We had been keeping close tabs on the credit card industry and knew as soon as President Obama signed credit card reform into law, they would take revenge. Revenge on everyday Americans trying to live that American dream.
We should have known something was up when the vast amount of junk mail came to a halt. We said the credit card industry could save a ton of money by toning down the constant barage of credit card applications.
I became so sick of them I heard of a plan to open the junk mail and use their return postage paid envelope to send the junk right back to them. I thought I was being clever.
Now I'm pissed as hell and will tell you why after the intro.
My anger really came to a boiling point when we received a letter from our business account
credit card company.
Seems their shares fell nearly 30 percent after the small-business credit card issuer said it faced growing losses from uncollectible loans and was closing its customers’ accounts to new charges after June 10.
Because of the recession (I despise the wording 'downturn') I can thoroughly understand this but to give credit card holders barely a weeks notice is beyond comprehension.
Our retirement was thrown into the business to keep us afloat--not thinking that it would get this bad, so we paid off the credit card debt. We felt sure we wouldn't have to use our credit cards but the economy was showing a downward spiral even before President Obama took office. I knew he'd get us out of this mess once the Recovery Act was passed.
We were wrong to take our eye off the ball and use the credit cards but we had no choice. We needed to purchase goods for the business and were cash strapped.
Now here we are receiving the first notice of a 'freeze' from one of our credit cards. No doubt there will be more coming notifying us of a major increase in rates or dropping our credit limit.
One of my personal credit cards notified me of a decrease in my credit limit, not through the mail but finding out when I logged online to pay the bill. They also changed my due date. The rate went through the roof.
Sorry, but I had to vent somewhere and nobody is home and my dog could care less as long as she gets her treats. I might be joining her for dinner.
We have excellent credit and have decided to refinance our home. Not sure if there's enough equity but we have to give it a shot. Our credit is excellent but that doesn't mean anything anymore.
I'm afraid the credit card reform came to late for this retired couple. A Viet Nam veteran who has to start over from scratch no longer living the 'american dream.'
Thanks for listening.