Advanta Bank Did you know that customers are Advanta's biggest enemy? They're trying to get rid of the pesky little buggers! Spring House Pennsylvania

Advanta customers have left it in droves after Advanta decided that it's new business model was to shaft the very people that have kept it alive; eat the customers and feed the shareholders (Dennis Alter is the largest shareholder from what I am able to discern) was what it attempted to do.

Advanta tried to eat me alive and I didn't let it. It created it's own firestorm by rate-jacking to above loan shark rates. How many customers did it trigger into just giving up the attempt to pay it? We'll never know, but it would be nearly impossible to pay anything off at 35% interest. It finally ate itself alive with its nasty tricks.

I think it will come out that Dennis Alter has been lying to shareholders for a long time about the health of his company. It all caught up with him today. (This piece is on the CNBC website if you wish to verify it...no links allowed here)

The Yahoo stock board charts show a red line straight down for the day. I also believe that Advanta is unlikely to survive.

CHARLOTTE, N.C. - Advanta Corp. shares fell more than 40 percent to a new low Tuesday afternoon after the credit card issuer reported credit deteriorated in December, and an analyst downgraded the company, saying it is "unlikely to survive."

Advanta stock shed 76 cents, or 39 percent, to $1.19 in afternoon trading. The stock hit a new year low of $1.04 earlier in the session. It has traded in a 52-week range of $1.58 to $10.63.

The Spring House, Pa.-based company said Tuesday total delinquencies jumped from 7.96 percent to 9.43 percent for December, while net losses rose to 12.91 percent.

Stifel Nicolaus & Co. analyst Chris Brendler downgraded Advanta to "Sell" from "Buy" on the news. He also lowered his 2008 earnings estimate to a loss of 34 cents per share, from a previous forecast for a loss of 22 cents per share.

On average, analysts polled by Thomson Reuters expect a loss of 11 cents per share.

"Early amortization appears unavoidable without a significant improvement in credit quality and that appears highly unlikely in this macro environment," Brendler wrote in a client note. "With over $4 billion in outstanding bongs, even Advanta's substantial cash hoard will likely prove insufficient and we believe the company will be forced into bankruptcy if the trust does indeed amortize early.

"Since we now believe Advanta will no longer be able to survive, we are forced to cut the stock to 'Sell,'" the analyst wrote.

If you are serious about reducing your interest rate (or settling your account) from Advanta, write letters to this address.

DENNIS & GISELA ALTER - Advanta CEO

7111 SHEAFF LN

FORT WASHINGTON, PA 19034

You need to write few letters every week for desired results. These people are really rude and lowlife scumbags. Please take NO for an answers until they are ready to settle your account for 20 cents on a dollar. Advanta CEO Dennis Alter and co-owner Gisela Alter are looking for CASH liquidity in order to float Advanta for next six months. They will come up with all kinds of dirty tricks on the books in 2009. Customer beware!
Advanta's existing business model has no chance of surviving beyond 2009 when they face new 2010 Federal Reserve mandates related to credit card industries.
Good luck!

If you are serious about reducing your interest rate (or settling your account) from Advanta, write letters to this address.

DENNIS & GISELA ALTER - Advanta CEO

7111 SHEAFF LN

FORT WASHINGTON, PA 19034

You need to write few letters every week for desired results. These people are really rude and lowlife scumbags. Please take NO for an answers until they are ready to settle your account for 20 cents on a dollar. Advanta CEO Dennis Alter and co-owner Gisela Alter are looking for CASH liquidity in order to float Advanta for next six months. They will come up with all kinds of dirty tricks on the books in 2009. Customer beware!
Advanta's existing business model has no chance of surviving beyond 2009 when they face new 2010 Federal Reserve mandates related to credit card industries.
Good luck!

If you are serious about reducing your interest rate (or settling your account) from Advanta, write letters to this address.

DENNIS & GISELA ALTER - Advanta CEO

7111 SHEAFF LN

FORT WASHINGTON, PA 19034

You need to write few letters every week for desired results. These people are really rude and lowlife scumbags. Please take NO for an answers until they are ready to settle your account for 20 cents on a dollar. Advanta CEO Dennis Alter and co-owner Gisela Alter are looking for CASH liquidity in order to float Advanta for next six months. They will come up with all kinds of dirty tricks on the books in 2009. Customer beware!
Advanta's existing business model has no chance of surviving beyond 2009 when they face new 2010 Federal Reserve mandates related to credit card industries.
Good luck!