimed they had sent a letter? What a bunch of liars.

I lived on cash only for 40 + years of my life. Unfortunately when you want to buy a car or house you have to prove you have had credit. So you are over a barrel with having to attain a credit card. You use it responsibly and they still raise the limits until you are forced to say enough is enough. So while you say just live on cash you don't understand that one gets penalized when they want to buy a car or house. If you don't have cash to buy a big ticket item so you need to finance it, when you have always used cash it means you are a *credit risk*; so go figure that one out. After having credit cards to build up a credit score am just fed up with their games, am paying the CCs off and then never again.

I found a solution to all my problems, I stopped banking and I stopped using all credit. After 16 years I own my stuff and owe nothing. Once you get used to paying cash or using a Postal Money life changes for the better. I dropped cable, cell phone and netflix. I only have insurance, electric, internet, and taxes to deal with. Life doesn't have to suck.

I found a solution to all my problems, I stopped banking and I stopped using all credit. After 16 years I own my stuff and owe nothing. Once you get used to paying cash or using a Postal Money life changes for the better. I dropped cable, cell phone and netflix. I only have insurance, electric, internet, and taxes to deal with. Life doesn't have to suck.

I signed service contract with Sprint for two years. After three years I went with another with phone service. Now Sprint has been billing me $178.00 for leaving their service and have passed for collection. Now the agency sent it to a credit scoring company that lowered my rating from A to F. Is this legal?

I have now and have had a solution for all of these credit card companies, who has lived to trap consumers! One problem for consumers, is accepting doing business with a company without geting a thorough understanding with them, meaning that it should first be rallied about making sure that NO transactions are done over the phone, for it has been so weasy for crooks to call a company and just give a number, causing another honest consumer problems such as FRAUD practiced against their credit cards. I have a solution for them all and that is, I REFUSE TO PAY ANYONE WHO HAS THE AUDESITY TO SEND I A BILL AFTER A CHARGE HAS BEEN MADE WITH MY NUMBER, WITHOUT CONTACTING I FIRST. If that means that the company needs to UPGRADE their system, I think that is better than our credit being ruin because of their greed!
My thoughts are, IT THEY DON'T CARE ABOUT OUR WELL BEING, I myself, don't have any problem converting back to the basics! I rather be safe than sorry and also, that gives us the opportunity to breathe and CATCH the corruption that is being exercised against us!
We allow too much speed and smiles, to rope us in! It always sound like a good deal, until you pass the first 30 days and that's when we learn that the average company is only in it for their own glory, not to make life comfortable for the consumer.
THIS IS WHAT WE MUST REMEMBER and that is, they are in business to make money for themselves, not for us.
A Word Of Advice: Remember that you should be the most important to you, for THEY, are the most important to them!
Otherwise, we're on a picnic or in church or at home, enjoying a quiet evening and are not surrounded with greed!
PS: If they try I, I know exactly what to do and that's DOCUMENT it ALL and wait for them to sue I!

Hbsc can be added to the list. They charge you a rush fee to pay it on time ,when you are paying it a day before the due date so it won't be late! Also I have excellent credit never late and they drop my limit 2 grand. Don't want it, won't use it, but its the principle of the thing. It's paid, I can do without there wise tricks.

Chase for us is a 5 letter words. For all the reasons that are listed above. Its paid off never to be used again, card cut up ,account closed. Good riddens to bad rubbish!!!!!

Am I really supposed to feel for someone who charged a remodel on a credit card and now said payment is increasing? C`mon people, get a bank loan with a set amount, not a credit card. Hopefully from all of this, people will be better educated on financial responsibility. I am assuming that there is no emergency fund built up either to pay off this credit card. Sheesh

Scott;
I signed an agreement with the bank that did not include these terms. They approached me. I have never missed a payment, in fact I pay more every month. They are locked in at 3.9 to 4.9 %. They agreed to it. I looked at what the payment would be and I agreed to it. Now, their using a loophole to screw me. From 350 to 850 payment increase. So don't say I'm to blame. I called them and they wouldn't budge while telling me I'm a valued customer. I told them I would pay it off and they would never ever see me again. I just took out some college loans for my kids and Chase was a lender. I passed them by.

Write to Chase, stating you do not accept the terms and they will allow you to pay at the current 2%. You MUST put this in writing to be effective. Also, copy the OCC as this is their regulator and they will not BS you when they are involved. I have done this already, much to Chase's chagrin. The only downside, this means that your account is closed. You just get to payoff according to the previous terms. Folks, keep in mind that you often have choices. But, Chase will not tell you that...

It is easy to criticize people for having too much debt, maybe getting there was their fault, maybe there were extenuating circumstances. True, not everyone who says they were never late is telling the truth. However I believe most are.

For those who say 'Who cares if you paid on time and over the minimum. Pay the whole bill on time that is the only thing that matters. Get over yourselves.' My response is get over YOURSELF. You aren't the almighty. And you should be on your knees begging nothing bad ever happens to you.

It is a nice concept to say 'Never do business with a bank in another state like Chase' however when Chase takes over cards which were first owned by Providian and then WAMU, one has little choice. It is extremely naive to suggest that 'Boycotting payment of all CC's for three months will bring the banks to their knees. All that will do is cause a lot more rate increases and bankruptcies. I have a good steady job for more than 20 years. I opened a Providian CC, with a high interest rate in '99 or 2000. I have only been late on it once or twice, in '99 or 2000, But never since. A year ago I was offered a 1 or 2% rate for a year if I transferred other balances. It was a great deal so I did it. Then Chase bought WAMU. That credit card had a $10,500 limit, w/approximately $1,000 left to pay it off. I pay more than $400-$800 a month towards the balance. And that is WAY OVER the minimum payment due. After Chase took it over, I called to request a lower rate. Their response was "We're not reducing ANY rates." Yesterday I got a notice that the maximum limit was cut to $2,700. Their reasoning was I had too few cards with more than 24 months history. I think 10 years of history more than covers that 24 month requirement. (I only have 1 card with less than 24 month history, which I opened last week with my credit union because I was expecting something like this to happen. Interestingly, the credit union had no problems opening the account for exactly the amount I asked for, which was almost as much as Chase reduced this one by).

I tell this story because raising minimum payments is not the only game Chase is playing. By cutting my credit limit to one third the amount it has been for many years, they have tried to make it appear that my debt to available credit ratio is higher than it should be. Of course when they do that, everyone else also then considers you a high risk, and you can't get mortgage loans or CCs with reasonable interest rates.

I am not ready to cut of my nose to spite my face. That Chase card is the oldest item on my credit history. If I close it, it cuts my credit history in half. Again, making me appear to be a higher credit risk. Yes, CHASE will lose. I will pay it off completely. Probably today. Then I will use it maybe once a month just to keep it open, and pay it off immediately. I am fortunate, I have spent the last several years seriously consolidating and paying off all of my debt. However if I had not been so diligent about it, their games could have hurt me tremendously.

One other thing which should be kept in mind. I read in a previous article that some CC companies are using where you shop in determining whether you are credit worthy. The prime example is if you go to a DOLLAR store to save money on laundry soap, or use the CC in a thrift shop, they are assuming you are 'money strapped' and again a higher credit risk, so once again, up goes your interest rate. And of course, none of them will tell you the exact criteria they are using to determine risk levels.

Response to Scott below:

I don't think the point is people trying to weasel out of paying their debt obligations. The point is the one-sided terms where the consumer who borrows is continuously jerked around. Once they're on the hook, the lender is free to change the terms at will and the consumer is penalized if they try to leave.

When the terms that were agreed to in the beginning are changed, this creates problems for many people who were EXPECTING to repay that loan with the original terms for which they signed up.

You object to people calling banks(credit cards) greedy, and other bad words. Let's say I sold my car to you, just me to you, and we agreed that you would pay for it with 5% interest for 36 months. I then later doubled that to a 10% interest rate(no fault on your part, just because I want more profit), raising your monthly payments and causing you to miss one, then I used that missed payment as an excuse to raise the rate further to 30%. What would you call me?

Why do you think this is acceptable for credit card issuers?

I took my pension and paid off my cc's. Just got a letter from Chase my cc was cancelled. That was gratitude for you! But yes, we get ourselves into this mess. We need to teach our children the old ways. Save your money and then buy it CASH! Maybe by then you will realize you don't really need it or want it. How many things do we really need? A place to live, food and a car that runs to get us to work. Public transportation, if possible, saves you gas money and insurance. I am glad I owe no money all I have to pay is rent, food, phone, car gas & ins. I have allowed myself a luxury-COMCAST (another ripoff)but this provides my internet service and occasional tv watching. WHAT A RELIEF TO GET THAT ALL OF MY SHOULDERS-NEVER AGAIN. NO MORE CC'S FOR ME. WISHING YOU ALL LUCK IN GETTING TO WHERE I AM.

All credit cards have the same goal in mind. That is to rip off the consumer. Even if you pay off your credit card every month they are still either cutting your limit or raising your interest rate. I gave up all of my credit cards and go on a cash basis. I feel if you cannot afford to pay cash then you cannot afford it. The same thing happened to my sister she has never been late and the bank raised her interest rate from 4% to 19.99%. Then they tried to work something out and then told her the best they could do was 14.99%. Credit Cards and Credit Card companies are totally money hungry and they are not what they used to be and not just because of the economy. This whole issue of recession was started by the greedy people in our society and it will continue to be in recession until people start to wake up.

what you people need to do is STOP USING CREDIT CARDS and go back to just saving your money for what you want to buy till you have the amount you need to get said item, thats the only way to stay out of debt. but, unfortunately, thats probably not gonna happen. and no one seems to realize the only reason to have a credit card is to have credit, thats it. its for just in case you need it. we could really hurt the credit d=card companies if we stop using their cards for purchasing anything. what did you do before you had a credit card?

If you think you can file for bankrupcy and see all your credit card woes disappear you have another thing coming. You can thank the Democrats yet once again for putting you in this fine mess. Look no further than the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. This Bill makes it impossible for the average Joe, Remember ("Joe the Plumber") to get out of credit card debt via Bankruptcy. This bill was originally shot down after then First Lady Clinton publicly critized it. However after being elected in 2001 to the U.S. Senate in 2001 she strongly supported the bill, which eventually passed. I guess the $210,000.00 she received from credit card and finacial companies in campaing contributions was more important than "Joe the Plumber".

I was caught with this problem in January 2009. First impression was to stop paying and leave Chase with the balances. I had excessive debt on four Chase cards. Paid my balances on time and could handle the situation okay. Because two of the cards were in my wife's name and I did not want to ruin her credit, I liquidated my 401k (that had lost 60% of its value)and paid off 99 percent of the bills. (I am almost retirement age and can't.) My other reasoning was that all my life, I have stated that anyone who gets something and does not pay for it is a thief. I did not want to consider myself a thief. While it is a fact that I do owe the money, and it may be legal for the Credit Card Companies to do what they are doing...it is not moral. I agreed to pay back a balance at a fixed rate with a fixed 2% payment. They broke the agreement. I now despise all credit card companies. They are getting the bailouts and yet screwing the public. I wish I could say how I really feel!

I just got a letter that they are closing my account!! Can thet do that? I am in very good standing. I pay 400.00 a month on a 2000.00 balance!?!! how is this going to effect my credit score??? i am sooooooooooooooooooooo mad!!

I saw the writing on the wall, paid my balances off, and haven't used a credit card for something like three years. I will never, ever, ever use one again. I will be out in the street homeless before I put one charge on a credit card!

Now, if I could only pay off the student loans and hospital bills...

To those of you who say that we shouldn't blame the credit card company, because it is our fault we borrowed money.... you don't know what you are talking about. When I was in high school and college we were told in economics classes, etc. to get a credit card so we can raise our credit score. We were just advised to use it wisely and pay it off each month.

I don't think anyone here is complaining that they have to pay back money they have borrowed, nor that they have to pay some interest (interest they were aware of when they made the deal)......... it is the fect that the companies are looking to put you into default and raising rates a lot when they borrowers have done nothing to warrant such punishment.

It is an issue of false advertisement and of being screwed when you were following the rules. If someone borrowed money from you and they agreed to pay a certain amount each month because that is what they could afford.... and they do as they say and pay it each month.... you would not just one day say... oh, uh... I need double that payment from now on just because I feel like it.

THAT is the issue. CC companies are greedy and dishonest.

It seems that the thing that really bugs everyone (myself included) is the ability of the company to change the terms that were initially agreed upon. I can understand a terms change when someone is late, for example. But if you are keeping up your end of the bargain, the bank should have to do the same.

Post Scriptum: I wish that many Chase customers would choose to close their accounts with Chase, try their very best to not do business with any organizations that use Chase as their creditor and stay vigilant to find another bank to switch their balance(s) to at a lower rate in order to weather the current economic crisis.

I've thought I was alone in this mire with Chase until I read stories and stories of so many others that had been duped by Chase. Between my spouse and I, we have 4 cards totaling about $15,000.00. We always made certain to pay our bills {especially Chase}on time religiously. We received noticed twice that our payments were late and should not have been. We protested and the late payment fees were credited. Now, our rate will spike from 3.99 and 4.99 for the life of the loan up to 15%. That is ridiculous to see Chase becoming so greedy and so unworthy of doing business with. We plan to close all of our accounts with Chase and we will try our very best to never do business with Chase and any of its affiliates because they did not keep their promise. The bad economic time did not affect just them, it affects us as well. They did not stick to their promise they lack the integrity we seek in their way od doing business. We believe that Congress should pass stricter laws preventing companies such as Chase from behaving the way they are doing in this economic time.

well after my divorce i had a time making ends meet so i used my credit cards not that much about 5k at its highest. been paying that off at a variable rate big pain but it was all i could get. then i get a notich that my billing date will be reduced by one week, from 28 days to 21 days. has anyone recieved a notice like this?? only got a couple hundred dlls left that i can pay in the next few weeks but still 21 days?? i dont even get paid that often.. which means i would have to make a payment every payday.. this sux..

well after my divorce i had a time making ends meet so i used my credit cards not that much about 5k at its highest. been paying that off at a variable rate big pain but it was all i could get. then i get a notich that my billing date will be reduced by one week, from 28 days to 21 days. has anyone recieved a notice like this?? only got a couple hundred dlls left that i can pay in the next few weeks but still 21 days?? i dont even get paid that often.. which means i would have to make a payment every payday.. this sux..

SHAME, SHAME, SHAME!!!!

Oh quit trying to stand up for the CC companies, as if what they are pulling off is any kind of even remotely 'fair' or 'decent'. What they are doing is about as close to loan sharking as I have seen, it is a way to trap millions of people into a lifetime of debt. They just pray and hope you will make a mistake, that's when you discover. So you missed a payment or were late, that's a reason to raise your interest rate to 32%, hit you with a late fee, and then they have the nerve to call you and demand a much higher payment in a short period of time to fix their ding? Who are they kidding? None of us now unemployed Americans got one lousy cent of this 'printed' bailout money that these banks have received to save their collective rear ends. There was a time that companies in America were ethical, fair for the most part, and were not in the business. See, if I thought these CC companies were willing to deal with me on an ethical basis, I might not have unplugged my telephone. I can hardly pay the rent on my 1 bdrm apt here in So Cal with my unemployment benefit(which by the way was just recalculated, lowering my benefit bye about $100 every two weeks). I mean, there are not a lot of companies hiring at this point, that is the hard fact of the matter. So I can't print money like the US Government does, I won't steal so looks like I have to go BK. Too bad unethical CC companies, like some other companies I will not name, you are a stain and an embarrassment to our great country. Shame on you! I am sure you all swam in the bad mortgage repackaging that got us where we are today! That ruined the economy so now a poor guy can't even get a lousy job!!!! To pay his debts even! I mean what would you suggest I do? I know, you would like to to have a lifetime of debt with huge % increases and changing terms constantly. People could sit down and probably come up with what would be a 'reasonable penalty' say for a late payment. Certainly 31% is not a 'reasonable penalty', this is not a company interested in it's clients well being. Good luck getting one dime from me crooks. It's like if I owed $10,000.000 with 31 %, no job, in a year I owe $13,333.00. We need to change our laws and put these crooks out of business!! Who did they bribe to enable them to rape their clients? Which politicians? It is sickening.

In the majority of cases we all want to comply and pay our debt; HOWEVER, those stupid CC companies are the ones adamant on screwing us over, changing the terms and not letting us know, jacking up rates when we have a proper history, and sh*t like that. Who in the hell would be happy to pay off his/her debt with that crap being pulled by the CC hoarders?

how else can they be expected to afford $100,000,000 bonuses?

I've been paying off my debt like mad all year and am almost finished. My last card is a Chase card and all the money I'd paid to 3 cards is now going to Chase. Two months ago they baldly stated in a letter that they raised my interest rate to 15%, (never, ever been close to late) , as a means to increase their profit margin - they put that in writing! So here I am plugging away to get this thing gone and they send me a letter asking if I plan to close my account because they noticed I've been making excessivly large payments. WTF???? They really think I'm so stupid that I'm going to let them abuse me that way? It's all a scam tied to the Federal Reserve (Which has nothing to do with federal government - it's a wording ploy so you don't realize private bankers are who's really running the economy) and I hope there really is such a thing as hell for such over the top souless and alien wanna be humans.

Completely amazed at everyone that wants to blame a bank.

You borrow money (yes thats what you do) and then when you are asked to pay it back as you agreed to do, you blame call the person who lent you the money names, and say they are greedy.

You are the kind of people that get into a car crash while talking on your cell phones, and then try to blame the car maker, the cell phone company or the city workers for a defect in the car, the phone or the road.

When are you going to start being honest and realize that regardless of why you have debt, debt means you owe money, and need to pay it or else.

How would you react if your children agreed to do something if you gave them money, and then later called you greedy when you asked them to fulfill their end of the bargain?

Who in their right mind would use a CC as a method of obtaining a (virtual) Home Equity LOC?!

I use a CC for small, monthly purchases and keep the balance at rate where I pay it off - in entirety - each and every month. To me, that's the only sane way to make this "tool" work for you, and not vice-versa.

But that's just me...

The ONLY real way to stop this kind of manipulation is to teach the petulant child a valuable lesson.

Everyone, and I mean EVERYONE, in America should NOT
pay their credit card bills for 90 days. While we'll take "a hit" on the now useless Credit Report, the banks will TAKE it right in the neck and bleed out pretty quickly.

Revenge is a dish best served cold, and in this case in cold hard cash.:)

Chase is one of the worst offenders. They got me 20 years ago like this: They stopped sending me bills. They changed their address, so even though I sent estimated payments, Chase said they did not get them. They did not come back as returned mail, and I did not notice that the checks weren't cashed. Finally, three months later they called and told me I hadn't paid for 3 months, owed 30% interest on everything, and about $200 in late fees. About 2 days after that, all the returned mail came back. About 10 hours of phone calls later, I paid the principal, no interest, but $100 in "late fees." I cut up my Chase card, and I will never do business with them again.

I went to my credit union and required a loan @ 7.99 % to pay off my credit card. Then, I called the credit card company to confirm that the amount had been paid I requested the account to be closed. They informed me that If I closed my account it would ruin my credit and I needed to keep the account active. To a point it is true that my credit will be hit with a ding. I don't think this should be fair at all. In the future, I'll have to explain that i transferred balances to pay the card off in order to get it paid and not pay the 21% interest anymore.

RE: Pdaddy. Its pretty obvious that this person works for Chase. haha Talk about being brainwashed. Chase does take adavantage of their customer looking for ways to increase their interest rate on charges.

Its not the banks fault. They are in business to make money for stockholders...YOU as a consumer know this. Choose to do business with a non-profit card that doesnt offer you crazy and insane deals that you sheep jump at all the time.
There is NO free lunch and its time to step up and take responsibility for getting yourself in debt that you knew you couldnt afford if the "magic" terms changed. Life throughs curve balls at EVERYONE so THINK AHEAD and quit trying to take advantage of the system.

If your credit card company screws you, include them in your chapter 7. You can keep your house and autos. If you file before you stop paying, your credit score will improve. Easy fix. The kitchen remodel costs you 1500 in attorney fees and you wipe out your all your credit card debt. A few days after discharge, the credit card offers will roll in.

HMMMMM, billions/trillions gone from wallstreet and my 401k down 40% right after the Iraq war. Banks bailed out by USA printing money we do not have. At least I can not tell where it came from. Obama issues a stim pkg, almost 1 tril but has only used 20% up till now. Obama slaps CC companies on the hand telling them the rules have changed but then gives them a year to manipulate. More war in Afganistan.... people loosing jobs at the same time, these credit card companies know that no one has extra money at the moment.
If you want to simulate the ecomnomy Mr. Obama, why then don't you bail out peoples debt up to a resonable amount based upon the TAXES that a given person has paid to the US GOVT over a period of let;s say 5-10 years. The credit card companies would get thier money on top of bailouts already given and used to pay bonuses and, the American People would get a fresh start and credit scores would rise(who the hell came up with FICO scores anyway and who the hell signed off on one authority) and just maybe the housing market would rebound becuase people would be able to afford and qualify for a decent non fed mortgage. Let's be honest, it makes too much sense and interest rates would rise on mortgage products.

THIS IS MANIPULATION BY THE US GOVT. WE ARE BEING HERDED LIKE SHEEP. WAKE UP PEOPLE.

I THINK IT IS TIME FOR A CREDIT CARD PAYMENT BOYCOTT FOR 3 MONTHS

I have a card with Chase that has a 3.99% rate for life. When they set the new minimum payment at 5% I called and said I cannot afford a payment of $600.00 going to $1550.00 a month. They had me call another number for Chase and the Interest rate was cut to 2% a year with a payment of $500.00 a mont for 60 months to pay off the balance. They also closed the account so it cannot be used again. Chase was more then fair with the terms they worked out for me.

To Free in Ann Arbor, MI: Get a debit card through your bank - they will usually be a Visa or a MasterCard and you can use that to make rental car or plane reservations. If you don't want to do that, buy a MasterCard gift card and use that.

I also had trouble with Chase raising my interest rates after a payment that was late because they had changed the due date. I cut up the card and closed the account after giving them a piece of my mind. I now have a debit card from my local credit union and a credit card that I use only in emergencies. Sure is nice not to have those bills at the end of the month!!!

I have 3 credit cards with very high limits - I don't use one of them - a Chase card, and yet Chase has not lowered my limit - I really don't care if they do. My other card is for business, and requires that it gets paid in full each month - again fine with me. And my third typically has a small $1000 or less balance - but earns me cash back toward my mortgage - and it's balance is paid off every month as well. The bottom line is that I, as so many others have stated, have learned to live within my means. The banks will do what they want as long as they can get away with it and as long as people continue to spend and carry high balances on their cards.

If they want to lower my credit limits on the cards so be it - I don't use those limits anyway

My GM card used to be my best card but it is now my worst. AVOID HSBC. They shipped all of their jobs overseas and their lowest reat is still 3 points higher than my other cards. I am prior military and have the benefit of using USAA. Great company.

I once had a Chase credit card and my payment was sent in electronically each and every month. Chase decided to change its billing address but did NOT notify me, the payments continued to be sent from my bank to the original payment address, Chase decided this was a good opportunity to raise my interest rate to 30% and bill me a $39 late fee. I am 39 yrs old and have never defaulted on anything in my life but I have definitely thought about it lately, it seems that CC companies are taking things personally these days, they couldnt pay their own bills and needed to be bailed out but have no sympathy for the consumer who chooses to continue on as a customer but in the manner of the original contract they signed. And BTW...where in the world is Obama? Arent these the tired issues that he promised for a year he would correct if elected? I agree with several of the messages above a revolt is in order, it will become the Boston Tea Party all over again ....perhaps its time...perhaps we are overdue?

My future daughter-in-law wants to get a loan for a house. SHE CAN'T. She was turned down because she dosen't have a credit card. She doesn't even have a credt history. She applied for a bunch of credit cards but because of her lack of credit history she keeps getting denied. So I guess she doesn't have to worry about credit card interest rates or a home.

Why do you holier-than-thou types need to post on these boards? Most people that get into trouble with debt end up that way because of unforeseen disasters such as catastrophic medical crises. Your fairy tale lives could change at any moment and then you would be faced with judgmental morons such as yourselves. This topic is that the cc companies change rules mid-stream to try to force people to default so they can charge more fees. Just one month when you cannot pay in full can snowball into a disaster if your job suddenly cuts your hours, your child gets cancer and your spouse walks out. I hope it does not happen to any of you who think you are better than the people the banks are trying to rake over the coals for no better reason than to squeeze more money out of the same taxpayers who already bailed those greedy bums out. I doubt any of you who think you are better than the folks who have been screwed by the cc companies would get much compassion here or from your so-called friends and family who are probably also sick of your uppity attitudes.

This is how a credit union works. First they give you a reasonable card (Visa or MC) limit based on your overall history with a choice of rates and rebate options which rates are lower than banks. There are no annual fees and a bunch of other cool bells and whistles cause your "A MEMBER". They increase your limits as your history grows with them, they don't play the "bait and switch games" that banks do because "NO ONE IS MAKING A PROFIT OR BONUS" off of you. We with good credit work together and for each other "SO WE ALL BENEFIT TOGETHER". Don't like the sound of that security and cooperation, then keep complaining and keep doing business with your bank. Big or small. Sorry if I irrated anyone into staying with their bank(s). Oh, by the way my credit union has never sold my mortgage(s) to any Tom, Dick or Harry financial institutions for a quick buck. Look them up!! Tell them I sent you!! America First Federal Credit Union.

I understand when hard time hit its hard not to pay for things with your credit cards. I used to be $30,000 and now I only $2000 more to go and I am done. But, at the end of the day I was the only one who put myself in that situation. Obama, Bush Jr., Bush sr., Clinton nor Reagan told me to charge and live beyond my means. I am sorry Chase did the samething to me and I am glad I learned my lessons years ago before this whole started. You can keep point the finger all you want to, you are still responsible for the debt you created. THe people in office will always be sitting pretty no matter who you put in there!

Just don't pay them and file bankruptcy...easy as 1,2,3 They deserve it for jacking up consumers all the time and make billions in interest.

Some things I know.... I work in customer service for a credit card company. So many of you keep screaming that credit card companies are getting rich off you. To begin with, everybody is struggling in this economy, credit card companies included. Call centers are being closed, employees being laid off, and risk strategies being revised. Another thing, you keep screaming for reform, you are getting it. Previously we had a 30 day billing cycle, but so many complained about late fees that federal regulations now require 23 days. So guess what? We have met the guidelines. You just got a week shaved off the time you had to pay, thanks to yourself. I've long ago lost count of the customers that called demanding a late fee be credited back, and they ALL make the same speech. "I've NEVER been late! I always pay more than the minimum, how dare you!" And yet I push this button, that shows me the last 12 months of history.... hmmm... 5 late fees in the past year. Do any of you at all read the terms and conditions that come WITH the credit card, as well as on the literature you receive when you apply? Any of you? Do you know that you don't do business with Joe's General Store anymore? Nobody is looking at what the postmark date on an envelope is, there's no '5 days grace' like your grandma had. If your payment is late, you get a late fee, if you get 2, your APR goes up, just like it says in that paperwork that you never ever bother to read. Credit Cards were originally meant to be a convenience, charge everything, pay it off at the end of the month. If it was back to school time or Christmas you might carry part of the balance over for a couple of months, but that was the extent. I speak to people every day that make about the same $ per hour as I do, about 10 bucks. And yet they have balances between 5 and 10 thousand dollars. What are you thinking??? You asked for this, you got it. Nobody owes you a low interest loan for the rest of your life so you can buy $400.00 handbags. If you NEED it, use the credit card. Use it to get your car repaired so you can get to work and back. Use it to make the down payment on your childs orthodontia. But don't put yourselves at the mercy of any credit card company or bank because you like to blow money on designer labels. I have a very hard time feeling sorry for you once you've put yourself in this position. The abuse is real. But it's you that's abusing the credit cards, not the other way around. I'm 50 years old, I've never owned a $400.00 handbag or a $600.00 suit, and I'm still alive. I also have no credit card debt. I'm not saying there's no room for credit card reform. I'm saying they would have no power over you if you had not given it to them in your quest for instant gratification and living above your means.

People, people, people......Interest is to be made, not paid........get it???

I hope some crazy hacker brake into their system and rob them blind so they will know how it feels.

I had been a washington Mutual Customer for 15 years. Then came the change Chase took over. I was never formally introduced to my new bank. I just received there nice interest rate increase form letter. So I called csutomer serv and asked was there a problem with my account balance , payments anything that would cause my interest rate, payments to increase like that and the chase employee told me that the interest rate increase went out to all of the chase card holders (except for the chosen few). These Banks/ credit card companies are increasing our payments to pay for there mistakes/ indiscreations in the past. put you foot down America Default on ALL CHASE CREDIT CARDS

I had been a washington Mutual Customer for 15 years. Then came the change Chase took over. I was never formally introduced to my new bank. I just received there nice interest rate increase form letter. So I called csutomer serv and asked was there a problem with my account balance , payments anything that would cause my interest rate, payments to increase like that and the chase employee told me that the interest rate increase went out to all of the chase card holders (except for the chosen few). These Banks/ credit card companies are increasing our payments to pay for there mistakes/ indiscreations in the past. put you foot down America Default on ALL CHASE CREDIT CARDS

Chase cc has up my mthly from $307 to $768.00.
Now if I was employed I would say that's ok I did use the money although it was to stay afloat when both my spouse and I were unemployed for over a year recently.

My challenge is I can't get a job even though I am highly qualify because I owe too much debt and is not credit worthy and with only one person working what am I suppose to do? Let this be a warning to everyone, having a credit card is actually selling your sould to the devil. It sounds and look so good upfront. On July 4th Sci-fi showed a movie from the Twigh Light Zone called "The Credit Card". Wish everyone on this site had seen AGAIN!

Don't know if my comment will be read by anyone but if it does I wish all of those commenters who blame the consumer should look at the real villian...THE BANKS! For whatever reason any one of us use our credit cards we shouldn't be at the mercy of the banks. What is so frustrating is the fact that Obama's change in how credit card lenders do business comes too late for us down the road. The change should have happened immediately, especially during this economic downturn. Obama's change was admirable but not good enough..it gives the banks practically a whole year to screw the American people over. In the end lessons will be learned by all of us and I hope that this attempt by the banks in the long run back fire on them. If the banks continue to push the people you will see more individuals opting for bankruptcy. The choice between surviving and having the basic necessities of food and shelter will certainly win over paying a credit card any day!!

Credit Union, Credit Union, Credit Union, no banks. You will be much happer with a good one.

I agree that the time has come to end the reign of big banks. I had 4 cards, all with credit limits of over $10,000 I used these cards very carefully and stayed within a range where I knew I could pay the balance off if necessary.

Each one of the cards had their credit limits lowered to just where my balance was, or slightly below the balance. This resulted in an adverse affect on my credit score because the banks reported that I was spending up to 90% of my credit limit or gone over my credit limit. Both of which are a clean body blow to your credit score. I paid them all off immediately, and intend to close them all but the one that has the highest credit limit. I know that will have an adverse effect on my credit score as well, but the possibility of more credit card shenanigans make it less desirable to maintain credit cards.

This is going to wreak havoc on commerce, all of a sudden demand for goods and service will drop percipitously.

Although I feel sorry for anyone in a position of huge debt. People often overspend and do not think realistically about what could happen. Its called living on the edge and many people do it. I am trying to pay off all of my credit except for my home loan. I am going back to how my grand parents lived. Cash only! If you cannot afford to buy it now! Then don't buy it. Credit companies are feeling the pinch of these defaults and its not surprising with more government regulations coming that they will make some changes before that happens. I feel somewhat bad for James but he made a bad decission and now he is paying for it. He would have been much better with a fixed interest coventional loan with set payments. He tried to cheat the system and lost. People should wake up and learn about making better financial decissions.

Agreed -- use your local credit union. And to the many of you who gave useless angry advice, like ignore your debt, get real. Take responsibility for your actions, and if you don't like the ways the banks are reacting, take care of the debt. I work hard, have 3 kids, and am not getting angry over the hikes -- it just made me more determined to reorganize my debt to successfully pay it off!

I saw the writing on the wall almost 2 yrs ago. Closed out Chase when I sold my car. Capital One was my big one and I worked on that. but then they changed my due date and made me late and when they jumped the int.rate, I transfered to my credit union and will be paid off this next m onth. C One is still contacting me even tho I told them it was over.

i am taking some advice pick one card and throw every penny i can at it to pay it off pay minimums on all other cards as soon as i get them paid i will be closing all account i dont care what it does to my credit score tired of their mobster mentality

I owe Chase nearly 22,000. I wonder how they would like it if I wrote them a letter saying I'm changing the terms we agreed to, now I will be paying only 100.00 per month instead of 400.00 plus every month!!

Thank you Bob Sullivan! Many of us have been waiting to be given the opportunity to tell CHASE what we think of there loansharking and usury practices and where they can get off!!! After reading many of these posts, it may be CHASE that will have to "SUCK IT!" TSK, TSK, TSK.

Chase bought our my credit account, which had two previous owners prior to them. They jacked my interest rates and payments at the exact time our income was cut by our employers. I tried working with them, but I keep getting a call center overseas and they are completely rude. I then got a letter offering help, but when I called about it, the rep said he had no idea what I was talking about. I called again, explained our situation, told them what I could pay, and they said it wasn't enough. I kept negoitating and the guy became almost irate and obnoxious, demanding money. I hung up and haven't called them since. They can rot for all I care.

Chase cc has up my mthly from $307 to $768.00.
Now if I was employed I would say that's ok I did use the money although it was to stay afloat when both my spouse and I were unemployed for over a year recently.

My challenge is I can't get a job even though I am highly qualify because I owe too much debt and is not credit worthy and with only one person working what am I suppose to do? Let this be a warning to everyone, having a credit card is actually selling your sould to the devil. It sounds and look so good upfront but on July 4th from the Twigh Light Zone called "The Credit Card". Wish everyone on this site had seen it. You would never trust credit card company EVER!

I'd be interested in exploring the possibility of a class action lawsuit. The plaintifs being other creditors that loaned money to these individuals that are having their credit card terms changed. When we loan people the money we like to know that the have enough disposable income to pay us back. We do this by looking at their credit and determining their debt to income ratio. When a credit card company can arbitrarily raise the payments it requires of its customers it puts every other creditor at risk. Since there isn't a law prohibiting this craziness perhaps a lawsuit can help stop this.

Chase Bank and their credit cards are SNAKES! They pulled the crap on my husband. They changed his due date 3 times in the last 7 months in hopes that he will not catch it and be late. Thankfully he's not that dumb. The minute you are late they hike up the interest rates even more. I wonder what all the credit card companies would do if there was a worldwide organization and EVERYone just stopped paying their bills. Screw you Chase...

Poor guy is being made to SAVE on interest by paining off his credit card FASTER. The Horror. [sarcasim]

And all those complaining about late payments should look on their card websites. Most allow you to pay automatically so you will never miss a payment.

“Issuers feel they need to find ways to make up for revenue they are projecting they are going to lose once the legislation takes effect.”

Read this several times... The Bankers are NOT going to "LOSE" money. They're still going to be making money, they just won't be able to make as much as they want/project they are going to make so that they can met the stockholders demand and make THEM happy.

Wake up bankers.. From what I am reading more and more people are going to do what I did a year ago and that is to pay off there balances as quickly as possible and get rid of the cards. Then where are you going to be when there are no consumers to prey upon?

For those of you telling folks to stop whinning you got yourself in to this can take a long walk off of a short pier. Humans do not make the best financial decisions in the universe and it does not help that the credit card companies can change your interest rate for any reason at anytime. That is unfair no matter who you are. Pay them off every month is a great idea in theory; but if you don't have the money how are you going to attempt this feat? Just in case some of you writing these uncaring comments don't know--there have been millions of jobs lost--MILLIONS--and i am one of them. I never missed a payment ever and i mean ever. Lost my job and now i cannot pay my cards off every month and i am barely hanging on making the minimums. Pull out all of the intelligence you can muster and come up with some compassion for our fellow Americans.

Here we go, the same old divide and conquer tactics that have been used on the American public for generations, get us all arguing amongst ourselves so we don't vote or act together. What a great strategy....and it works every time. They break us into "groups" and we take the titles and run. We never all agree and the companies and government wins by keeping us divided--no power to change anything. So blame the Republicans, Dems, cc companies, spenders, savers, CEO's, whoever, but don't stay in your group--stay with the other citizens of our country. As a democratic country with the wealth we have here, we should be protecting each other not taking sides and staying splintered or whoever the "they" is at the time will always win.

I had the same problem with B of A a number of years ago. Sending the bill just three or four days before it was due, etc. They didn't accept check by phone as payment back then, about ten years ago. I cancelled my card and haven't looked back. Don't miss credit cards one darn bit.

hey mark of huston texas it was the damn republicans who put us here to begin with thanks to your home stae boy BUSH JR who was the worst president in history more worried about avenging his poor daddy and taking vacations then looking after this country!!!!!!!!!!!!

***NEVER-EVER DO BUSINESS with a Bank like Chase which is in Another State, hundreds or thousands of miles away from you,, an above comment stateed know your States credit card laws - WRONG- it does not matter what state YOU live in, only the state that the Credit Card Compny or Bank Corporate Headquarters are located in, if its Connecticut or Delaware or New York, then thats what applies not the state you live in, meraning, they can change the rules at any time, as they feel like it, and that was reported by the Red Tape Chronicles about 6 months ago,, those states mentioned above have lobbied Politicians in the past of their states to be able to get by with this type of behavior, its my understanding from what I read that states like Coinnecticut and Delaware have no protection for the consumer, doesn't matter which state you live in ! Basically your attempting to borrow money from a bank in another state, in good faith, that they will play honest and fair, and that is NOT how they are set up, givin the fact that employers across the country are laying off, in record numbers, its hard to predict your future anymore, best solution is to not, do business with CREDIT CARD Companies located in another state, only local banks within your area, that are less Corrupt and Fraudulent ! Chase is known and has a Record of Fraud & Corruption going clear back to the 1990's- so Consumer Beware , they are one of the most Fraudulent Banks to do business with ever - ever read their contracts - it states YOU agree to anything they decide , that YOU Agree even if you don't agree, its in their contract they drew up, and worded the language themselves,,, I agree this much,,theres some planes that missed their mark that dreadful day 10 years ago, ! that much I do know !!! You can blame the CEO and upper Management at CHASE for being involved in this type of Corruption and Fraud and their Corrupt Attorneys !

TO the person who said that the credit card companies will not do anything to you. You are very wrong. They can and will take you to Small Claims court, depends on the amount owed, or regular court. I know, I went with Debt Settlement last year when I could know longer make the minimum payment. I admit I over extended, but I also have not received a pay raise in three years, the price of gas and oil went through the roof, and I was using credit cards to buy food, gas and heating oil. I am now filing bankruptcy because the Debit Settlement program failed to contact two on my credit card companies and they have now filed suits against me. I went to Small Claims Court and settled one account, paying the full amount plus court fees. Because it was for a longer payback term then three to four months, the Debt Settlement company would not honor the agree. So now I am paying them their monthly payment, which includes a service fee, plus the judgment amount. I can not afford that, I have lost my full time job, and my sister hasn't worked since December. Bankruptcy was the only way out for us. I have learned a valuable lesson. NO MORE CREDIT CARDS. If I do not have the available cash, I do not buy. I have lived for over a year without a credit card, and it feels great. I am still getting about a dozen phone calls a day from debt collectors. But that will stop once they are notified by my attorney.

Well the Democrats didnt respect contract law,why should the banks?

We all need to pay off the damm credit cards and tell the banks to go spin on it. I am holding my breath too, my mom passed away and I had to remodel her home to put it on the lousy real estate market and I made the mistake of putting it on my BAC card, so far no problems.

The banks are being short sighted and this will cost them down the road or it should. But it looks like they have paid the politicians off.

This is very simple. I do not feel sorry for any of you hurt by this. You were being greedy and selfish. Who cares if you paid on time and over the minimum. Pay the whole bill on time that is the only thing that matters. Get over yourselves.

Why is it that we as taxpayers are providing federal bailout funds to an industry that then turns around and makes us pay even more for the privilege of being a good customer?

Over the past year, I've paid off and closed two Chase credit card and a checking accounts. I began to do so when Chase tried to raised the interest rate on one of my cards to 31% even though I wasn't carrying a balance on the card. After I told them to close it, Chase had the audacity to offer me a similar account with better terms. Of course, by that time I no longer trusted Chase. I will never do business with Chase again.

Capital One threatened me in January with a higher rate (doubled), but never implemented it--maybe because I paid the balance off and began using no more than 20% of the balance. I know that it was probably an unhealthy thing to do, but I've paid off an closed a number of credit card accounts during the past year. However, I think credit card companies have been making empty threats to me lately because they know I really will close the account.

Chase is the worst credit card I ever had. They nickel and dime you to death. I had over 8K limit and I closed my card with them after a verbal battle with them over the phone. I had a wonderful experience with Citibank and they were more than helpful with me several months ago when I needed it.

Decline the change in terms!

Every such change I've seen includes a notice that if you don't like the new rules then tell them no and you can just continue as before but without the possiblity of putting new charges on the card.

Read the fine print on the change in terms. You can usually reject the new terms and close the account. Your remaining balance will be under the old terms, but you cannot use the card anymore.

The thing that I dont understand is how these companies can change the terms of the original agreement. How are they allowed to "market" a fixed 7.99% card and then when people buy the product the change it all together? So in theory they are actually selling a variable 7.99% card but advertising it as fixed. I know that any other company that tried to pull this would have regulators beating down there doors. Where is the justice?

I would not use Chase even if it was the only credit card company. My daughter who is 32 years old lost her job, lost her apartment and moved back home. Since she has no income she was unable to pay her bills, Chase posted her bad credit onto my credit report with all three companies, Equifax, Experian, and Transunion. I have no idea how they got my information unless it was through my home address. After many letters and aggravation they claimed they are not doing it. As far as I am concerned if you cannot pay cash for anything except a house or car, don't buy it, you will be a slave to those people for the rest of your life...

Chase screwed us once and now we are cash only people. It is amazing the number of places that "won't take cash" We can't rent a car, we can't get ailrine tickets easily, we pay full price for things that if we opened a credit card they would sell it at half the price....I'm happy to be credit free and living within our means but it does seem ironic to be punished for it.

Some people on here are talking about checking with the state that you live in because credit cards are considered unsecured debt and usually have 3 or 4 years to make payments on them. Question I live in Ohio does anyone know the amount of years for residents or what web site can I find the answer.

I have a Chase platinum credit card. I transfered my account to Chase several years ago with a 0% interest for the life of the loan and new purchases would be 7.99%. Everything was ok until May 2009; Chase raised my account to 9.9% interest including the 0% portion of my loan. I have never missed or been late or gone over the limit, I have a FICO of 745. It is unbelievable to me they can change a legal contract without cause. I am in the process of switching to a credit union and will not accept this scam. i do not need their credit card!!!

If Congress really wanted to help the consumer and jump start the economy,they wouldn't have given the Banks a year to implement these types of programs. Their new policy should have taken effect immediately, as part of the conditions for Banks receiving Bail Out monies.

To: Quit Blaming others--- I assume that you pay cash for everything including your home. You don't buy anything you cannot pay for IN FULL by the end of the month. I can say the same scenerio happened to me. I got a couple of zero interest credit cards instead of a home equity line to do some desperatly needed home inprovements. I paid on time and usually more than the minimum. I believe in order to try to force a late payment, they nearly tripled my monthly payment. This is just another backdoor interest rate hike.

The solution to this is to make every purchase you make on a credit card the equivalent of a 5-year loan, with reasonable terms. That would solve 2 of the major hassles to consumers 1) minimum payment schedule taking far too long to pay off and charging unbelievable amounts of interest 2) Having a fixed 30 day period and other features of normal loans would prevent some of the outrageous tactics by the companies.

To the companies' benefit, it would stabilize their cashflow and allow them to have a quicker turnaround of their investment.

I have recieved a letter from an unrelated company, American FINCO, which is somehow married to CIT Corporation. I have a Rainsoft card that we have nearly paid off and will close. They have raise our interest rate 3 times in the last nine months. This letter raises it again and states that the terms "I agreed to have now changed". I don't know what America we're living in now, but when I grew up and you signed a contract or agreement, you were bound to it. I guess that doesn't mean anything now, since the lenders can change what you "agreed to" at any time. We're in a sad state in this country and getting sadder. It just makes me mad! Congress, take notice.

I paid all my credit cards off in December. I am very grateful I was able to do this now. I have gotten a letter from BofA lowering my limit on that card since then due to the fact I never took advantage of the full limit. It was at $25k which I never got why they would put it to that in the first place and I never got around to calling when it happened several years ago to tell them to lower it back down. I also have a Chase card I am only keeping them because I have had them since college and don't want to take a huge hit on my credit score which is over 800. And they are there if I need them in an emergancy or to order something online.
I feel for all of those that are going to be hurt to terribly by all of this. We just bailed them all out through the goverment and now they are sticking it to us. I can't wait for the next 4 years to be over. We do have a way to strike back with the mid-term elections next year and take some of these people currently in office. The current administration is not for the people!!!!

We are sheep. I am sick to death of all the media "advice" on how to "handle" cc debt, your failing finances and how to "make arrangements" with the cc company if you default even for life-changing reasons..and by default I mean miss a single payment by 24 hours, get your rate hiked up to usury rates plus late and possible over the limit fees, etc etc. so that you've landed in a rabbit hole. We hear daily about the economy and how people are not spending and how that hurts everyone and how banks that have been bailed out are supposed to start "lending" again to boost the economy..under these conditions - I DON'T WANT TO BORROW ANYTHING EVER AGAIN. It's total madness at the Hatters Tea Party. Are you aware that if you make a deal with one of these collection or cc companies to ultimately reduce your balance (even if all the additional "charges" are hiked interest rate/late and otl fees) that anything they "forgive" is reported to Uncle Sam as "additional income" thru a 1098...at tax time anything "forgiven" must be declared by you as income and is taxed by Uncle Sam as additional income. You have to pay tax on it and the cc companies get to write it off as a loss. It ultimately may throw you into another tax bracket which may result in you owing rather than a refund. Then you have to worry about paying back Uncle Sam and the IRS. I do not hear the media noting that little caveat. As "The Joker" said.."Wait'll they get a load of me"..Also the best of the best advice out there regarding protecting your credit scores advises that your credit score will ultimately DROP if you paydown or pay off or cancel an existing credit card/limit..it's a freaking cach 22 no matter how you slice and dice it. Bankruptcy laws were changed so you cannot even protect your house anymore - if there's equity - you sell your house and pay off..yet the Corporate and Wall street suits get bailed out by Uncle Sam. If my household budget gets screwed up due to non regulated utility increases, usury bank practices and lay offs, no raises, increased medical and insurance and food costs, gas prices, etc etc etc due to "the suits", can I go to Uncle Sam and ask to be bailed out even though I religiously followed a strict budget? I would be heartily laughed at by The Joker and told to just suck it up..it was my fault for working hard, trusting the propoganda and thinking that the suits were smarter than me. Time to send teabags and a clear message to our "government" that it's time to stop their lusty affair with greed, corporations, the media and Wall street. A applaud Obama for what he's trying to do with the garbage plate he's inherited, but he's not King, so his adversaries need a message by the people and for the people

CHASE will not cash a payroll check that was issued from my employer on their bank....get this...unless I open an account and have the funds to cover it for three days...in other words..they want to collect the interests TWICE..if not..they refuse to cash it.

The credit card companies are kind of like drug dealers who change the terms after the addicts are hooked, in this case on debt rather than drugs.

But a 5 percent minimum payment is what should have been all along, and would have prevented the addiction.

I have never run a balance on a credit card, because I know they are out to get me in debt slavery, but if most people are foolish enough to fall for teasers, then for all new accounts and balances a 5 percent repayment rate should be mandated by law.

Can't anyone see that they created their own problem by spending more than they should?