Wednesday, September 09, 2009

An Ominous Sign...

Here's a highly interesting video on one person's response to the typical predatory bank and credit card industry; the fact that someone has decided not to pay their credit card bill is not particularly newsworthy, nor the fact that this particular bank (Bank of America) has jacked up the interest rate to 30% or so. Instead, ponder what might happen to the system (well, some are saying that it's happening already, and who is Chaos to disagree?) if more than a small percentage of people starting feeling and acting like this. Hmmm. Well, anyway, check out this tiny snapshot of where we are:

Oh, and if you want more evidence of predatory behavior, look no further than this article on how banks take advantage of people overdrawing their account with debit cards. The bank knows at the instant of the transaction that the amount requested is more than the individual has in their account, but they don't decline the transaction, just assess the victim (uh, Chaos means the customer) a nice, fat fee.

1 comment:

Weaseldog said...

Though I feel for this gal, I think I know what's coming next.

She'll fall behind, they'll double her balance and give her account to a collection agency. That's what the CC corps did to me when I fell two months behind due to unemployment in 2003. They don't need to work with customers. They have a battalion of lawyers on their side.

They don't care about videos.

She'll be in bankruptcy before this is over.

In the mean time, Bank Of America is enjoying record profits from continued banker welfare whore bailouts.