[Rhodes22-list] for your consideration - credit cards

[Herb Parsons]

Robert, why not just send them their card back, in pieces. That's the 
best option when you don't like the way a company is doing business...

Robert Skinner wrote:
> Something more for consideration:
>
> I have been using a Bank of America credit card for 
> 20 years, and have always paid by bill on time.  I 
> used to have 25 days to pay the bill.  They have 
> made a hell of a lot of money from me - about 5% of 
> everything that I have bought over that time.  But 
> now that is not enough for them.
>
> Recently they have tightened up their terms to 20 
> days.  In addition, they now take their own sweet 
> time after the closing date getting the statements 
> into the mail.  The net result is that I have only 
> a couple of days to get off a check.  If I plan to 
> get out of town for a couple of weeks, I have to 
> get or calculate a balance and pay in advance.
>
> The alternative is a shower of fees and interest 
> charges, which have been increased as the grace 
> period has been reduced.  So far I have dealt with 
> it without getting bitten.
>
> I checked, and Chase bank and Discover have also 
> changed their terms in an identical way.  It is 
> clear that allowing Bank of America to buy out the 
> small local banks and their credit card 
> competitors has materially reduced competition and 
> effectively eliminated consumer options.  They 
> provide a cover for the minnows to hide under.
>
> The effect, if not the intention, is to game the 
> customer into paying late.  I fully anticipate 
> that the pay period will be shortened to 15 days 
> in the next 5 years, forcing customers to allow 
> them to draft a bank account or be late.
>
> Why not use debit cards?
>
> The Hannaford security breach exposed tens of 
> thousands of customers bank accounts to raiding, 
> and thousands had to cancel their debit cards 
> and/or bank accounts.  Electronic communications 
> are not by any means secure, and a debit card 
> breach (by law) is not immediately communicated 
> to the customer.  It took Hannaford 3 months to 
> 'fess up.  When the money is already gone from 
> your account, it is up to you to scramble to get 
> it back -- eventually -- while checks bounce like 
> Ping-Pong balls and your credit is ruined.
>
> Rik, it is not quite so simple as who pays 
> interest and who collects it.  We have allowed 
> the consolidation of financial power to the point 
> where the average guy has few options if he has a 
> run of bad luck.  The walls cave in.
>
> While some are concerned that we might tax them 
> for the benefit of others, it is increasingly 
> obvious that the corporations are being given 
> relatively unfettered license to farm the populace 
> for their own benefit.
>
> There is something wrong here.
>
> And, by the way, my home is paid for.
>
> /Robert
>
> -----------------------------------------------------
> Rik Sandberg wrote:
>   
>> John,
>>
>> Glad you liked my quote, but you may have misinterpreted the message.
>>
>> Actually, it is not supposed to be a slam on bankers as much as a wakeup
>> call to folks who can't seem to buy anything without paying for it on
>> time + interest. The bottom line cost seems to never be considered
>> anymore, only the monthly payment. Compound interest is a beautiful
>> thing when it's working in your favor, but a tough adversary when it's
>> working against you.
>>
>> One's "home" isn't HIS home until he's paid for it.
>>
>> Take good care,
>> Rik
>>
>> "Is this gonna' put me in a bad mood? 'Cause I'm not usually this pleasant".... Rik Sandberg
>>
>> Chris Geankoplis wrote:
>>     
>>> Thanks John!
>>> Chris G
>>> ----- Original Message -----
>>> From: "John Shulick" <jsbudda at verizon.net>
>>> To: <rhodes22-list at rhodes22.org>
>>> Sent: Saturday, May 17, 2008 9:56 PM
>>> Subject: Re: [Rhodes22-list] for your consideration
>>>
>>>
>>>
>>>       
>>>> <
>>>> "There's a reason why bankers drive Cadillacs and the rest of us drive
>>>> Chevies. Bankers collect interest,... The rest of us pay it" .... Rik
>>>> Sandberg
>>>>
>>>> "all through this world I've traveled I've met lots of funny men some rob
>>>> you with a six gun others
>>>>  with a fountain pen and through this world I've rambled and through this
>>>> world I've roamed you never seen an outlaw drive a family from there home.
>>>>         
>>>> "Arlo Guthrie.  A fine comment giving the credit crisis we face as a
>>>>
>>>>         
>>> nation.
>>>
>>>       
>>>>                           JOHN Shulick
>>>>                                Pgh. Pa.
>>>>
>>>>
>>>> --
>>>> View this message in context:
>>>>
>>>>         
>>> http://www.nabble.com/Harmony-at-Mackey%27s-Marina-tp17251619p17299273.html
>>>
>>>       
>>>> Sent from the Rhodes 22 mailing list archive at Nabble.com.
>>>>
>>>> __________________________________________________
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>>>>
>>>>
>>>>         
>>> __________________________________________________
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>>>       
>> __________________________________________________
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>
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