Need KY anyone

Have any of you heard of Bank of America? Should be most of you, it's one of the largest banks in America. I'm here to talk about there credit card division. Now, hypothetically if you were a credit card company headed into the worst economic recession since the Great Depression, and many of your lower income families have started to fall behind in their payments to you. Would you?

A) Give relief to those families, and not ruin their credit rating and help them through the hard times by not charging late fees, but just keep charging the interest.

B) After they miss one payment, sometimes within a window of 40 minutes past the due date, hike up the rate so high that they can no longer afford to pay the minimum balance.

C) Raise the interest rates on customers that have paid you consistently for years, because you can


If you guessed B or C, you're RIGHT! Bank of America has decided to help out America's Cluster f&*k to the poorhouse by squeezing it's customers as hard and as fast as they can. Guy was 40 minutes late, let's double the interest rate of his 31,000 dollar business card. Now he can't make the minimum payment. Never had a late payment for 7+ years, let's raise your interest 5%. That is what happened to me and millions of other BoA customers in November.

Bank of America will say that they sent out a letter stating basically this.

"Due to a change in terms, we are raising your interest rate to 20%, you can either accept of reject this."

What they actually mean is:

"You have to accept these new terms or cancel your card."

Now I have a decades worth of good history with this bank, plus according to the new 2008 FICO scores generating system, CANCELING A CREDIT CARD TAKE POINTS OF YOUR FICO SCORE!. So basically, I had a choice of taking 10-20 points off my FICO score for canceling this card and paying it off (a few years task, as it's my highest card), or live with the 5% increase or +100 dollars to my minimum payment. I chose the later, cause the other choice lowers my credit score. Sorry, but I view that score as well-earned, and a bank is not going to make me sully it. So I get the rate hike. I was already paying over the minimum, so this just makes my overage payment the new minimum. sucks that I'll be paying it off longer, but doesn't affect me that much. Now what about the person who is in much worst straights then me? People who are already struggling with the minimum. I mean a hike like this would mean they would maybe have to cut back on food or heating. 100 dollars a month is a good size portion of some people's paychecks. And the choice that they give is a cruel joke. Especially due to the fact that many americans don't know that the FICO score generator was updated in 2008, and includes the new Credit card canceling is bad rule.


I feel like Bank of America is just ass-raping the American public for all they are worth, and it is depicable. So as I bend over and take it, I'll ask all of you. Anybody else need a little KY these days?