Credit Card WHYs

By admin • August 5th, 2010

I’ve been asked more than once WHY credit cards do what they do.

  • Why do they raise interest rates on clients that have been paying faithfully for years?
  • Why won’t they work with me?
  • Why do they call me every 3 minutes when I’ve paid all I can?
  • Why do they send my dead dog credit card offers?
  • Why are they sending me new card offers in the mail when they know I can’t pay?

After meeting with literally tens of thousands of clients as a bankruptcy law firm, putting together our over 200 years of bankruptcy law experience and reading voraciously on the subject, our answer to WHY is:  We have no idea.

If the credit card companies asked our opinion, we’d tell them that many people would eat cat food to be able to pay them if only they’d stop raising the rate and minimum payment.  Every one of our bankruptcy attorneys would tell them  if they worked with their customers in these tough economic times it would be a win-win .  We’d tell them that the multi-million dollar bailout of our tax money means they have a moral obligation to work toward a solution for customers that have lost jobs, suffered a medical or family crisis.  Our pleas fall on deaf corporate ears.

If credit card companies acted responsibly and not like 3-year-olds in a sand box with only one shovel, we could perhaps guess the answer to WHY.  Until then, bankruptcy remains a very viable and wise response to out of control credit card companies.

 

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