Wells Fargo Bank Card Interest gouging Los Angeles, California

Grow up Robert. We are adults here. The term rape is being used metaphorically of course in this case..but it also has other literal definitions which do not have to be of a sexual nature..ie:

I just didn't find it appropriate to respond.  I personally feel that people who throw terms like "rape" add NOTHING to their report, in fact it takes away from it.  Because rape is a very serious act and using that in terms like this minimize the impact of someone that has truly been raped.  But if you feel that that term was appropriate go and talk to a support group and see if you get them to see it your way.

Here are some points that I am sure will get them to see it your way.  The victim of rape had the choice of being "raped" or not, just like a credit card user had the choice to use the card or not.  If that one does not quite work then let them know that just like a credit card user the victim of rape agreed to the terms of the "rape" before hand.  If you want to disagree with the fact that credit cards don't have the right to change the interest rates then go right ahead.  But bringing in terms such as "rape" is not the way to do it.  If you don't have the same view of the usage of that word then so be it. 

But it is interesting how the OP and you missed something.  As of Aug 2009 the first phase of the credit card changes went into effect.  This included the right to "opt-out" of any interest rate changes. 

http://www.creditcards.com/credit-card-news/credit-card-act-takes-effect-1282.php

So it is sort of funny how you say that you can "only live within your means" in defending a person who is saying they just want to bail on their responsibility.  If she didn't have a problem with the 5.1% then she should have "opted-out" and stopped using the card.  That way she could have continued to pay off the balance at the lower rate.  But if she continued to live outside her means by using credit then that is HER choice and HER choice alone.

Yep..he commented on every statement to in an attempt to victimize everyone else ...but you..

I think I can respond to the one he forgot...

"I am in questionable health and do not intend to get raped by Wells Fargo and have them expect me to just lay still and quietly enjoy the act."

You may not "intend" to get raped by them..but your are going to. And, they DO expect you to lay still and enjoy the act..just like our bank defender friend Robert.

Now you are in poor health and on a fixed income. This is not the banks fault of course. But the bank is the one raising your interest rate for no other reason it seems then "because they can", or it was in the terms you signed to.

What many fail to realize, is a contract can be unenforceable if one side of it is unfair to another, if an element of unconscionability is present at the time a contract is made, if it lacks good faith, consideration, does it stand the test of reasonableness and other factors in contract law that the banks may be violating to a degree.

But the bottom line is your health comes first. Yes, we taxpayers may have to bail you out in the long run..but we bailed out the banks too. I'd rather live in a country that those more fortunate have some compassion and willingness to help those less fortunate...then one where everyone is a greedy bank defender. Seems we have to live with both here in the good ol US of A. Some may call it Socialism..I call it compassion. I guess that is better then corporate welfare..any disputes?

Just pay what you can if the bank won't work with you. What more can you do? Don't get sicker over it that's for sure. You can only live within your means..you don't seem to be living above your means so you are clean and sober, that is how you will live longer..don't let stress over interest rates destroy your health, the bank give a flying hoot about you and are certainly not stressing over this.

If you read the rules WF can do whatever to the interest rate.  The only way to avoid such chargers is to pay it off in full each month.  The minimum is a joke. Or Simply just don't use it.  There is really no need for a credit card unless you are having to make an emergency expense or a large purchase, by large purchase $1200++.

Since 2/22/10 banks can no longer increase the interest rate on existing balances so the increase they hit you with in March 2010 will only affect new charges initiated 45 days after the date of notification.

I have good credit altho my income to debt ratio is close.

- Income has nothing to do with a credit rating.  There is no place your income even comes into consideration for your credit score. But one part that does matter is your credit usage to your credit limits.  The closer you are to using your entire credit line the more your score will suffer. 

Wells Fargo has raised my interest rate from 5.1% in February, 2010 to 15.1% in March of 2010, on my Wells Fargo Visa Card. I have never missed a payment, been late and have sometimes paid more than the minimum payment.

- There are people who have never been late, never missed a payment and ALWAYS paid more than the minimum and they are having their interest rates raised, credit lines cut(or closed).

With the 15.1% interest rate it will take me 34 years and $54,000.00 to pay this debt off. I am willing to pay the "unsecured" visa at the payment I am currently making but not the interest they see fit to punish a good customer with.

- Yes IF you pay ONLY the minimum payment.

I am checking on the feasibility of walking away from the debt. My income cannot be attached and I will close my account with them. I have contacted Wells Fargo several times trying to get them to work with me and they will not.

- This is the big problem.  Because YOU have said you are going to "bail" on the debt that money has to come from somewhere.  So how do they get this back?   Ummm..by charging more fees and higher interest rates.

I am ashamed of not keeping my word but I feel the gouging is worse. The excuses I have received pertaining to thier not working with me are laughable.

- See previous comment and see if you think that the reasons are still "laughable".

I do not spend foolishly, do not drink, do not do drugs and do not even do Starbuck's.

- I have news for you..they DON'T care.  They are in the business to lend money.  They don't care if you spend $1000 on Starbucks or a $1000 car repair.  All they care about is that you borrowed $1000 that you agreed to pay back.

What can they do to me? I don't know but I imagine I will be dead before this situation is rectified

- Again this is just thinking of your situation not looking at the bigger picture.  Of course trying to throw in "death" is a unique twist on the sympathy angle.  The "bigger picture" is that other people before you had the same attitude and are causing you(and every other good customer) to pay higher rates.