Robbing From the Poor to make the Rich Richer
As I am sure many of you reading this blog will understand the credit card business is a multi billion dollar a year racket. The two top officers for Citibank each made 10.67 Milion dollars this year and that is not including the stock options that they exercised. Now how did their salary get to be so large? You guessed it, from the profits that they are making from the outrageous interest that they charge to their credit card customers. Does this seem fair when the majority of the nation is struggling and we are paying for these men to live a life beyond any of our wildest imaginations? The debt that you have is comprised of legitimate purchases and then compounding monthly interest that these companies charge. Did you know that now it is legal for credit card companies to increase your interest rate based upon the fact that you may have paid your phone bill late?! That's correct! The government has now allowed credit card companies to review how your other accounts are managed and even though you may have been paying on time to them they will still increase your interest. We need to speak out about this disgrace and get everyone back on equal footing.
posted by J @ 4:49 PM
3 Comments:
I agree - this is absurd. I sent a letter stating that I did not accept this change and would not renew the card when it expires. Perhaps collective action can have an impact.
You have a very interesting perspective in this article.
My Well Of wealth
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