4 Responses to “Debtor USA Fires Shot Across the Bow of Bank of America (VIDEO)”

1. 

   Anthony said:

   Funny enough, I my wife and I did the same thing to Bank of America, Chase, Discover and Citibank to no avail (we didn’t do a YouTube video though…..very clever). B of A raised us from 5.9 to 26.99, Chase raised our interest rates and our minimum payment percentage significantly and as a result all of these credit cards drove my monthly expenses up more than 50% higher than they were in previous months. I was always on time, paid more than the minimums (granted I did use a significant amount of my existing credit lines), and as a result they said I was too high of a risk and they all raised interest rates and payments across the board. When I protested and said that it was ultimately going to make it impossible for me to pay and eventually default, their only solution was to close the cards…..basically taking away capital that I needed to be able to fund living and business expenses in a slow economy. I stated the same thing regarding the fact that I felt that they were loan sharking by borrowing at such a low rate from the Fed and yet jacking my rates, decreasing my credit lines, increasing my minimum monthly payment and adversely affecting my credit rating and they didn’t even care. So I told them that if they were going to screw me, then prepared to be screwed in return…..ultimately defaulting on all of my cards and now filing Ch 7 BK. I could not afford to meet their demands and they were not willing to work with me to find any middle ground. Funny enough, 90 days into default, every one of them is now contacting me to try to negotiate liquidating my debt, so they can recoup some money. Too little, too late. They screwed my credit by raising rates, decreasing credit lines and making me look maxxed out and finally defaulting as a result….why should I even consider saving face with them after my credit is already ruined?

   September 23rd, 2009 at 2:26 pm
2. 

   madderthanheck said:

   You owe the money. Pay it……. I bet you live in a big house too. I bet you drive a nice car….. Did you run up the debt paying for these extra nice things so you could keep up with the neighbors? I don’t drive the best car, but I do pay all of my bills every month. I refuse to carry a balance. Wake up people stop buying on credit…..

   September 23rd, 2009 at 3:04 pm
3. 

   Kevin said:

   America is and was built on credit you twit. Do you think Rockafeller went out and bought everything in cash? I too am having a problem with one bank The dip shit’s who bought WAMU if that wasnt dum enough they raised rates after they took my tax money to balance there books and are trying to reap ill gotten gains by screwing the people that feed them. I called and talked to them many times and the same result is (file for bankruptcy we dont care) instead of saying we’ll work with you and we’ll both benefit. Right now I’m ready to say take your 29.99 APR and stick it where the sun dont shine. As for what the last reply was,I do pay all my bills I dont over extend myself and dont live beyond my means. I have a 727 credit score. I wish someone would show O’Bama actually what these banks are doing with the money on a smaller scale and say “correct your practices or we’ll do it for you”. The next thing I would like to air is the credit scoring system. It sucks, It is totally bias toward the lender. They instantly post items that creditors report without any input from the borrower to contest it. Sounds like guilty before being provine innocent to me. Then there’s 3 Credit companies (they like to be called burea) becouse it makes them sound like the FBI, but there for profit companies who take money from creditors. They need more oversight and enforcement so they clear bias credit rating’s faster like 24hrs, kind of like it takes them to screw a credit rating. My whole point of this is to make it easy and as fast to repair credit as it is to damage it not wait 30 days for a response and them not do anything for another 30 days,

   September 23rd, 2009 at 4:11 pm
4. 

   Ken said:

   I for one could see this was coming years ago and have been lucky to be able to pay all my credit cards off and loans off so all I have left is my home. That is under the water right now or some will say upside down due to the way things are all around the US. The point here is that the Banks have been doing this forever this is nothing new. Because of the down turn they are just being more out there with it and more people are taking notice and saying foul. The banks wanted everyone with high balances so they could keep getting that high interest each and every month and the principal just never goes down. Now they are hurting because of the way the money was giving out without any thought on how it was going to be paid back. The housing problem is a side effect of the same process. Have you not noticed that the bank makes all the rules and they favor them not you? That has never changed and its been getting more so each year. As for filing for BK that is everyone’s choice depending on their own situation. Sad part you missed here is that the banks did not care to work a deal or lower the rates when the customer let them know there was no way that would work. Then when he defaulted after 90 days now they want to make a deal to get some of the money back. Point is the man tried to do that from the beginning but the bank took a hard line said no and too bad no deals. I don’t feel sorry for the bank at all. Yes there is something to say about you made the bills you pay the bills and in most cases I’d say that just because you made a mistake and did not use credit wisely it’s still your problem and you should pay up. In this case do to the amount of problems in our financial networks that is directly caused by banks and lending companies they were the bigger cause and effect of your current situation. Greed is simple and that is really what happened here. New laws need to be enacted on all the networks to curb this kind of actions in our future and to ensure the banks and CEOs cannot return us to this place again. The problem is if that is not done soon it won’t be and in 10-15 years after we recover we will be back again with even bigger problems. Wake up America and take charge of your finances.

   September 23rd, 2009 at 4:19 pm

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