Re: Lower Card Interest Rates Coming Roun' de Mountain?

Posted by Keyser Soze (152.163.189.170) on April 16, 2003 at 23:23:55:

In Reply to: Re: Lower Card Interest Rates Coming Roun' de Mountain? posted by Monica in Colorado on April 16, 2003 at 22:21:51:

Dear Monica in Colorado, and friends everywhere,

Thank you for writing back with your important corollary. Yes indeed, they raise rates after you've accrued the debt due to your 'risky' status. An old friend now practicing legitimate law was at one time a consigliere to the bancard 'industry'.
As this person tells it, after a while it was just sickening listening to a bunch of crafty morons in medium-priced suits huddling around a table gloating about the newest trick to 'get the dumb fish to jump' at their latest credit card pitch. These 'bankers' built in plenty of high interest, late fees, over-limit fees to compensate many times beyond the worst projected losses.
One of their twisted little projective ploys was indeed to jack the rates of 'risky' customers. As with so much of what these money mullahs do,it's legit gambling. If a borrower is abit shaky, raise his rates and get as much money up front as you can. Then when he defaults, at least you've taken anything you can git and the rest you write off as a 'loss' - hee hee - all the while whining to congress about the evil bad nogoodnik credit card deadbeats. Hey, these slobs love it when cardholders default, they love it when they pay. Either way, they make money. Absolutely on point with this, Monica, there is no bottom to their permanently swollen stomachs.
This former bancard lawyer,prior to going clean, also interviewed with one, count 'em, one, collection law firm. The interview was most upbeat, the job was there for the taking, this lawyer declined the generous offer. Reasoning? Daily clean-up would consume valuable time, given that even the interview left one feeling in dire need of a shower, one's clothes in need of either steam cleaning or just plain burn 'n burial.
Such is the nature of these nice folks who raise rates on 'risky' borrowers. As if banks take risks. Right.

Yours in risk,

Keyser Soze

"What's the point of being a deadbeat, if you
can't have a little fun with it?"
- paraphrase of John Nash,
"A Beautiful Mind"

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