Monday, December 8, 2008

Banking And Credit Card Rant

Hello everyone, this is going to be a little off topic for my blog but like everyone, my family and I have been impacted by the recession mostly inspired by the banking industry. Between lowering credit limits, raising interest rates for no reason and the cost of everything going up, it has led to some serious thoughts about our banking relationships and the industry as a whole.

First and foremost, what I resent the most is that U.S. taxpayers pretty much own the banking industry thanks to our government. The banks facing a financial crisis found out they couldn't pay their own bills and the taxpayers in the U.S. had to bail them out without charging them a late fee or raising the interest on their bail out package.

The whole concept to the banking bail out was so banks would start lending money, but the CEO's who drove the banks into failure to start with, took our money and kept to, I suppose to pay out bonuses to their executives, all the while lowering my credit limits on my cards and raising my interest rates.

It takes a certain kind of arrogance to beg the government, i.e. the taxpayers, for money and then turn around and screw the U.S. people but here are the banks doing exactly that. Here are a few things we have decided to do:

1. Write your congressperson and demand consumer protection from abusive credit card practices by the banks we all own now.

2. If your bank wants to lower your credit limit or raise your interest rate, don't keep your accounts their anymore. If they don't trust you with their money, don't trust them with yours.

3. The benefit of having an American Express Card is that there was no credit limit so when you travel for work you don't have to worry about the reserves placed on your credit by rental car companies and hotels. American Express has started placing credit limits on their cards we pay annual fees for membership for. If American Express does it to you, cancel your card immediately, a credit limit makes an American Express card just like any other and Visa is free every year.

We own the U.S. banking industry, just like we own AIG and the U.S. automakers now. Do not sit by and let these companies operate as they always have, you have leverage now, contact your Representative and complain.

Most importantly don't every forget. If your bank is not there for you in the bad times, you can't trust them, take your business elsewhere.

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