Change FOR The People? Is It Just an Empty Campaign Promise? I Hope NOT.
The changes I have witnessed in this country and in my state over the last decade leave me skeptical. Every politician promises to change things for the better, but things just keep getting worse. This is not pointing a finger at the Democrats or the Republicans, but at all our elected officials.
If you are like me, when you get your credit card statement you simply check for unauthorized charges, make sure your last payment posted, write them another check and send it on it's way. You discard the advertisements and simply file the notices--all unread. After the bank bailout I actually read my notices. Thankfully, I don't carry much/any balance on the two disturbing ones (so far).
JC Penney has been bought by another bank using the bailout money. The new bank has increased the interest rate, regardless of credit rating or personal history with JC Penney. In addition, they are shortening the payment period to 23 days.
Chase Bank is also increasing interest rates across the board. Again, your credit score and your payment history are immaterial.
I'm sure those two banks will NOT be the only ones. Please, check your notice inserts, folks!
While I'm on the subject of the banks and why they make-me-so-angry-I-could-vomit, I want to talk about another lovely idea the feds implemented back in 2004 and are planning to do again in 2009: Increasing the minimum payment on credit cards. The theory behind this is that if Americans are forced to pay more they will get out of debt quicker. It's a good idea, it just doesn't work when you leave loopholes for the Greedy. You see, *most* banks looked at this as a carte blance excuse to not only charge a higher minimum payment but *to increase their interest rates, even when the federal interest rate was lower*! This means Bob isn't paying off his credit card any quicker because even though he is paying a higher minimum, the bank is devouring what should be going toward the balance by charging a higher interest rate. Bob pays more but his debt stays exactly the same while the bank gets richer...and yet the banks needed bailing out?
I HOPE that Obama is as aware of Bob's plight as his speeches suggest. I am skeptical, considering he did vote for the bailout (as did McCain). I HOPE that small business is allowed (or even helped) to thrive under the new administration. I HOPE that this country can get back on it's feet. However, as long as the banks, the drug companies and the insurance companies are given a Federal Blank Check written on the Tax Payers' Bank Accounts, this will never happen.
If you are like me, when you get your credit card statement you simply check for unauthorized charges, make sure your last payment posted, write them another check and send it on it's way. You discard the advertisements and simply file the notices--all unread. After the bank bailout I actually read my notices. Thankfully, I don't carry much/any balance on the two disturbing ones (so far).
JC Penney has been bought by another bank using the bailout money. The new bank has increased the interest rate, regardless of credit rating or personal history with JC Penney. In addition, they are shortening the payment period to 23 days.
Chase Bank is also increasing interest rates across the board. Again, your credit score and your payment history are immaterial.
I'm sure those two banks will NOT be the only ones. Please, check your notice inserts, folks!
While I'm on the subject of the banks and why they make-me-so-angry-I-could-vomit, I want to talk about another lovely idea the feds implemented back in 2004 and are planning to do again in 2009: Increasing the minimum payment on credit cards. The theory behind this is that if Americans are forced to pay more they will get out of debt quicker. It's a good idea, it just doesn't work when you leave loopholes for the Greedy. You see, *most* banks looked at this as a carte blance excuse to not only charge a higher minimum payment but *to increase their interest rates, even when the federal interest rate was lower*! This means Bob isn't paying off his credit card any quicker because even though he is paying a higher minimum, the bank is devouring what should be going toward the balance by charging a higher interest rate. Bob pays more but his debt stays exactly the same while the bank gets richer...and yet the banks needed bailing out?
I HOPE that Obama is as aware of Bob's plight as his speeches suggest. I am skeptical, considering he did vote for the bailout (as did McCain). I HOPE that small business is allowed (or even helped) to thrive under the new administration. I HOPE that this country can get back on it's feet. However, as long as the banks, the drug companies and the insurance companies are given a Federal Blank Check written on the Tax Payers' Bank Accounts, this will never happen.