Here's what we've been talking about: The credit card companies putting the screws to American consumers before the reforms go into effect in February.
Today, we received one of those "Changes to Your Account" notices - this time for a credit company which specializes in medical and dental care, which makes it even more insidious. First, the purchase requirements:
So the new changes apply to "Transactions made on or after the Effective Date."
Coincidentally, they also apply to "Transactions made before Effective Date."
Gee, that's fair. Everything I purchased under the old agreement now falls into the new agreement's new APR. And what would that be? The 11.99% we WERE paying? Yeah, right.
There it is. Loan shark rates. 29.99%. Not quite 30%, I know, but close enough.
The fucking audacity. Close to $20k in necessary dental work we both needed (and that's AFTER insurance), and they pull the rug out from under us by almost tripling the APR.
Oh, but we do have an opt-out option. We can refuse these new rates...BUT...
Some "right to reject," huh? We can reject it, but that would close the account. And as we've said time and time again, closing credit accounts knocks your credit score down substantially.
Folks, we're working our asses off to be fiscally responsible, but sometimes unexpected costs happen. And these animals...these bottom-feeders...these greedy bastards are making one last goal-line stand to screw us for every dollar they can.
If I don't opt out and close the account, this will never get paid off - so I have to take the credit score hit.
This is what we're up against - right there in black and white. We're screwed. The so-called credit card reform bill has been rendered totally and completely useless. They foolishly trusted these monsters to do the right thing - and all they want to do is kick us viciously in the collective balls.
I wish there was something this White House can do...but with Joe Biden in there, proud former senator of Delaware, the credit card capitol of the nation, I'm not going to hold my breath.
And before our conservative readers rejoice at my saying that, let me make it clear that this is the result of your beloved free market deregulated marketplace that has no government (or any) oversight. Pure unmitigated chaos - THAT is the "libertarian" cornerstone you so dearly embrace, and it's been in place long before this administration took office. We're seeing the fruits of your free market myth, your "libertarianism," and they're all rotten to the core.
The good news out of all this is eventually we'll get our financial house in order. We'll pay all this bullshit off one way or another. And once we do, we'll remember all those who fucked us over when we needed them most.
Their shortsightedness will come back to kill them. My only regret is that it won't come soon enough.
We welcome your suggestions. We've run out of ideas.