Bank Of America absurd increase in credit card interest rate Internet

I'm amazed by the number of folks who actually try to pay these Credit cards off.

When they changed the terms THEY voided the contract.

Simply don't pay them, write to the credit card company and state "These new terms are unacceptable, I DISPUTE THESE CHARGES (Magic phrase)

And then simply calculate your interest yourself, when you have paid off the loan at THE ORIGINAL INTEREST RATE, stop paying (Do not forget to include the interest that they charge on the interest, Ir's a huge sum)

What can they do?

They've already ruined your credit.

They've reported you to the credit reporting companies.

And as the sum remaining IS DISPUTED (again magic words) they can't collect.

Oh they'll try, turning the remaining sum over to a collection agent (Illegal for disputed, but they don't bother following any rules) and trying to jack up endless "Late" and "Overlimit" fees, just ignore them. They've already hurt you as much as they can.

You see credit cards are considered "Signature" loans, meanung there's nothing backing them up, such as when you get a home loan and the property is collateral, but "Signature" loans have NO collateral to go after.

That also means that they cannot Garnish salary, put a lein on your property, or all the other lies they will tell you that they "Can" do, (They Lie).

The best tactic I know of is that when the collectors call, state that there is no ammount Due, this is in dispute and then hit the 1 button on your phone, and hold it down (It screams in their ear) untill THEY have to give up.

I've also had good results by using the star 69 feature to recall the collectors, and let the 1 button trick scream in THEIR ears untill THEY again give up.

I actualy had one to put my telephone number on "Do not receive" to their office, a clear success.

Just use this tactic when they have nothing to collect, (Home, car, property, etc) and be sure to state "This is in dispute and unowed" EVERY SINGLE TIME THEY TRY TO FORCE PAYMENT OF THEIR THEFT.

That should put these thieves out of business shortly,

And we wonder why de-regulation of the banks never worked! They are no longer really accountable to anyone! At least before deregulation there was accountability! There are no laws to protect the consumer from banks who can change your interest rate as it suits them. Credit scores should never exist or be used for any basis for credit. it is ridiculous what banks get away with! Did anyone hear now how congress has passed the "new" bankruptcy law that may not allow anyone to file either chapter 7 or 13? I say we need new congressmen! New york

The new bankruptcy laws simply require anyone who earns more than the "median" income for that state to pay the debts off in Chapter 13 instead of allowing them to file Chapter 7 and wiping the debts clean. Anyone who earns less, can still file Chapter 7. "Median" income is the average income(1/2 make more, 1/2 make less) for your state. Most states are about $50K per year.

Jim

In your response you stated that a credit card debt was considered the same as a signature loan with no collateral which is correct. However you went on to say that because of this that if you defaulted on your credit card payments, the credit card company could not place a lien on your home or property. Perhaps this is the way that it works in Alabama but that is not the way it works in Georgia and possibly other states. I know this for a fact because Lockheed Georgia Employees Federal Credit Union placed a FIFA lien against my home due to an unpaid balance that I had on a VISA card that was issued by them. Since the order was done thru the county court and signed by a Judge it is obviously legal for them to do so, at least in Georgia. Surely if it was illegal the Judge would not have signed the order. Just wanted to let others know about this information.

Thanks,