This year the US government lent hundreds of billions of dollars to shore up the failing financial institutions and the banks have rewarded the largess of the American taxpayers by hiking interest rates and dropping credit balance. Most of their customers have accepted these changes with fatal resignation, however a California lawyer has refused to pay off his debt until Bank of America lowers his interest rate for the usury amount of 27%. This idea almost sounds radical, except this rebel needs to take the process to the next level of cutting up his credit cards and telling the banks that his debt needs to be adjusted to an amount prior to inflation by the bank’s hyper-interest.
I experienced a similar situation. The banks hiked my rate to 29% because I had withdrawn cash on my credit cards after losing my ATM card in Asia. My attempts to speak to anyone in charge were stonewalled by the credit department. Faced with these unreasonable monthly payments my only course of action was to take scissors to my credit cards and mail the shards back to the appropriate companies.
My credit rating must be mud, but I’m not thinking of buying a house that I can’t afford on my income. The creditors call occasionally for payment and I ask them if someone can re-adjust my debt. They tell me no and I say, “Then we have nothing to speak about.”
Click.
I just think of my non-payment as a Xmas bonus from my bank.
Thank you very much indeed.
https://www.mangozeen.com/2009/10/08/technology/abandon-ye-phones.htm