Did B of A President actually say this on National TV and before a Congressional hearing?

[Madison]

I have enjoyed watching the American Express, Discover and Bank of America Presidents sqirm while testifying in a Congressional hearing on rate jacking peoples' credit card interest rates because of a credit score. Rate jumping consumer's interest rates, not because they missed a payment or went over their limit, but strictly based on a customer's lower credit score. One lady had opened two department credit cards to get the store discounts. Her credit score was lowered and Bank of America rate jumped her even though she made all her payments on time. NOW get this. The Bank of America president said they were doing all of us a favor by increasing our interest rates because consumers with high interest rates are more apt to make larger repayments to pay off our credit card debt and pay off their credit card balances earlier. DUH!!!!  I almost fell out of my chair when he said that. Thanks Chase, Bank of America, Capital One, Discover, and American Express for doing all of us a big favor and charging us 20+% interest so we will have incentives to make larger repayments on our credit card debt. The BONEHEAD award goes to BANK OF AMERICA's President for making such an incredible stupid statement.

[Anonymous]

Why OF COURSE he did.... he expects you to buy it too...lol!!!  What a crock!  hat he should have said is we want to make it nearly impossible to pay down the balances.

Message Edited by Brammy on 12-04-2007 08:28 PM

[Anonymous]

Greedy SOB.

[Anonymous]

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Madison wrote:

I have enjoyed watching the American Express, Discover and Bank of America Presidents sqirm while testifying in a Congressional hearing on rate jacking peoples' credit card interest rates because of a credit score. Rate jumping consumer's interest rates, not because they missed a payment or went over their limit, but strictly based on a customer's lower credit score. One lady had opened two department credit cards to get the store discounts. Her credit score was lowered and Bank of America rate jumped her even though she made all her payments on time. NOW get this. The Bank of America president said they were doing all of us a favor by increasing our interest rates because consumers with high interest rates are more apt to make larger repayments to pay off our credit card debt and pay off their credit card balances earlier. DUH!!!!  I almost fell out of my chair when he said that. Thanks Chase, Bank of America, Capital One, Discover, and American Express for doing all of us a big favor and charging us 20+% interest so we will have incentives to make larger repayments on our credit card debt. The BONEHEAD award goes to BANK OF AMERICA's President for making such an incredible stupid statement.

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Hey Madison- did you see this on CSPAN?  That's where I have been seeing the hearings.

[TULO30]

Absolutely pitiful!  Just another corporate idiot that wants people to buy into his spin on things!  Kind of sounds like our President!  LOL!

[creditdream]

They are a bunch of losser .   ,and that;s  why  BK  rate is going high ??

Message Edited by creditdream on 12-04-2007 06:37 PM

[heirophant]

Maybe a dumb a** for saying it, but I know I make as large of payments as possible because of my crappy interest rates.

[Anonymous]

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heirophant wrote:

Maybe a dumb a** for saying it, but I know I make as large of payments as possible because of my crappy interest rates.

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True but had the intrest rates started off that way, the balance probably wouldn't exist.  They jack therates when there's a balance on the card and no matter how much larger your payments are, more of it ges to the bank

[Anonymous]

Don't knowhoe this got in another htread...lol!!!

What he should have been asked was that if this is the case, why not just open the accounts with the subprime rates instead of waiting until the balances would be nearly impossible to pay off at the higher interest rates.

[Anonymous]

Actually, that statement is quite tame compared to others.

http://www.pbs.org/wgbh/pages/frontline/shows/credit/more/cement.html

A former [Citibank] loan officer testified about how she marketed the mortgages: "If someone appeared uneducated, inarticulate, was a minority, or was particularly old or young, I would try to include all the [additional costs] CitiFinancial offered."

One can only imagine what banking execs say when they believe no one is listening outside their inner circle.