Is anyone as old as I am here, who remembers the old days of "lay aways"? You didnt get your item until it was fully paid for. Maybe, it is time to return to those days. Its just a thought.
1) I am old enough to remember lay aways.
2) They are still around.
Is it a good idea in this day and age? Probably not. How would you like your lay away payments tied up in some retailers BK? Not me! I will use my credit card wisely and spread the payments as I see fit, Or not... Maybe I will charge "it" and PIF for the rewards (trans. CASH BACK).
You need to reread my earlier post in this thread. I am dreadfully sorry, but Chase has done nothing illegal here. There will be no intervention of any sort forthcoming. I think the bailout binge is just about over, and in case you didn't notice the bailouts were targeted to save the institutions and preserve the system and not intended in any way to aid individuals.
If this effects you personally call Chase and ask for an offer. I understand they will allow you a lower payment if you accept a higher APR. There is no free lunch here and what was is no longer. Legally they can change these terms and have. Best to pick up the pieces and move on.
It is a person's responsibility to educate themselves regarding the BT offer. It is a business agreement that they are entering with the CC company. Yes, it is a bit unfair for Chase to make this change so dramatically but lots of CC are doing similar things. AND it has been obvious that we were headed this way for a couple years now.
If someone is "going bankrupt" because of this, they already were bankrupt and just didn't know it yet. From your description: they were bankrupt, decided to use a too-good-to-be-true offer to try to keep disaster away, and now are not getting what they hoped for. Maybe they should go solve their problems by buying lottery tickets instead of paying their bills...........
There are many, many ways for companies to make money from uneducated consumers. That is why the information on this site and many others is so valuable.
Generally a pretty harsh post, GregB. In order to "understand" the "business agreement" one is entering into with a CC issuer you would have to be precognizant due to the fact that a CC "agreement" is not a contract in the normal sense of the word, nor does the normal contract law that would apply to any other "business agreement" we might enter into apply to CC's. The issuer can change any of the terms they want at any time with only minimal notice to the cardholder. Precognition (perfect future knowledge) comes in handy when trying to anticipate just what exactly the maniacs on the issuer's end are going to perpetrate next on their cardholders!
That being said: 1) Never count on a perpetuity - there is no such thing! 2) Moving debt from installment to revolving is never a good idea. Move it the other direction. The terms are truly fixed on the installment side of the fence!
I read it completely,and noboby is asking for a bailout! We are asking for honesty! I hope you never have hard times,or if you have in the past,have them again, and are told to move on! We were told this was an AGREEMENT for the life of the debt, maybe you did not read my first post correctly.People are hurting,and all of these people were paying their bills,and trying as hard as they could. I guess all of us are not perfect!, but we do expect ,or normal enough to think people will keep their word. Why has it come to the point wher you think if you are lied to ,then you are wrong for believing it.I spoke to the FTC,and their may be some predatory lending laws involved
Sorry you feel you have been lied to and deceived, but if you had read your original agreement that came with your BT checks you would have seen the clause that they could increase the terms without notice. The truth of the matter is people did not read the terms of these loans from the CCC's any more than they read the terms of their Option Arm or Interest Only Mortgages. It's human nature, when things are good there is no need to understand the terms as rates will stay low and you can always roll the loan over to some other lender at equal, and often better, terms.
For those that believe that all Banks and CCC's are evil and crooks, you do not realize the huge amounts of liquidity and reasonable credit they injected into the market over the years. Anybody here over about 45 years old remembers how it was in the early 80's to get credit to buy a car, get a mortgage, or a credit card. It was tight. Sure, it got way too easy to get credit in the last ten years or so, but the door swings both ways. Banks had the money to lend and people readily took the offers. Both are at fault. Americans in general are financial dunderheads. We are very, very ignorant of how credit works or functions. It is short sighted to conclude it's all the banks fault. We all play a part.