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 Garbage Rates
Posted Sun April 13, 2008 11:34 pm, by RONALD W. written to Juniper Bank
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Over the past 10 months my wife and I have had the juniper card. We had 1 late payment of 4 days after the due date, of which we had called to let them know about. Seven months later we had a payment that was 10 days late, our rate went from 0% to 21%. This is absolutely ridiculous. I could understand not offering 0%, but an increase of that much is why our country is in the economic times we're in now. Most of these banks have not a moral obligation to futher grow our people, communities or, our country.
Take in consideration that if some one may have had a late paymentincreasing there debt by increasing the intrest rateis not going to help our economy. There should at be a 3 month review to gain back the lost credibility due to the late payment. At this time the previous rate should be offered, or @ least some thing reasonable.
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by Gino Posted Tue April 15, 2008 @ 11:53 PM
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The banks have no moral obligations to anyone because of the current
economic times we're in now. People, on the other hand, have a legal
obligation to be very careful with their credit habits and paying
their bills and credit card bills on time.
From 0% to 21% isn't absolutely ridiculous, It happens every day. What
I did years ago when things were tight, was send the minimum payment
the day the bill arrives, and make another larger payment 9 business
days before the due date.
This way, if I "forget", then the interest rate and late charges don't
show up at all.
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Maybe paying 21% interest will be the incentive you need to pay off
your card and learn to live within your means.
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by SusanB Posted Mon April 14, 2008 @ 7:58 PM
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This has nothing to do with a moral obligation on the part of the
lending institutions nor is it the reason we're in the econmic times
we're in now - - rather, it has everything to do with personal
financial responsibility. You were late with two payments within 10
months, therefore, in accordance with the cardholder agreement you
received when you opened the account, you lost your 0% interest and it
was raised to 21%.
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My suggestion is to cancel that card and all credit cards and live on
what you earn. The borrower is slave to the lender as in this case.
If you play with the snakes, you will eventually get bit.
Good Day
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by All About the Branding Posted Mon April 14, 2008 @ 7:54 AM
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"but an increase of that much is why our country is in the economic
times we're in now"
In part. But it's because we have people that borrow money (including
using credit cards) that they don't (can't?) pay back.
If you'd pay off your bill each month, the interest rate wouldn't
matter. If you can't pay off your bill each month, then when do you
expect to ever have enough money to do so?
Credit helped to inflate the economy. And now, we're finding that it
doesn't really work. Not because interest rates are too high. But
because people simply don't have the money to put for all the stuff
they put on credit cards. Or pay for the houses they bought but could
never afford.
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