My original Visa was through Washington Mutual - then Chase took over, bringing along their "weasel factor" financing. My credit limit was $5,000; balance $2,300(because I used $1,700 to close-out another account); a PERFECT PAYMENT HISTORY,(paying more than the minimum required); with no charges to the account in the past 6 months. They LOWERED my credit limit to $2,900 - a move that will negatively impact my credit score as the balance appears to be near the maximum allowed!!! THIS EARNS A NEGATIVE SCORE FROM THE CREDIT BUREAU'S - ESPECIALLY WHEN IT SAYS IT WAS "AT THE REQUEST OF THE BANK." When I called Chase's customer service dept. I got a big run-around - I'll sign a petition against them!!!!!!!!

Well not much to say what others has already said. I am retired my card is nearly out to the limit. Never was late on payments. They received payments on time each month. Can barely meet ends meet now as it is.Should the card companies do this then they will be holding for the balance of the card.Old saying is : can't get blood out of a turnip..Unless their attach your SS checks. The Government should inact a law preventing this to happen. Let the merchants beware, not the consumer. People should not be penalized for benefit of others. Ones who make good payments should not be penalized.so others can get rich.

Be careful with credit unions, they cross collateralize everything. You may be late on a line of credit with them and they will reposes your car. All financial institutions are crooked. I tried to negotiate with my credit card companies, with my excellent credit, and they were not interested, so I field chapter 13; they will get paid all the money they are owed but not a single penny in interest take that you sob's.

Never charge anything you can't afford right then, stop transfering the money you've already spent, read the small print and you'd never be in these troubles to begin with.

The comments, as usual, have gone way past the topic at hand. This is not about Chase raising their interest rates unfairly (yet). It is not about people living above their means. It is about unfaitly raising the minimum payment due on debt. The best way to describe this is to look at a car loan. Last year, car loans were around 7%. You could use a 4.99% transfer check for the payment instead. This will save you interest on the loan. You could start making payment above the minimum. Now, all of a sudden the loan company raised the payment due, and if you don't pay it, the interest goes up. If you borrowed $10000, your minimum payment is $200. If you pay $300, you probably owe around $8000 now. Now they increase the monthly payment to 5% or $400. You now have to come up with an additional $100 per month or your interest rate goes up. The person who borrowed the money was not living above their means. Theymade an intelligent decision at the time to get a better interest rate. The credit card company now wants you to default on one payment so they can raise the rates and start charging late fees. When the loan was originally taken out, that should be the terms of the loans. If I intended to pay it off in one year, I would have taken the lower interest rate check they offered. What if your mortgage company were allowed to do this or your car loan or home equity loan? How many people not living above thei means would be able to make the payment. Everyone needs to focus on what is really going on here. Stay focussed on what is happening. It is not Bush, it is not Obama. It is unfair lending practices. It is loan sharking. I wrote my congressman. I wrote an e-mail to the CEO of Chase. By the way, his e-mail address is jamie.dimon@jpmchase.com. Send him the same message I dis and let him know you are not happy. It was not hard to find his e-mail account. The customer service people were rude also and I included that in my message.

The person who mentioned earlier to go to a credit union makes the most sense. Credit unions are very viable alternative to banks. In my opinion, banks should be replaced by credit unions. If an organization is a co-op of individuals as is a credit union, there is far less danger of it a) collapsing and b) being such usurious manipulator of the livelihoods of the very people it supposedly services to stay in business. It's time for the banks days to be numbered and end.
Take all of your money and put it into a credit union. Your funds are insured by the FDIC the same as a banks.
Let's make a statement here!

Quit blaming the credit company, you take out a credit card and spend more than then you have to pay in full and the small print tells you they can change rates for any reason and you still cry when they do it! What is the problem with you people. Oh, it was for some thing I can not afford but could have paid for? could have and did is the same as saying I want it now but can't afford it, oh well I haven't maxed that one out yet. Some people think it's an American right to get their way, well it's the banks job to make money off those of you that charged things that you didn't have the cash for. Pay it off of don't charge things, it's as simple as that. Could have, should have, and would have show not think of your future. It's not the governments fault unless you want them to claim stupidity as a disability so you can get help for your problem that way.

Actually I pay in full with my Chase Credit Card each month and my limit just more then doubled. Oh yea and if you pay each month in full then guess what the interest rate doesn't matter. (Here is a hint 100000000000000000% interest * $0 = $0 Doesn't Matter)

Wells Fargo is another dandy. They send you a letter telling you that after a review of your account they are jacking your interest rate. The higher interest rate is allegedly base on payment history, yada, yada, yada. All nonsense! What they're all doing is squeezing those who are good, consciencious, on time payors to make up for losses they incur from deadbeats. In 2010 I will carry 1 card with a low balance, use it once in a while, and pay the minimum on time every month. It will be cash for everything else. I refuse to be raped by greed-heads...troubled times or not!

We watch our credit card billings like Hawks and its amazing the crap they pull to try and make you miss payments with the due date shuffle. Then to hear Chase is pulling this raise in minimum payments on low interest agreements.
I have had several cards raise rates to over 16% and I just pay them off and chop up thier cards.

Should acts like Chase and Bank of America continue maybe we shoudl have a consumer riot. Everyone affected by this credit card GREED should just file for Chapter 13 reorganization and let a judge set the payment and APR that they will get. Most Judges dont give them very much if you the consumer are willing to pay back the full account, and sometimes its 0. yes Zero.
The Banking industry has got fat on thier schemes and we see that even AIG is still paying bonus checks to these leaches.
What we need is everyong file reorganization and watch em squeel.

Maybe then some of the payola Bush & Obama have given them will actualy get where it was suposed to go. To the consumer and American home owners.

Screw the banks and AIG

$20,000 on a credit card and you're making the minimum monthly payment. It doesn't matter what kind of deal you thought you were getting, that's just stupid! All for something that is a luxury - a remodeled kitchen. STOP OVERSTRETCHING YOURSELVES!!!!

Ever since the new legislation was passed, all my credit cards interests rates have gone up. On 1/2 of the I am now paying 29.99%. I am now struggling to make payments when months ago I wasn't. This has gotten out of hand. I have NEVER been 30 days on any of my credit cards. But unless the take the rates back down to where they where original I will have to stop paying them. I have started this month with citi financial that increase my rate to 29.99%. I now am 14 days behind. They say I have to become current to have my rate adjusted. I have alredy tired that game. They say If I pay on time for 1 year they will adjust my rate down. They are not helping at all. It is a never ending cycle with the consumer being screwed in the end...

does anyone know if Wellsfargo is raising their rates??

The credit card conpanies received a bail out. Isn't that ironic?

Enough is enough. CC companies and unscrupulous banks are going to ruin us regardless of what we do so my thoughts are this...When they do pull this type of crap, quit paying..PERIOD, tell them to take their unsecured loans and stick it where the sun don't shine. Sure, it damages your credit, but guess what?? They are going to screw it up anyway. People quit paying, they'll stop the BS.

i work for a major crdt crd company and i have to agree that i am disgusted with what is being done to middle class people and their credit. i too have a credit crd and my socre is over 840 and my interest rate went up, never, never late on the card but i have to pay the price for the people that are consistentley late and charge over $1000 month for items they cant afford.. you're right that the new president for the corporations not for the middle clase i knew that from the beginning, he was arrogant and obnoxious including his wife..write letters to your congressman and representatives...and also to the person who said that the credit bureaus dont make any difference i really believe that is right, i've seen people file bko's and get credit right away maybe at a high interest rate but they get them..you have no protestion at the credit bureau, most americans dont know that everything you have credit with they can look into you file and changed it immediately..so what difference does it make

Pay off your card each month? The banks don't want
you. If you cancel, they smile as they lose money
on you. You are called a "free rider". You charge
things and don't pay interest while on that charge.
So they lose money.
...The return of the annual charge is coming so
get ready for an end to that service.

I don't have any sympathy for any of you fools out there....pay your credit card balance in full each month like I do and you won't have to worry about what interest rate they're charging you or what your minimum payment is. It's not rocket science...just common sense which I gather from reading all of these comments that not too many of you have.

Chase sent us the change in terms, but we opted out so our terms will stay the same. (at least that's what they're saying) I had to cancel my card. Every CC user is at the mercy of the CC company. "The borrower is servant to the lender" Proverbs 22:7. It is time we use the money we have and not someone else's. If we did that, this whole country would not be in such a mess. I'm going to pay this card off and not look back. No more cards. Take the Dave Ramsey course and get Financial Peace! daveramsey.com

Stop whining and stop blaming Chase, B of A and others. Look in the mirror and blame two people...yourself and Obama. Remodeling the kitchen and putting the tab on your credit card??? You deserve what you get. Voted for Obama?? Deal with him.

The borrower is slave to the lender. When the "master" gets out his whip to beat the slaves, us slaves have no other alternative but to take it. Fix the problem by ending slavery and getting ride of the Credit Cards.

It irritates me when people say to move to a credit union or that all banks are bad. Just remember its not all banks that are doing this. Community banks are more sound than bigger banks and they have great customer service.

Eric Ely, please do all of Austin a favor and don't come back. We are all doing just fine without you

Perhaps we all should take these CC company CEO's out to lunch for a heart to heart!

What a shame that certain people on this site actually care about a bank, a corporation, a thing....what about our fellow neighbors that have worked hard, been responsible, and still get shafted by the banks? Shame on those who dare criticize others--to each their own. Good for you if you don't have debt or can pay off cards every month, and best of luck to the millions that aren't as fortunate. Is it really their fault after being 'brainwashed'/marketed to for years about the joys of credit. Each and every person entering high school should be educated in financial classes to prevent this crap from happening again---then you can't point the finger--you a$$hole$

Obama is not smart enough to have come up with a scheme like this. The banks and the mafiosi run the world. All we can do is try to use only our own money and let them rot in the Hell they are buying.

I had a WaMu card, which we all know was bought out by Chase, so my bills came in Chase envelopes. I made 2 late payments since I've had the card, and thats about 2 years. I usually pay 3x the minimum amount due. Last week, I put gas in my car, and my card was declined. I had to use my bank card. I get home to query why my card was declined, and I been told my account has been shutdown under a "business decision." They tell me I should receive a letter in a few weeks about how to pay off my card ($1,200) balance. This is crazy.

For anyone smugly whining about the 'irresponsible' holders of credit card debt, consider this...
We had no credit card debt until this year. Our son suffered a series of hospitalizations and an emergency surgery. Yes, we do have insurance (which we pay handsomely for) but with the deductibles and coinsurance amounts, we will be out of pocket something like $8K. Due to a series of other financial misfortunes, we had no other way to finance this debt other than using a credit card. Just something to think about before assuming everyone with a piece of plastic has gone hog wild on Coach purses and spinning rims.

Simple solution, don't spend what you can not afford to pay back the next month. When will we learn that nothing is free and to live within our means.

Credit Cards are GOOD IF used responsible. I look at them as a 30 day interest free loan paying of the balance two days before due date. In the meantime I collect whatever interest in my savings account.

Also purchases made via CCs have a better protection against shady merchants. It is a game that you have to play.

I have 3 CCs, Discover for everything I charge except, American Express for Costco and Visa for those that don't accept or want to use Discover. I know it is against the law case that Discover won, but I hate too argue with a clueless clerk.

I believe the primary problem, besides the tactics banks are using, is the key word being used, "Payments". Credit cards should not be used like a loan, but as a convenience. That is the real issue. Some how they have turned into instant loan access. Only charge what you can pay. If need a loan, then get a loan.

"The rich ruleth over the poor, and the borrower is servant to the lender."

Proverbs Chapter 22 Verse 7

Every consumer needs to know their State's credit card law. Most states protect a certain amount of your homestead exemption from creditors. Sure, they can file suit, but each consumer is protected up to a certain amount of their homestead. The downside to this is that any writeoff by a creditor is considered income to the consumer, and you will have to pay taxes on the writeoff (probably MUCH less than the interest you would pay throughout the life of the credit card). The internet is available.....use it to find out if you can default and be protected under your State law.

I am amazined that the # of comments on this blog. This is obvious a very serious issue. It isn't about how or why people used their card card. Seriously that is THEIR business. It is about the BS and obvious attempt by Chase to force people to default so they can screw them out of more money. I will pay nearly triple my payment but quiet frankly I do have other debt that has higher interest that IF that type of $$ was always available that is were it should be going. Not on the lower fixed rate. Not on the card that offer me 'skip a payment' you are a preferred customer....oh BTW next month nevermind you will need to nearly triple your payment. It was a plow to lear consumers in and get the desperate ones to convert to a much higher interest debt.....this includes people like myself who have over 700 FICO score, pay on time, and pay more than minume. Nothing but a huge marketing scheme to better profit the banks!!! Nevermind the BS of Chase buying out Washington Mutual and my deposits are now either holds/pending or floats....WTH......I am completely done w/chase may the go down in glory speed!!!

Yes it would be great if we could switch to Credit Unions and Savings & Loans but BO is trying to close them down. Write to your representatives to stop them before they screw that up too. We have no checks and balances in parties anymore. Who is going to stop them???

everyone who has an account with this bank needs to close it immediately! this is crazy! even if everyone closes their accounts now, they will still make money however, it will eventually catch up with them.....they deserve it. Chase bought out WaMu who i have been with for 15 years and the first thing i did was pay off my credit card and cancel it. now i am seriously considering changing banks because of this! I will take my money elsewhere. And really??? in this economy, how do they think that people who are already strapped for cash are going to be able to come up with even more money??? this is just stupid

I used to be a Chase customer and they did the same thing to me in January and I closed all my accounts with them. This is a dishonest bank above other backs like Bank of America. I am afraid B of A is next on my list. I will never use Chase again. I mean it. I did the same think to Discover for the past 15 years, and I stick to my rules. There are pleanty of banks out there who loves my money and my business. Why deal with dishonesty.

I have always paid my 2 credit cards (Bank of America, and Chase) off, each and every month. Then I went through a very unpleasant divorce and had to use my one card to put the legal expenses I had incurred on it. I still paid at least twice the req. amt. each month, but B of A still doubled my interest rate. When I called and asked why, if I had done something wrong, the idiot women in customer service said no, they were raising many individuals interest rates b/c they could! So, i cancelled the card, took money out of my IRA and paid it off, now they get nada from me. Chase did the same thing, raising my 4.9 rate to 12.9. Again, I called them and asked why they did this as I always paid my charges off each month. A very unpleasant woman said " well, it shouldn't really matter as you pay the charges off each month." I said that it was just the priciple of the thing, that to do that was wrong, so I cancelled that card as well. All my money is now in a local credit union, I have a credit card with them, I don't use it, but it's just if I should ever need one, I do. And now B of A and Chase lost a good customer, as well as a boatload of interest as I was going to re-fi my house with B of A and that ain't even going to happen now, as well as a friend who had actually been going to use B of A for her mortgage, and after hearing my story, went elsewhere.

James of LA needs a math lesson. A $20,000 loan with monthly payments of $300 over 8 years would be an interest rate of 9.75%.Well above a home equity loan.
The problem is not the banks or credit card companies its the idiots that spend money they don't have or can not afford to pay back. If more people were more financially responsible and lived with in their means my tax dollars would not need to be spent bailing them out.

this is capitalism folks. you should've voted republican. he-he...

We can all thank the GOP for this. Way to go guys, you have messed up this country for a long time.

Chase is a nightmare for a customer.
Send me the petition, I'll sign it.

In my experience, Chase is by far the single worst company for snaky tactics.
BUT - I think we need to get off the 'live within your means' bandwagon, for the most part the people suffering the greatest penalties DO live within their means - living within our means is not the problem. Credit/Credit Cards are an integral part of our society and our ability to live - Try to travel without a credit card, get a mortgage or car loan or even a cell phone without a credit card. You are not praised or rewarded for your financial conservatism, you are questioned and penalized for it. They are penalizing us whether we pay in full each month (reduced credit limits and higher interest) OR for paying the minimum amount on time each month (increase min. amt due); They are hoping we are one day late by changing the due dates randomly...it's legalized extortion and it has nothing to do with political party lines. It's about making money any way they can. Period.

I think an H1b could perform the moderation

Chase did the same thing to me, increasing the minimum payment from 2% to 5%. I always made more than the minimum payment ( but not as much as the new minumum) and always on time. I also had a low interest rate so I realize that they weren't making alot of money off of me. When I called them, I was told by customer service,that they needed the cash flow! I get a few dollars more in my paycheck each week as part of the stimulous package and who was it that got BILLIONS! AND didn't the government see this coming when they gave the credit card companies 6 months to come up with ways to rape the customers some more?

WOULD IT BE POSSIBLE TO TOP POST THIS MESSAGE

I have created a twitter account to unite the people in America who have been unfairly/ illegally treated by the credit card companies. Sign up for a class action lawsuit. I am not an attorney. Just trying to unite those who have been wronged, to fight back.

SUEccCOMPANIES @ twitter

C Ward - I hate to tell you this but you are an idiot.

Republicans began eroding consumer protections during Reagan's first term. The Republican party has never been for anyone but big business. Roll into any town and the biggest buildings belong to the banks and insurance companies. Two business sectors that the Repulicans have catered to for years. So when you want to place blame, place it on the party that has controlled the White House for six of the last nine adminstrations (and until Jan 09 five of the last 7) and has continually been on the side of big business for 40 years.

Our elected officals from both parties should continue to enact immediate legislation everytime these banks pull these stunts. The banks aren't merely looking to be profitable, they are controlled by a very few obscenely greedy crooks looking to rob the consumer blind.

i read a really good article on what to do with all these credits cards at http://laberintosocial.com

its crazy what card companies expect from card users! err

On a trip to Austin TX this spring I observed endless miles of Malls, endless miles of restaurants, endless miles of car dealerships, endless miles of seriously oversize overpriced houses, and of course oversized
vehicles.
I read all of these blogs and I see why there is also oversized debt. I see why debt card companies
don't need to care what they do. They don't need to care because Joe consumer has no concept of budgeting.
Someone is supporting all of those unnecesary
restaurants,Malls, cars, and houses.
...Another name for Austin is Debtville, USA. And I
bet many or most of you live their by choice.

It's unsecured credit. The only thing hurt will be your credit rating. Screw 'em.

I learned from childhood that being in debt is not wise. Saving your money is. I have done that for 30 years. Now when I need to borrow money, I borrow from the bank of "me" at reasonable interest rates.

To all that are planning on maxing out there cards and trying to settle out with the cc company for pennies on the dollar, remember all money not paid will be reported to the IRS as earned income. be careful you may end up with large tax bill at the end of the year. $20,000.oo settled for 10%= $2,000. thats $18,000 of income your haven't paid taxes on. "You do your math"

Now I know that I'm not the only victim , I was a chase credit card customer since they intriduce the fix low rate . I bite it but regularly pay my due from 275 to 300 a month . Next month August 1st , 5% will make my minimum payment to less than $700.00 which will totally kill my income . Funny thing was when I talk to one of the Manager/Advisor , he gave me a phone number which will arrange for me to pay less amount every month but will totally destroy my credit . The rep told me , I will stop using all my credit cards while sending them an amount that will be reasonable for me . I mean , the people in chase already know they are destroying good customer 's life and they still do this thing .

I am not a financial wiz so , just so I can afford the monthly dues , I sold my car and I left my apt. and live with my friend's house free . Next month I will start again and I'm already 60 yrs old...
Thanks Chase Bank...

If you really want to mess Chase up get ALL the depositors to withdrawl their money. Then Chase has to borrow money from the Feds for every credit card and loan outstanding.

quoting/response to earlier post --

"Everybody needs to contact Bill O'Reilly and Glen Beck and urge them to make November Bank Boycot month...
I'm sure this is something that Bill, Glen and Rush would support don't you think?"

Patrick Johnson, Fort Myers, Florida

--- Uh, no, Patrick. You're asking the fox to guard the henhouse. Whose side do you think those wingnuts are on, anyway?

Remember people - we have control over what happens. There are way more of us than them. We just have to simply stop using credit cards. Pay off the balances you have as quickly as possible then tear up those cards and watch the credit card companies drown.

What you can look forward to next.
My wife & I wanted to refinance our home and we got locked in for 4.65% Our credit scores are 759 & 748 which puts us way above the average. We qualified for any refinancing, however here is where the B of A Bank is so sleezy. B of A reduced our credit line (2 CREDIT CARDS)to make our credit scores go down, thereby reavaluating our position and then denied our request for refinancing This only happened after B of A took $400 from us to process our refinancing of our home.
Because I have never allowed my family to be a victim we are about to sue the bank for bait & switch (felony(, Fraud, Fruaulent midrepresentation and other federal laws violated by B of A bank. In the mean time we will put all of our payments in escrow accounts so nobody can touch our money until this issue is settled in court. At the same time becuase our money is in escrow, directed at our credit card accounts and mortgage they can't put negatives on our credit report.
Our total credit card debt is about $8,000. and with attorney fees, appearences and judgments they will spend about $ 70,000. I think thats a faur trade off.." LET THE GAMES BEGIN " I will defnd our family personally..say $600.00 cost

To all you corporate apologists for the Credit Card companies and Banks, stop blaming consumers for using a product offered by the banks.

These people did NOT get themselves into trouble because of their actions. They are in trouble because the banks changed the rules after the game already started.

That is just WRONG.

What if your bank decided to change your mortgage term from 30 years to 5, up'ed the payment to the new amount and expected you to pay? Is it your fault that you can no longer afford the payment?

Heck no! So stop blaming the consumer when it is the banks that violated their contract with the customers.

Get in a biweekly program to pay off mortgage an credit cards faster.
Nationwide Biweekly

After reading the comments of the closet Republicans on how the Democrats new credit card legislation is hurting the middle class, I cannot believe their hipocracy insofar as the neocon extemist Republicans are to blame for all the deregualtion in the bank industry, wall street, pharmaceutical companies,health insurance companies and insurance companies ect. Obama and the congress are trying to make the Credit Card corp's more accountable to the American consumer. With the new fair credit act..... credit card co's must toll your cc percentage point at the original % point until you payoff the loan, afterwards what ever you charge is at the new higher % point and then the ownus is on you to pay. So please speak the truth.

The below is wrong - JPMC did get the package but paid it all back. So yeah it's not a good deal to raise the rates, but no it's not politically driven either - too many bitter right wingers in here.

?And now what is the Messiah going to do about this? Does he really care. Where is our stimulus package to pay off JP Morgan and friend's new rules? This country is going to hell in a handbag. I did not vote for BO.. I saw right through him. ....Did You Vote for Him?

JUST STOP DOING BUSINESS WITH THE LARGER BANKS, THEY WANT TO PLAY GAMES, LETS PLAY I SAY! HIT THERE POCKETS WHICH THEY SO DEARLY ENJOY, THEY GOT OUR TAX DOLLARS FROM THE FIRST BAILOUT, FORCED OR NOT (WHICH NO ONE BRINGS UP ANYMORE, ONLY OBAMAS)DIDN'T THEY?

I have a former Wamu C/C that now is managed by Chase. The regular interest rate went from 9.9% to 10.24% when the one year 0% intro rate ran out about four months after Chase took over. I have always paid two or three times the minimum amount each month. I have not received the increase in minimum payment letter others received. So far so good, but I am still keeping my fingers crossed.

I have been a Chase cardholder for years and they don't care if you are with them for a long time. They just want your money....that is why I closed all my chase cards and will never go back to do business with them any more.

RE: Sam Hansen, Indiana, 22 (Sent Jul 10, 2009 3:08:08 PM)

Hi Sam, Beware of Chase-

I thought the same thing as you regarding Chase. I had heard some rumblings about Chase last year and I ignored them. They were treating me so well! With Chase I had a revolving balance of about $9,000 dollars, which was for our wedding. My husband and I I make more than enough money and were paying it off, at about $1500 a month (my minimum payment was $200). Chase thanked me repeatedly in emails for being such a good customer, and kept upping my credit limit(no, we didn't make any new purchases- I was within months of paying the wedding off).

Funny thing- I got down to a $3,000 balance this past February. I literally had two or three months to go to get it all paid. Then all of a sudden, Chase sends me an email telling me they are going to DOUBLE my interest rate to almost 20%. My credit rating is 805,my husband's is 796, and I have been making whopper payments, all on time!! They told me either I could take their new "market condition" interest rate, despite our stellar credit, or I had to leave.

In the end, my credit union and American express both offered me 0% to take over the Chase amount. Needless to say, I got a balance transfer, said goodbye to Chase and it was paid off within two months. But Amex and my credit union treated me like GOLD through the ordeal and were offering advice and asked me if I needed any help with anything else.

This is what I told Chase- I would personally tell everyone in my white-collar office world about Chase. This has discouraged many from dealing with them. I hope I can reach out to even one person and enlighten them to never deal with such an evil company.

Please, find a credit union, but don't get a Chase card or bank account! They will treat you like crap.

You people all make me sick!! I'm 40 something yrs old and have had a card since 18 and I have NEVER EVER carried a balance! Simple Math- don't spend more than you can afford. I have a credit score in the 820's and just lowered my morgage to a 4.5% rate. I have a couple of cards that NEVER EVER Have a balanced carried over (so basically the banks make NO money off of me) and one of my cards gives me Cabelas bucks so they actually lose money on me! It is call responsible money managment people- learn it and you will stop all your stupid pitiful whining about the banks!

like my hero said recently "in the old days heads would roll"

I'm not a bit surprised - - - I dumped CHASE a couple of years ago because already back then they were acting like dirty financial rats!
... Sure glad I distanced myself from them when I did.
Good luck honest Americans dealing with the corporate vultures otherwise known as Chase/JPMorgan.

To all who seem to say "it's your fault for using the cc". Give me a braek. It's like a bate and switch. Many made the deal..paid on time and got scortched anyway.

I look forward to the day BkofA, Chase and the like say they need a bial out and are forched to shut down. Other companies will start up and perhaps learn from their crimminal like activies and do it the right way. Only problem for them most will say we no longer need you..thanks just the same.

To the Dave Mishem, Chicago, IL (Sent Jul 10, 2009 12:13:47 PM) "cry me a river" type--remember you said that when your day comes. You are sitting it seems pretty good..when you lose your income..illness etc let's see what you would say then.. you pomn---ass..

Anytime the government gets involved, they screw it up. The dems, obama and the liberals pandered to the inept again at the expense of the majority who knew how to handle credit cards. Their bill protects no one. It only punishes the good who handled their finances. The abuses and dummies don't care because nothing happens to them. intelligently They will never outmanuever business. They will never have the assets to enforce it. Look at medicare. Fraud is rampant even with computers because there is no effective oversight or prosecution. This credit card bill is another feel good piece of legislation that they can wave in front of voters at election time. It's like they did something meaningful.

Seems to me that Sandy needs to get a JOB! Even if it is minimum wage. A little cash is better than saying home consuming air, water and food.

What a sally for crying out loud! If the credit card company is dishonest. I'd be dishonet. You stop paying. That simple. They want to ripp you off. I'll do just that to them!

Hi, This is Daniel Lindenbaum..

If Chase wants more money by making people go to other companies.. they are losing everyone's money all together.. why lose business? Us chase custoemrs are costing they money? from taking our money?.. I hope the 1% cancel their chase accounts and they lose millions of dollars because they are being stupid.. whoever high exec came up with this idea is not very smart.

My father taught me that, for purchases other than a home, "If you can't pay for something in cash, you can't afford it."

Funny how smart that seems now, when it just seemed silly when I was in my 20's. Why, I thought to myself, should I save for years to buy things when there were banks begging to loan me money so that I could buy them now?

The answer to my “why wait” question is painfully obvious to many of us now; debt enslaves us to people and companies that do not care whatsoever for our well being.

As a nation, we need to learn that dad’s advice was sound. We are borrowing ourselves into financial ruin to buy trinkets made in China, wardrobes made in Taiwan, computer games made in Korea, cars made anywhere but the USA, etc…

We need to grow up. Stop looking for someone else to blame for our debt. Save our money. Learn the difference between what is necessary for a good life and what is nice to have. Never borrow money to buy a luxury.

Until we begin to practice the simple wisdom of spending no more than we earn, we are doomed to a life of bondage to the lenders, both domestic and foreign, that currently entice us with promises too good to be true.

If an offer is too good to be true, it should come as no surprise that it is not true.

Pay off your debt. Don’t allow them to own your future production and earnings. Don't be stupid.

My parents just applied for a credit card through Chase, but were declined. They ALWAYS pay their full balance each month on their current card. Their denial letter explained that costs of account maintainance are expected to be greater than account profits. Haha.

I am taking out a signature loan and Chase off. They raised my interest rate to a whooping 20% from 9% with no notice and no opt-out process. My payments have always been on time. I got hit extra hard because they bought out WaMu with whom I also had a credit card. Also being a business owner my transaction fee has also gone up so I offer discounts for paying cash instead of using a credit card. Chase can kiss my boney butt. They are taking advantage of people in a bad financial time and since Congress will not stop them we the people have to take a stand.

i have tried to be courteous with advanta bank and have gottn nowhere. they are the most unethical bank that i have ever dealt with. i used their business line of cred and they almost immeidately raised my payments and lowered my limits. then i missed a payment by two days and was assessed a 39 dollar late fee. this happened several times in the mail and you cant reach a SUPERVISOR ,. IF YOU HAVENT DEALT WITH THEM DONT.

Write your Senator and Congressman, put pressure on them to add new rules to the recently passed law. In addition, if these banks are the one who got the tax payer bailout, make them change the rules. We owned them. That is why they are are anxious to pay back the bailout money.
I have credit card for 30 years and never missed a payment. Must have paid them over couple hundreds thousand $$$ over this time. Until they pulled this trick so I decided to default and strictly used cash.
Yes, it screwed my credit but I don't need credit anymore. I learned to live within my means with cash and debit card. See this as an opportunity to get control of my life back. Now I only own to the mortgage. If they give me the shits, I will ditch the house too since I already lost all my equity.

I borrowed $50,000 at "3.99% for life" - Smart financing. I didn't waste the money; I used it for tuition to attend law school and recently graduated at the top of my class (a decent investment). I have never skipped a payment, and can repay the debt if it remains at 3.99%. What happens to me when the bank accelerates repayment by increasing minimum payments 150%? I will be forced to refinance the debt at a much higher interest rate. I will be MORE in debt and it will take me LONGER to get out of debt because money that could have been going to pay down principal will now go towards paying the higher interest and fees. Some people argue that the increased monthly minimums will force people to be more fiscally responsible- to pay off debt faster. Instead, the debt will merely be shifted around, incurring extra fees and higher interest charges. American consumers lose and banks win.

As one person said above, close the account and do not accept the new terms, simply stop using there card. I will never ever do business with Chase again nor any other company that does the same, i am 54 yrs old and have never been late paying a light bill, i have been lucky and I don't plan on Chase screwing me.

My husband and I have been with Washington Mutual for years and got stuck in the transition to Chase Bank. Since the transition, they have raised our banking fees, raised our credit card rates to astronomical APRs and just recently decided to close my husband's credit card account with no warning and cannot give us the reason! We have NEVER paid late, have NEVER missed a payment, have ALWAYS paid at least double the amount due (if necessary)and now our credit report will have negative information because of this closure - and we didn't do anything wrong!! The thing that sucks even more is that NOBODY at Chase cares and there is absolutely not a damn thing we can do about it. I'm so frustrated - I pay my bills on time, bought a house we could afford and am a good consumer and this is the thanks we get!

I would recommend you gear up to get rid of all Credit Cards. It is a business and they will make sure it is to their Advantage. 15 more months and I will only have Credit Cards for Wallet Filler.

What a bunch of Idiots!!!

All those out there that say max out your CC and don't pay…that is one of the reasons why these companies charge higher rates and fees, to make up for you deadbeats!

As for the rate increase...if you lived within your means and used the card for what it’s intended for (day to day cash flow) and paid your card off every month, then the HIGHER RATES DON'T MEAN A THING!!!

I'm tired of people always looking to blame someone else for their actions.

Grab a clue people!

Life is as simple as you make it.

I work for a Credit counseling service, and i can tell you that this month i have seen people in tears because of these letters. there are alternatives and our non profit program can reduce rates to 6% and payments at around 2.3 to 2.5 of the balance, keeping it affordable, there is help out there but you have to be careful who you trust as well.

Since when was a credit a substitute for a bank loan. Pay it off in full evry month and you will have no problems.

All consumers need to check into their individual State laws. Most states have homestead exemption laws; and a good portion, sometimes all, is protected against creditors. If you own a home and, for instance, if your State law protects you up to 100,000 of your homestead exemption, you are protected up to that amount from creditors. Some can easily default and still be protected under their State law.

I would close and cancel my cards. But it will negatively effect your credit score. It is not right that the people that entice you to use their money condem you if you do.

I got into the same problem too as well, they raised the interest on one of my cards to 26.99%!! i never been late on any payment, i never went over limit, i never had any kind a problems with any credit card of mine!!
so I'm suggesting to open a group on the face book and trying to get as many peoples as we can get to give us some ideas about how can we give it back to the banks such as Bank of America and Chase!! we have to do something as long as the government are doing absolutely nothing !!

I had 3 Chase credit cards, 2 which were recently aquired from Washington Mutual, and Chase just closed my 2 WAMU cards this week. They told me the accounts were closed because I have too many open accounts. I have a credit score of 811 and have paid every credit card payment I've ever had on time and I always pay more than the amount. Both of the WAMU cards they closed had low interest rates and were fixed interest. I'm angry because these closed accounts will negatively affect my credit score. My debt to income ratio is quite low, too, so I'm not a risk. They made me feel like a total loser with a crappy credit score!

I am really frustrated with the comments on here who seem to be all high and mighty about not being in debt and commenting on how stupid people with debt are for spending money they don't have. well some people (myself included) don't make a lot of money to pay for unexpected catastrophes and can only pay for these with credit cards. Such as unforseen medical expenses, natural disasters, automotive & housing problems (such as a new fuel pump or a flooded basement). Don't just assume that everyone in CC debt is an irresponsible deadbeat, some of us just have some unfortunate luck, and try our hardest to get out of debt.

I don't trust Chase at all. They hold my daughter's mortgage, and we have been unsuccessful at any attempt to negotiate with them at all regarding her struggle to make her loan payment. I hear all this promising stuff on tv and the news - Chase doesn't seem to be a partner. I had a Chase credit card once. Right now I don't remember what they did, but something happened that I thought was unfair, and they wouldn't listen to anything I had to say. I closed that card immediately and refuse to do business with them.

I have a HSBC mastercard which I have had for 25 years and paid as agreed.I was late on ONE payment and they bumped the rate to 31% and closed the account after they received the payment. I called and tried to get the rate lowered back down because I have been a customer for so long and all I got was tough luck.Screw them I wont ever pay another payment sucks for my credit but I don't care,greedy jerks.

Everyone needs to buy a Dave Ramsey book and stop using credit cards. I went 100% cash a year and a half ago. No credit cards and no problems. It is a freedom which I will never give up again....

Bad things happen for good reasons. This is teaching many of us life lessons that our grandparents learned at well. Don't buy what you can't afford. I don't care whose in office, it is obvious the government is allowing this to happen. You think Bush had no clue the housing market was going to collapse at about-gee-the time he was on his way out office. Surprise..tsk, tsk ,tsk.I used to shake my head when my friends would sell their homes for double of what it was worth. How does one get rich off thier home? Eventually, they all repurchased homes too expensive for them. As far as credit cards go...my husband and I now ask, "is this a want or a necessity?" in any purchase we make cash or credit. I have several credit cards at low limits. None of them are playing the games CHASE does. NONE OF THEM. I would venture to say they were among the hardest hit by the housing collapse? Well, I needed this wake up call. I am now on a credit free-brown bagged diet. We find fun for free-swimming and in the park. I will always keep a cc-trust me, with three kids, there are always times when you may need it. However, they are for emergencies only. I assume this will eventually bottom out within the next year. Try to hang on and learn the lesson here. It is better to live a life you can afford than a life that your neighbors will envy.

Two Words. Credit Union

Very simple answer to this. STOP USING CREDIT CARDS. The credit card companies have all of us on the defensive trying to figure out how we are going to pay them. Well stop using the credit cards and pay cash then watch all this stop and the credit card companies come crawling back.

When you find yourself in this situation or one which involves similar sua sponte interest rate hikes and terms of service modifications, be certain to send "Love and Kisses!" postcards to the fine folks who made it all possible and virtually inevitable this year:

Sen. Harry Reid
Sen. Christopher Dodd
Rep. Nancy Pelosi
Pres. Barack Obama
FED Chairman Ben Bernanke
Sec. of Treas. Timothy Geithner
The Legislatures of the Great States of Delaware and South Dakota
The Supreme Court of the United States

Be certain to remember the cornucopia of lobbyists and sneaky weasels who continue to work so diligently to transform USURY into the premiere government-sanctioned theft strategy of the early 21st century . . .

And when the interest rates on your debt move into the 15 to 35 percent range and you are faced with the prospects of continuing to be a victim of USURY at the expense of being unable to afford basic food, housing, and health care, you might want to ponder the idea of demanding that the aforementioned politicians et al. put an immediate 10 percent maximum cap on all debt, current and future, based on the general fact that GOD asks only for 10 percent and tends not to penalize you for being a bit tardy every once in a while when something beyond your control happens, which might be a huge clue to the best way to determine whether an interest rate is "fair and reasonable" or is "completely and totally outrageous USURY" . . .

Thanks!

Ultimately, the problem isn't with the politicians or the banks or the corporations, it's with US, the people, you and me.
The credit card is a "new" concept just within the 20th century (not the concept of credit but actual cards). What did people do before that?? CASH-They saved and budgeted and budgeted and saved; oh ya and they used and made due with what they had until they saved for their needs and sometimes wants-which were a luxury. Functionality and value for your dollar were far above the wants of the day and our fickleness. So was a work ethic; as soon as you were old enough to walk and carry something at the same time in many cases.
So while we can all whine and complain and even use crass language to express our dissatisfaction, remember we the people are the ones keeping them in business by buying into their marketing to make ourselves feel better while hiring (ie: electing) some of them.
We give them permission to tell us how to live our lives by their standards and we are doing it and we are the ones losing!!!
I've heard one definition of insanity is "to continue doing the same thing over and over and expecting a different result", I think we are just about there...
Cash (or debit card) is the way to go and gives you the most freedom and power to make your own decisions (and mess ups), in fact I've been with cash and without a credit card for so long, I haven't even had a fico score in I don't know how long. They don't own me (or my stuff), period. It's doable and freeing and enjoyable to do things at a slower pace and be alive!
I double-dog dare you to try it...and if you don't like it (or you aren't strong enough to hack it) you can always go back to their way, cause we can all see how well THAT works!

I have no credit cards and deal in cash. If I can't afford it, I can't have it. I earn $11.00 per hour so don't think I have tons of money anywhere. I just live within my means. I have done this for 20 years. Welcome to the new reality.

I called Chase recently about the new 5% min payment, and they put me on a 60-month payment schedule for each of my cards at 2%; however, the accounts are closed and no longer usable. The minimum payments actually went down. Works for me as now I am forced not to use the cards and will be able to pay even more than the min. payment than I was before.