Remember these companies are making 2-3% off of the merchant for every transaction. That is a load of dough.

ALSO, STAY AWAY FROM HSBC OR ANY AFFILIATED COMPANIES. PAY CASHOR DO WITHOUT.

It's time to start breaking up some of these banking institutions that are "too big to fail" . . . it should have been done at the first sign of crisis. What happened to the Sherman Anti-Trust Act, oops, I think it was pushed aside by Reagan! 30 years of Reaganomics and de-regulation have gotten us into this mess and it will take time to get it back to where it should be, Eisenhower was the only Republican President who had the right ideas!

This is how the banks and credit card company works.
First they issue you a credit card.
Then the give you a high limit.
after 2 or 3 months of using the card.
They cut the limit down to your balance knowing that interest will put it over the LIMIT!
leaving you scrambling to not to let it go over the limit.
They claim they you have delienquent payment on other cards and they decide effective immediately to lower your LIMIT.
So if you had 20,000 credit limit but the balance was 13,000, they will bring the limit down to 13,300.
saying they have the right to lower the limit, which they do, since im using their money.
but this is a practice they will use.
come up with an excuse you have had 3-4 years ago, they will JUST NOTICE a Gliche in your credit history. so they'll cut your limit down! Bank of AMERICA, WELLS FARGO, and CHASE do this practice, Im sure Hundred of other banks will do the same.

And they too will come crahing down..............and hard!!!!!!!!!!

You know what happens when an animal is caged.It turns and attacks.I think that the powers that be should wake up and wake up quick.Some body had better throw the masses a bone.I for one am tired of corporate America,and yes big banks and their sanctioned by the government loan sharking banditry are gettting old real fast.....

If you voted for Obama, quit your moaning. You asked for this. Liberals don't want you to judge them on their results, just on their intentions. This credit card disaster legislation is just the beginning. Wait until Obama gives us government health care. Is this the change he thought we were asking for?

Chase just raised mine from 2% to 5% as well. I have written emails to my US Senators, Obama at the White House, and my US congressman, asking them why they allowed this to happen. The response? Nothing, from any of them, both democrats and republicans. I do most of my banking at a local Credit Union. All my accounts other than Chase are with a credit union and they continue to have the best rates… savings and for credit cards. Anyone that stays with a bank instead of having there money in a credit union is just wasting their money. That is why banks hate credit unions. Banks run by stockholders can’t compete with one run by it’s member elected volunteer board. Banks hate credit unions. Get a clue and change you account, that will wake them up.

President Obama did not create this free-rein, money-grabbing industry that banking has become, he's trying to protect people from exactly this type of practice. The Republicans created such a cesspool of financial immorality that it is going to take many, many fingers in the dike to stop them from stealing money from those of us who need it the most.

In the meantime, we all need to learn from this and do what we can to take the power away from those who mean us so much harm - we must get rid of our credit cards and bad mortgages and live within our means.

Credit ratings have become such a joke at the hands of these unscrupulous lenders who don't have a thought for our well-being as they do everything they can to keep us in debt. Bankruptsy becomes a much more reasonable alternative, and serves them right.

I have two credit cards. One had a balance of $15,000.00, and the other one a balance of $8000.00. I had a rainy-day fund CD mature 6/16/09. The bank offered 2.1%. I cashed it in, and paid all but $500.00 on each one. What a great feeling to be mortgage, and credit card debt free!!!
One had a credit limit of $25,000 and the other $30,000. I will keep the cards for credit score purposes.

Chase was bad before the government got involved. One late payment when I was too sick to know what day it was let alone pick up a pen and my interest rate went up to nearly 30%. Talking to customer service in India certainly was no help and like A.Smith, I closed my account. I don't owe a lot as credit card debts go, but I'll be dead and bone dust before it gets paid off. Aren't there supposed to be usury laws? How can these people sleep at night?

I support Obama and new regs. Folks, too many people are complaining about new regs and how they restrict free choice. However, when the banks stick it to you, these people who were free choice, financially devastated. Times this by several million and now you have a NATIONAL ECONOMIC INTEREST involved, because it affects the well-being of everyone else. New regs will prevent people from buying what they can't afford.

The Bank's are doing this because they are being forced to do it by their regulators. Not because they want to do it. It is the regulators using their muscle at the request of Congress. Stop complaining about the Banks and elect people who understand how the REAL WORLD works.

I HAD A CARD WITH BofA. RECEIVED MY STATEMENT LAST MONTH AND MY INTEREST RATE HAD BEEN RAISED FROM 10.99% TO 21.99%. I WAS TICKED. IMMEDIATELY CALLED AND CLOSED THE ACCOUNT AS I HAD ALWAYS PAID ON TIME AND PAID MUCH MORE THAN THE MINIMUM. THEY DID LOWER THE RATE BACK TO THE ORIGINAL RATE AND REFUNDED THE ADDITIONAL INTEREST. I WAS REALLY SURPRISED AS I CAME VERY CLOSE TO CUSSING THE SERVICE REP.

The problem with just not paying is that if you settle for a lower amount the credit company sends you a 1099 and you have to claim the difference at income for that tax year,we had that happen to us, so I suggest that you work out payments with them. I really dont understand why the credit card companys are able to get away with what they do, its like they run the country.

Home paid for, drive 96 paid for auto. Have 6 month reserve fund. Pay off credit card every month.
Have a BUDGET. Savings account, ditto CD.
Do not have plasma tv, Blackberry, etc.

Knowing the difference between I WANT and I NEED really pays off. Save for any large purchase.

Some of you guys voted for Obama the prez who wants us to tighten our purse strings while he is living like a rock star. He also gave these banks billons of dollars in bailout money and look what these banks did in return to us. Thanks Prez where is my stimulus money???

This is what happens when people live beyond their means. You agreed to the loan terms. Don't expect someone to "bail you out." Your gamble...your loss.

Obama and the democrats will be out as soon as possible. This type of "change" is disgusting.

Check opensecrets.org for the contributors to both Obama AND McCain and you will see the largest contributors were the financial institutions to BOTH campaigns. WAKE UP. You had NO choice, stop deluding yourself with this democrats vs republicans nonsense. It's a charade!
Demand your elected representatives to AUDIT THE FED.
Push HR 1207. America has been taken over by these vermin, it's time to take it back.

While closing all credit card accounts will make us feel better and give these companys no revenue as they apparently deserve (...any Sicilians on their boards?) we need also remember another dragon rising up out of the water to slay us...debit cards. If this card number is used on the internet for purchases, car rental, airline tickets, well, you get the idea, your bank account could be wiped out in a second(!)if hacked. With no recourse such as you have with a credit card. Better to keep one card for emergency and internet use. A credit union would be the best place to secure this card.

I just absolutely LOVE everyone here that is saying "LIVE WITHIN YOUR MEANS"!! Stop using credit cards!

WHAT would happen to this economy (we can see it already), if people stop spending. No demand for goods and services (via credit), and EVERYTHING STOPS!

Don't get me wrong. I use credit VERY sparingly. As long as one believes in MODERATION, and the separation of WANTS vs NEEDS, you can get by.

" I have 10 credit cards, keep all of them at a zero balance, put about $4000 on them each month, get lots of frequent flyer miles, and have a credit rating of 803. My credit cards are GREAT because I used them RESPONSIBLY." - Mike, Atlanta, Georgia
Don't be surprised when you start getting letters from your credit card companies announcing that they are drastically lowering your credit limits or closing your credit lines altogether. It does not matter that you have a high credit score or that you have a lot of monthly activity. They are losing money servicing your accounts, making you just the kind of customer they are now trying to squeeze out of their portfolios.

I will use this horrible situation and teach my kids not to fall victim to credit cards and not to ever trust them or use them. They make promises to lure consumers in and their word is not worth the paper it is written on. I will teach them to live within their means. Banks are nothing but loan sharks in sheep's clothing.

Withdraw your money from the bank, and place it all into your local Credit Union.

That will get the banks notice in one big hurry.

I also got the variable rate notice from Bank of American. After reading the fine print I choose to take the "Opt Out Option". Which ment I kept my low rate. I am unable to use the card right now but I am ok with that because it allows me to pay it down at a reasonable rate.

Sorry, I don't feel for anyone who is squeezed by a minimum payment hike. Anyone with any sense using a credit card should be paying more than the minimum to begin with. If you don't have enough money to pay the bill quickly, don't spend the money.

The minimum payment should be used for occasional months when unexpected bills appear, not as the basis for a loan installment over a decade. And people are surprised when they end up with $20,000 in credit card debt ...

We the taxpayers BAIL OUT the banks and this is what we get.

People! Do not buy a house or remodel one on a credit card! Why on earth would anyone take out a loan (that's what it is) where the creditor can change the terms at any time? Finance these items through a bank or credit union where the terms are spelled out.

i wonder what would happen if the banks lowered everyone's interest rates instead of raising them. I know I personally would pay that card off and stick with that lender for life. It's like no one at the executive level realizes what an opportunity this economic crisis presents, marketing-wise. Instead of raising interest rates and making it IMPOSSIBLE for me to keep up payments, why not make customers' lives easier. I guarantee you that--when this is all over--people will not forget what organizations stood by them. Customer loyalty is one measurement that truly corresponds with market valuation. Think about THAT, chase, citi, BOA, WaMU and fargo!

What a bunch of Idiots!!!!

Those who say max out your card and stop paying. That is one of the reasons why CC companies charge higher rates and fees...to make up for deadbeats like your self.

It comes back down to leaving within your means and only using CC’s for their intended purpose...day to day cash flow and then payoff at the end of the month. THE RATE MEANS NOTHING IF YOU PAY IT OFF EACH MONTH!!!

I'm tired of America always try to blame someone else for their actions.

GRAB A CLUE PEOPLE!!!!!!!

What a bunch of Idiots!!!!

Those who say max out your card and stop paying. That is one of the reasons why CC companies charge higher rates and fees...to make up for deadbeats like your self.

It comes back down to leaving within your means and only using CC’s for their intended purpose...day to day cash flow and then payoff at the end of the month. THE RATE MEANS NOTHING IF YOU PAY IT OFF EACH MONTH!!!

I'm tired of America always try to blame someone else for their actions.

GRAB A CLUE PEOPLE!!!!!!!

"Our desire is to have these balances paid back in a reasonable period of time."

Its perfectly reasonable for you to pay your 25% loan off in 20 years but your 5% account only gets 2.

BBT has a credit card no fee transfer and no interest for 6 months, and the rate is fixed and they do not raise it like BofA and Chase. They are a regional bank so they try to help out the average consumer

Greed Greed Greed !! if you borrow money at 10 percent someone is getting paid a lot to let you use their money but that is not enough my suggetion is to just not pay them give them the principal and stop they changed the contract terms in the middle screw them!

Everybody needs to contact Bill O'Reilly and Glen Beck and urge them to make November Bank Boycot month.
If the millions of people who are affected by this rip-off would all sign a petition that they would not make a payment that month if the banks did not change their onerous conditions and then carried through with it if they didn't, I can guarantee you they would change their ways. I'm sure this is something that Bill, Glen and Rush would support don't you think?

I have closed all of my Chase accounts and encourage everyone to do the same.

Since I didn't accept the terms changes on my credit card and variable fee, they closed my account. Don't accept the increase let them close the account.

Never again will I use Chase Bank or the others that are implementing theses practices.

Blaming the politicians for this mess is exactly what the banks are hoping for as that could make Washington back off the new laws. We the people cannot eat our cake and have it too. We asked Washington to stop the abuse, they have created the laws and the banks are trying to scare us back into the current system where they can pull this whenever they want.
Move our money to the best rate we can, utilize smaller banks and always remember our power is in our decisions about who we choice to pay. Intelligent customers are the banks biggest enemy. Scared citizens screaming at the politicians are the banks best friends.

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.

This is a violation of the interstate commerce competition and RICCO Acts. All of the credit card companies/banks have conspired to price fix rates and services and have communicated it to consumers through the federal mail system.

Okay I thought I'd add my own life into this mix. I have gotten my first card when I was 19, and still to this day haven't regretted it.

When I read the first example on James, pays 20k in home improvements, and $300 minimum payments. where did he go wrong first? spending 20k in home improvement and not adding his mortgage into his debt ratio, or other bills? and only paying minimum? This was his own fault, and the banks are raising rates to make money because banks can't make money off of most of the people who use credit cards.

I'll give an example how to properly use one. Like how I did when I bought my PC. I asked if they could up my limit to make the debt look smaller vs my limit, I didn't get all what I wanted but it was close, then paid not the $10 minimum when I got the bill but a lot more than that. Chase already upped my credit limit again today when I got my current statement.

So for all of you who have had your rate increased (I had mine decreased after asking over the last 6 months) already are doing something wrong. Either using it too much, paying too little, and not adding your other bills into your credit history.

This is the only thing I tell people who want/own a credit card. "If you can't afford something without it, don't buy it with it."

We had a Chase card and always made our payments on time and always paid what was due. They raised our payment by $300.00 and lowered our credit limit to under what we owed and then charged us an over-limit charge of $39.00. We have since gone to a payment program with them to get this thing paid off and never ever have another credit card again. Our credit rating has been ruined by these banks just deciding to do what they want. We have been struggling terribly (my husband is a one-man operation with backhoe and dump truck) by the housing market collapse in Calif. We now owe more on our home than it is worth, have no unemployment to fall back on as he is self-employed and we did nothing wrong. We pay our taxes and try to lead an honest life, but these banks are ruining us. They started this mess in the first place and now they are prolonging it by screwing us and not lending money so people can buy a house. When will it end????

ok... all you people saying that those who are complaining about their raised interest rates shouldn't because they weren't complaining when they were buying whatever or that they should stop living beyond their means are idiots... these people weren't living beyond their means until the banks raised their payments... that is the complaint here... these people have abided by the terms of their credit card agreement, but the banks issuing these cards have reneged on that agreement... thank goodness i do not have any credit cards anymore - i got out of that trap a long time ago - but for all you that do, i agree with what some others are saying - max out your cards, treat yourself to something special then say fu*k them and never think about it again... they want to make it impossible for you to pay, then give them what they want... if you start making late payments or if they lower your credit limit, your credit score will take a hit anyway... at least you will have something nice to smile about before they trash all your hard work and responsible financial behaviors

STRIKE! Everybody stop paying these greedy execs bonuses starting August 1st. We should FIGHT BACK and stop whineing.

Thank the Republicans for this!!

Judy in San Antonio and Bob from Buford,GA are right on. Good Americans who can see the forest and the trees.

I guess I am part of that 1%. My payment goes from 263.00 to over $575.00

I have two words. Dave Ramsey!!! Thanks to his teachings. I have no credit card debt and. Remember, Cash is King or (Queen).

Banks purpose is to be profitable. When banks have borrowers who default then they lose money, the bank will always think of ways to be profitable because the money they lend is not theirs it is from depositors that they pay interest too. Sad to say borrowers will always be at a disadvantage when the interest rates is increased. Try being a part owner of these banks and see if your capital is returned.

Obama's main concern is throwing up a smoke cloud to get re-elected. Not about helping working class Americans. Our kids will inherit a real finincial night mare if this continues, and it looks like it will. Enough Americans are blinded to the real issues which is basically spending more and more, without accountability.

Everyone complainting is in denial... It is NOT the Obama administration's fault...get real ... it is/was YOUR fault for using your credit cards and over-extending yourself!!!...I'm tired of people moaning they cannot afford to keep up with the bills they created for themselves... Those of us whom pay our credit card bills and mortgage payments are fed up with the people that are getting bailed out.... an increase from 3% to 5% really isn't that much ... figure out a way to make your payments and stop whining !!!!

Take a home equity loan (if possible, given the negative value of some mortgages...), pay off the cards, and cancel all but one that you can use for an emergency. That's what I did, and I am SO GLAD...

Screw all the banks ! Burn in In Hell
Move all your money to a credit union, fair rates, better customer service!

I have 1 cc left, paying more than double the amount and once it has been paid off it will be closed to..

We already paid these a$$clowns remember $700 Billion to bail their moronic butts out? JP Morgan wouldnt have survived if it had not been for the 700B.
I say to hell with them all !

?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?

thank you Andy Cabot of AZ
"Go with a Credit Union" they have good rates, and won't be doing what the BANKS are doing to it's customers. At the Credit Union you are a member not a number of a for profit corp.

These tactics are so Washington Mutual. Remember Chase and WAMU are now one and the same. WAMU decided they wanted to get out of working with small business. They told all their small business customers they had to change banks. Then they promptly charged them mega fees for closing loans, lines of credit, etc. Any attorney's out there want to push a class action suit???? Months later WAMU is wanting to get back into working with small business. It worked so well the first time they are trying it again. Fool me once. . . . . .

The reason the big banks do this is because both sides of the isles of Congress give them carte blanc to what ever they please in return for filling their re election war chest. There is nothing the Dems or Obama is doing that's right IMO, but if they get one thing done it should be to sit on these shylocks and prevent them from ripping off the public! Legalized theft is all it is! Then go after the cell phone companies next! As long as there is no term limits not a thing will be done!

I agree with all the issues mentioned above, however the higher rates, fees etc. are only a concern if you carry a balance. For me, no balance, never late; and have been receiving the perks (Southwest Travel vouchers; hotel stays for free etc.). Been doing it for years and will continue. Actually got a notice the other day for my AMAZON branded card where they were lowering my rate.

First of all I agree with everyone saying not to use credit cards, my husband and I haven't used them in years. We have one for travel that gets paid off immediately so this is absolutely no concern of mine but what does irk me is the people saying screw it max out your cards and don't pay on them. Why do you think we're in the current mess? We're a pig society with no self control. Everyone living beyond their means is exactly why were where we are today and everyone wants to point the finger at someone or someting else. We need to start accepting responsibility and learn from our past mistakes.

Do NOT borrow money and this will NOT happen, suckers...ha ha ha ha

Shortly after being permanently handicapped my credit card companies (every last one) started incresing rates, fees etc... I was done with my business being unable to walk... I could have hired help and kept my business afloat were it not for the changes they hit me with.. since then they've not been paid a penny... I'm down to no job and enough income to barely feed myself... my credit card companies can Kiss my...

Stop blaming the gov't for your misfortunes. The banks are outlaws...there's no doubt about it, and they've been that way for years (some say forever)..since long before Obama. If you deal with the devil sooner or later you'll get burned. Stop carrying credit card balances.

It's easy to say just use cash, but when you earn 25,000/yr and are single what are you supposed to do when your car breaks down? Not pay rent? (Rentals units are over-priced. I have a roommate.)Utilities? Car insurance? Food? Every paycheck goes to pay bills. Not much is left over. Then I lost my job. Yeah, I'm still here. It's because of family helping out - a tank of gas here, food there, not big stuff that they can't afford either. Thank God. I'm lucky enough to have them. Many aren't.

Also, the credit card companies saying they are losing money is a lie. Every time you swipe your credit/debit card the logo gets 1% (and a fee for use) and the credit card company gets about another 2%. (Tis why some debit cards give 'rewards' when you sign for purchases.) That comes off the profits the retailer/supplier of service gets. That's why most of the small businesses insist you charge a certain amount before they will swipe the card. On small transactions they would actually lose money - spend more in supplies and fees than they make.

The pre-paid (V/MC/AMEX - not the store ones) are a scam. The purchaser has the honor of paying to activate the card and then the cc companies get those fees *and* charge the consumer a fee for non-use if the balance lasts more than a certain period of time.

I did a weird thing but it worked. My Dad cashed in a CD, lent me the money at 6 percent (which is what the CD was worth), I paid off the credit cards, and now pay my Dad at the 6 percent interest. I would rather pay my Dad than a credit card any day! Plus, I now belong to a credit union, and am treated great!

I know there are so many comments on this, mine will never get read much less even noticed. I have a Chase mortgage and due to a small inheritance and and an amount I can pull from my savings, I intend to pay off my mortgage (25 years left to go) and flip them the bird. I also intend to pay off my card with them and never look back. No more of my money will they get!! YAYYYYYYYYYY! I'll put it in my credit union.

WHEN DOES THE CONSUMER STEP UP TO THE PLATE AND ACCEPT RESPONSIBILITY FOR THEIR DILEMENA AND DEBT CAUSED BY INTERNAL GREED ? EVERTHING WAS OK AS LONG AS THE GOLDEN COW STOPPED GIVING MONEY

You are so right, Andy! Several years ago, I had a few cards (the major ones) with 0% interest, and with no warning their minimum payments were doubled. No problem for me, since I had been paying way more than that and the cards were nearly paid off. My credit rating over 30 years had always been excellent, always paid off all that I owed and quickly. Very shortly thereafter, the notices of increased interest rates come, not just a few percentage points, but up to 15%. OK, so I just come up with more $$ and pay even more quickly. Then my company goes under and I lose my job. No problem, I'm paying the minimums. Next, I end up in the hospital and on disability for 6 months. No problem, I'm still paying the minimums. Then, my income runs out and there is no job in sight. Next, along come the notices that my rates will go up to nearly 30%. I call the credit card companies to see if they’ll work with me by allowing me to continue at the lower interest rates, since I’ve always paid and had excellent credit, and never a slow or late pay. They refused. When I asked why, they gave no good reason and told me if I didn’t like it to go elsewhere. A month later I called back and told them I had lost my job, would they work with me by returning to the previous rates so I could continue to pay; they said no, call back when you can’t make the payments. I did, same answer, too bad, can’t help. Needless to say, I couldn’t keep up and by the time I could pay they had compounded so many charges/fee and interest I would never be able to pay the full amount off. When I tried to negotiate the totals down, they still wouldn’t budge. So you know what, there is a statue of limitations on unsecured debt, and in a few months it will be up for me. As far as I’m concerned, they’ve shot themselves in the foot not only through bad their greed and investments, but by squeezing the ones that do pay to the point where they can no longer do so, the same thing Obama intends to do to taxpayers and businesses alike. Look out big government; you’re the next ones to go down.

Just remember you have an option to decline an interest rate hike. If you have an "x" amount of money on credit at an "x%" and they raise that rate, you can decline that rate hike and they will cancel your card and you just continue to pay off your existing balance at the original rate.

When I got the letter from Chase saying they were increasing my interest rate AND that my minimum payment was going to go up, I called. They were very rude - my only option was to accept what they were going to do or close my account and continue my payments as usual. That is what I chose to do. I can live without a credit card and I'll get my balance paid off by paying 2X the minimum payment over the next several months.
I didn't vote for the megalomaniac who thinks he's so smart! The new democratic government is going to ruin our country for good...in a couple of generations, we won't even recognize the U.S. He is turning our freedom-loving people into a socialist society.

I had the same problem until i found that credit card debt is unsecured debt...check the state you live in, the debt expires in 3 or 4 years, meaning if you have had the credit card for more than 4 years, you don't owe them a penny, have a lawyer write each credit card company a letter stating the alleged debt has expired and is uncollectible...legally, they can't do anything to collect it...by having a lawyer write the letters, they will stop harassing you and your credit score will remain the same...let the credit card companies eat it for a change...

unfortunately this is the way it is in america. don't use cards unless you have to, and avoid chase and bank of america at all costs. i recently was approved for a low interest bank of america card at 4.9 and before i even used it once i received a letter that it would be 19.9. never used the card and went back to the branch i was approved at and returned the cut up card.

Ok America...it's time to wake up and realize that the change you all wanted isn't so sweet after all. The "Middle Class" is now going to be known as the "Tax Class". Our taxes will pay for all of the defaults from this mess and every other one out there.

We give them billions of help and they use that to increase their bottom lines. The fed loans them billions more at 0% to 1% interest and they don't give out more home loan but they raise our rates into loan shark levels. And now for those of us who have been their longest and best customers they try and force us to default so they can hit us with exorbitant fees and weasel out of the long term rates they offered us.

BTW, Chase has over $80B in outstanding credit card debt on their books. Wait for that bailout request!

Thank the Democrats for quick policy actions with little thinking. We have to get rid of Pelosi. She's just dangerous.

I am taking out a 401K loan to pay off CHASE, which is not my first choice, but the only choice I have. They will get their money, but I will close my account and NEVER use their card again.

What is wrong with this world. These banks are as much crooks as Bernie Maddof. They have gotten away with murder, where is the help for the people of this country. Why is it the money goes to bail out the people who are misconducting themselves, and the people who have done nothing are the offenders. I hope they all go out of business. How do these people sleep at night. It is a pathetic state of affairs when the world has come to money and material things before honesty, good intent. This world is heading in a very dangerous direction.

The large banks are using tactics that used to be illegal, under usury laws of the past. Congress, past administrations, and the current administration have been bought off by the banks that created this whole mess. My payment will go from $350 a month to almost $900. I paid off several of my credit cards and will do what I can to pay off all of them. I have been paying more than the 2% of the balance each month, now I get my reward by being penalized. Chase's answer: "We will write you a new 60 month fixed rate loan at 12% interest to replace your 4.99% interest loan". THEY HAVE NO ETHICS. Wasn't part of the Credit Card legislation supposed to prevent this kind of FRAUD.

ITS JUST NOT THE HIGH CREDIT CARD FEES BUT HOW ABOUT THE SCAM THEY HAVE GOING CALLED CREDIT PROTECTION FEES - YOU PAY 80 CENTS PER $100. SO ANYONE WITH A CREDIT CARD DEBT OF $2500 IS PAYING AN ADDITION $25 PER MONTH ON TOP OF THE INTEREST PAYMENT. THIS REALLY IS FREE MONEY FOR THE CREDIT CARD COMPANIES. THIS IN MOST CASES WILL PUT A HOLD ON YOUR CREDIT CARD PAYMENTS FOR A PERIOD OF A YEAR. ANOTHER WORDS YOU GET 12 MONTHS WITHOUT HAVING TO MAKE A PAYMENT. BUT THEN YOU STILL HAVE TO PAY IT OFF. WHAT A RIP OFF - YOU PAY THIS FEE FOR YEARS AND IN SOME CASES YOU MAY HAVE PAID THEM MORE THAN YOUR CREDIT CARD IS WORTH AND THEY REFUSE TO SAY IT WILL ERASE YOUR DEBT WITH THEM. SO THE BEST BET IS TO SAY SCREW THE CREDIT PROTECTION AND USE THAT ADDITIONAL $$$ TO PAY DOWN YOUR DEBT. GURANTEED IT WILL HELP PAY OFF YOUR DEBT FASTER USUALLY TAKE 3-5 YEARS OFF PAYING YOUR CREDIT CARD OFF. THERE ARE SOME COMPANIES OUT THERE THAT WILL TOTALLY ERASE YOUR DEBT WITH THEM IF YOU PAY THIS FEE BUT NOT ONE OF THEM IS A CREDIT CARD COMPANY.

When I do use a card, it is primarily for the dividends; to prevent any interest charges from accumulating from shortened billing cycles and slower payment processing by the card companies, I make sure that I have a credit balance at least equal to what I plan to spend that month for fuel, groceries, horse supplies, etc. So far, so good.

I saw a comment thats said "Blame the Democrats". Are you kidding what ahole woould make such a stupis statement. The banks are pigs and if anything they lobbied the Bush Administration for all the new credit card rules.

BUT in general the real blame goes that person you look at in the mirror.

Why all the Obama bashing? It's not BHO's fault that people a.) Spent so much more than they could afford and b.) Failed to read the fine print. No government can prevent the morons from doing themselves grave harm.

I agree whith the post above.....the people that pay are the people getting screwed...so....everyone get together and bring these legalized crooks to their knees....stop paying and give them a reason to be dishonest...bastards abound in a ression. Also Do not patronize these banks in the future...credit unions are the place to be.

The banks could raise my minimum payments and interest rate and I would be unaffected because I pay my balance in full as soon as I am notified by e-mail that my electronic statement is ready. I don't know how I would reserve rental cars, hotel rooms or airline tickets without one. I also earn air miles on at least one of my cards. I never knew I was considered a deadbeat, in fact, I am one of those lucky ones (i.e., responsible ones) who will be paying even more in confiscatory taxes to buy health insurance for people without it. I look for inflation to reach Carter-era rates, more corporations to move operations to India, and unemployment to hit 15% by next April 15.

If you pay your card in full every month, there is no hassle

Kudos for james in Phoenix--my husband and I just filed a Chapter 13 (which is a re-payment plan) and we are now so relieved. We too had every expectation to pay off our debts, our credit was excellent and never missed a payment. We have not used a card or "charged" for the past year and consider ourselves to be very responsible, hard-working, tax-paying people. Looking at our timing, seems to have come at a perfect time, especially looking at all the twisting games these cards are playing. We had been at their mercy for long enough and now it seems to be getting a whole lot worse.

Banks are the biggest crooks of all! They are out of control. I would have no qualms going bankrupt on them. They deserve it because they are such bastard and obviously don't care a thing about us. Screw them!
One solution is to go to a Consumer Credit Counseling service if you are having trouble paying the charge cards back. They will arrange to have the interest rates and late fees frozen so you can pay off the cards. Just make sure the CCCS is a non profit legit organization

The administration is trying to help consumers with an industry that is less than stellar. The next step should be to outlaw the transfer fees if terms change. Obama did not start the taxes just tried to add relief for all american dealing with the credit card industry. I applaud the effort and will not blame people who try to help me for the misdeeds of others to combat the help.

I don't have any credit cards, blood sucking pigs are all they are. If everybody would quit paying the bastards maybe they would all go away....

As long as your happiness comes from things you can't afford, you are at the mercy of those with more money than you. It really is that simple.

I was told by a Chase representative that if you receive a Notice that the minimal perecetage monthly payments are about to go up you have 30 days to cancel your account and credit card. If you do so prior to the change in the montly payment goes into effect it will not change and you may continue making minimum monthly payments based on the original 2% of the balance. The card may not be used thereafter. Can someone please confirm this is accurate?

The fundamental problem is that they can change the terms on money they have already lent. No one else can do this, why do CC companies get away with it? When I take out a loan, I fully understand the terms etc. But then what if the lender can just come back 6 months later and jack up my rate on money it has already lent, under terms mutually agreed upon? I think they should be allowed to do alot of the sneaky crap they do, but NOT ON $$ THEY HAVE ALREADY LENT OUT!!!

to judged and scrooed - it is funny how everyone is so judgemental - i like you had excellent credit - the same exact thing happened to me with chase- and yes you are right- your credit score drops - your insurance goes up - its very unfair! i like you hope that those people responsible all have to go through what they have so guiltlessly put others through - they have ruined peoples lives -and yet they sleep easily at night

C Ward said: "Thank the Democrats for this!!!!!!"

Yah, and let's also blame the Democrats for the credit card companies sticking it to everyone over the last 10 years with dramtically increasing fees, unannounced due date changes, hundreds of on-the-fly, unregulated policies that stick it to their customers, and (my fave) the millions of tons of wasted paper from all the junk mail they used to send us when their fortunes were better, practically begging each of us to take their money.

You hit it right on the head there, genius. It's always those doggone Democrats and it's never big business screwing the American people.

Don't thank the Democrats! Thank Nixon to changed to dollar from being backed by gold to being backed by debt. Thank the government for not making financial education mandatory in school. Thank the parents for not teaching their kids about money. People themselves also have to take responsibility, if you can't afford it then don't buy it. I don't use credit cards and I live very well. All in all saying thank the Democrats is ridiculous.

About 10 years ago I had more credit card debt than was safe and realized the credit card companies were getting a lot of my hard earned money for that debt. For the next 5 years my entire financial goal was to pay off all card debt. I cut back everywhere except essentials. Once I did, however, the freedom was wonderful. I have been able to increase my 401k by the same amount as the interest payments - call it free money - and each month I have money left over for upgrading the stuff I didn't buy for years, but one thing at a time and pay it off. I live simply but well.

Not having debt is the single best thing you can do for yourself. Many people are in debt for stuff they didn't really need, more instant gratification then purposeful spending. It's hard to feel bad for people who can't wait for the latest new toy or expensive vacation. I know someone with money problems who continues to go out several nights a week, drinking and expensive dinners. Do the math, ya know?

Quality of life is a good book and being debt free.

Thank the Bush administration deregulation for this. Hopefully reinstatement of the Glass-Steagall Act and others can be enacted before too many more people are hurt. More info at http://www.foxbusiness.com/search-results/m/20960551/wayne-rogers-on-financial-mess.htm

It is a shame what has happened to our banking system. I was afraid this would happen when we bailed out the ones that we did. I agree with the biggest part of the commenters, to get rid of your cards and set up funds were you put away the money you are paying on credit card payments and in alittle while you will have the money to purchase what you need. We have (American Citizens) accustomed to living paycheck to paycheck and not saving. We have noone to blame but ourselves for setting back and not dong anything, like contacting all the senators and representatives when we dissagree with a bill or like giving money to the banks.

C Ward said: "Thank the Democrats for this!!!!!!"

Yah, and let's also blame the Democrats for the credit card companies sticking it to everyone over the last 10 years with dramtically increasing fees, unannounced due date changes, hundreds of on-the-fly, unregulated policies that stick it to their customers, and (my fave) the millions of tons of wasted paper from all the junk mail they used to send us when their fortunes were better, practically begging each of us to take their money.

You hit it right on the head their, genius. It's always those doggone Democrats and it's never big business screwing the American people.

I am in the process of cancelling all my credit cards as they are hitting the zero balance, and I am noticing every time I call a vendor and tell them I want to cancel my credit card they are making all kinds of offers to try to get me to keep them. What made me decide it was time to cancel ALL of them was I had an outstanding balance of .40 (yes, forty cents) on my Macys credit card and asked them to wipe it out since making a check or driving to the store would have cost more than that. Macy's Custoer Servce Representative's response was Macys is not in the business of giving away money...40 cents...lol..SO I drove to the store, paid the 40 cents, exited the store and called Macys Credit Services from the parking lot and told them cancel my credit card. They were offering me 15% discount coupons and other incentives for me to not cancel...I thought, why give them any more $$ if they can't afford to wipe out forty cents. From hereon, if I can't afford to pay it cash, I won't be buying anything at all any more...