Frustration

I hate credit card companies. They lure you in, and then they screw you over. They start young, too! They came after me in college. I was young, and liked to have fun. (typical 18-year-old!) I didn't give too much thought to having to pay back what I "borrowed". But anyway... I digress. Let's fast forward a few years - to present day.

We have credit card debt. A lot of it. Too much, I know. A couple of months ago, we realized just how bad it really was and made a vow to change it. Easier said than done. I was looking through statements one month and noticed that a certain bank had raised our interest rates - quite a bit!! Almost double - to be more precise. What the hell??? Why would they do that? Because they can. This happened to 3 of our cards - and they all happen to be from the same bank. When I called to question this move, I was informed that it's because they noticed that we had too much debt (in their not-so-humble opinion). Well, no shit! I'm fully aware that we have too much debt. We are striving to lower it as we speak, I tell the guy. His response was that the bank was doing this to everyone, meaning - reviewing accounts and adjusting things as they saw fit. How nice of them.

I ask the guy how I could be penalized like this when I've ALWAYS paid on time? I've ALWAYS paid at least the minimum required. I've NEVER gone over my limit. He said that those things had nothing to do with it. Well, why the hell not???? Those good things should count for something, shouldn't they? If I had consistently been paying late, then of course I would deserve a penalty of some sort. If I couldn't pay the minimum required, I should be penalized. I know they charge over-the-limit fees, and I would understand being penalized for that. But NONE OF THESE APPLY in our case! We've played by the rules, and now we're being screwed over. AND WE'VE DONE NOTHING WRONG!!! YOU (the bank) offered us credit. YOU approved us when we applied for credit. YOU increased our spending limits - BECAUSE WE WERE SUCH VALUED CUSTOMERS. And now, because YOU have determined that we have too much debt (that YOU allowed us to have), you are penalizing us. Thanks a lot. I'm so glad that we chose to do business with you.

So, I ask the guy if anything can be done about this. I point out once again all the things that we've done right regarding our accounts (everything). And I ask him to explain to me once again all the things that we've done wrong (nothing). He agrees that we've done nothing wrong - except to actually USE the credit that was given us. How is this wrong again?? He doesn't have an answer for me. He tells me that the only thing we can do is "freeze" our accounts and they'll lower the interest rates. "Freezing" the accounts means that we can't use them. Well we can, but the first time we do, they'll jack the interest back up again. He said that as soon as we get to a zero balance, they'll be willing to "negotiate" with us for a low rate and unfreeze the account. Wow. Thanks for working with me!

I let the guy know how I feel about this whole deal, and he just listens. I know that it wasn't actually HIM that did this, but he's representing that company, and he got an earful that day from me. I point out to him that while I'm fully aware of the fact that I have too much debt, raising my interest rates (and subsequently the minimum payments) is only going to make it that much harder to actually pay the bills! I ask what sense this makes... ?? He says he understands, but there's nothing else he can do. Well, great. I tell him to freeze 2 of the accounts for now. Times are REALLY hard right now, and I feel like I need the flexibility to keep that 3rd card available if I need it. So it's done. 2 cards are "frozen" with somewhat reasonable interest rates. The 3rd card is still "un-frozen" and available for use. Of course, the interest rate is an un-Godly rate of 24.99%, but what can I do?

So, where are we? Since April, we've been living with those 2 cards frozen and the 3rd with the ridiculous interest. Fine, we're struggling - but hanging in there. Then, last week, we get some lovely mail from this bank. They've decided to LOWER our credit limits on 2 of the accounts! The one that we left un-frozen was lowered by about $1000, and one that was frozen was lowered by about $4000. They had determined that we carried too much credit (in general) and felt it was in their best interest to lower our limits. What amazes me is that I haven't used that one frozen card (either frozen one actually) since April, and they lower our limit by $4000!! I haven't charged anything on it in months, but yet it's in their best interest to lower it?? Please!!

And the hits just keep on comin'...