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So, do you have the bankruptcy blues?

March 17, 2009
Image by reallyboring via Flickr

It started off as a fairly innocous bit of information, a notice from my credit card company that my available balance had been lowered.  I wasn’t too surprised considering the recent unemployment in our family.   NOt really a big deal at the moment, until I learned that the rate on my Visa card had been lowered below my current balance thereby leaving me with over charges every month, even though I haven’t used my cards in 6 months.  In an attempt to get my interest rates controlled, I went into a restructuring program that essentially lowers your rates to 10% but cuts off card use until the balance is paid–no big deal either.  The problem?  Well then, the credit card increases the APR based on my overcharges, which were created by Visa to begin with because they  chose to lower my credit limit.  I think it’s fraudulent, but in talking with friends and neighbors, mainly because I was incensed, I found it’s very common.  How about it people, has it happened to you?

Mark it:  the ways of the credit cards are coming to an end.  I don’t think the housing market caused the collapse, but I sure do blame the banks, insurance agencies, and now the credit card markets.

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