Bman
Philadelphia,#2Consumer Comment
Fri, October 01, 2010
Do not trust anyone on the telephone - ever! Make sure everything is in writing or you ask permission to tape all conversations since then they are admissible in court. Most credit card companies and banks have forgotten their
original purpose, to provide a service, and have taken as their focus ever
raising their profit margin. They do not get it. If you make everyone poor by tying
up funding and loans, and heap too many fees onto people, then they will not be
able to pay what is due. Then when they raise the interest rates so they are basically
obscene (once called USURY), well that combined with late payment fees, almost crush
any person trying to do the right thing. The banks have changed the bankruptcy
laws by lobby so they have intentionally tied up all the ways that the poor
folk can escape their clutches. Statistically it has been shown that poor folk
want to pay so they can find credit or take out loans, the only way to handle
life emergencies and with this practice there is no way out. The Benjamin
Franklin adage penny wise and pound-foolish comes to mind. The insanity of short-term
profit over long-term financial stability doesnt work. Do
not expect any help from the greedy banks - EVER! I would also file a report with this
government site: http://www.ftc.gov/reports/index.htm