Comments on: Credit Card Act of 2009 Part I – Monitor Your Financial Accounts Closely

By: David Massof

David Massof — Mon, 01 Feb 2010 15:41:35 +0000

Hi Philip!
I’m probably in the pool of many common folk. I am in an Industry for the past 32 years that has as had it’s ups and downs when the economy takes a dive. But these times we are facing now and continue to face for who knows how long, is by far the worst in my life time. My standard of living continues to go south each passing month. My income has gone down each year since 2006, and unfortunately I was in a state of denial. I have used my credit cards as a safety net, and staying optimistic that times will get better. But, now they are almost all at their limits and now “all” the creditors have raised my rates and lowered my limits. I’m at that folk in the road, what to do next to get out of this mess I got into. I pay my bills on time to date, but just recently lost my job and actively looking daily for a new one. Give me advice what I should do – Go to Debt Elimination Company? I have tried negotiating with a few companies. Close the account and worked out monthly payments that I thought I could handle and they lowered my rate to 6%. But, that’s only one company out of many I owe money to.What to do???

By: simone hardy

simone hardy — Mon, 01 Feb 2010 02:46:41 +0000

TD Bank (merged with Commerce) and Commerce was already charging $15 per month for any checking account with balances below $100. I don’t know what they’re going to do now but we all better watch!

By: Maureen C.

Maureen C. — Mon, 01 Feb 2010 01:51:56 +0000

After my husband died and I lost his income, I have been trying to maintain payments on my credit card. I heard if you call them and ask if they can lower your interest rate they may work with you. When I called they not only would not lower my rate but took away my available credit.
Another card arbitrarily raised my minimum payment from $233. to $765 a month. When I called to ask why they just said their terms had changed and they sent me a letter but I did not opt out in time. I never received such a letter as I do read all my mail. They would not work with me on payment terms or let me “opt out”. What do we do if we do not have an extra $400 in our budget????

By: rasta

rasta — Sun, 31 Jan 2010 23:03:42 +0000

I only have 1 credit card and I’ve had it for 2 years. I have never been late
with a payment. Several months ago I try to talk to them to find out if the APR is going to go up and if so when. There answer to me is for me to read a booklet they said they sent to me that I never got. My APR is 3.94 right now but on Feb.1st it’s going up to 13.9. It wasn’t that high when I got it. I ask if I can close the account and keep my current APR and I’m told that I can close it but the APR will still go up. I find this out late one night when a rep. is trying to talk me into “allowing” them to continue to let my charges go beyond my limit so that they can charge me fees! PLEASE!!!!

By: Valerie

Valerie — Sun, 31 Jan 2010 18:51:08 +0000

Advanta – unethical, injust, and dishonest employees.

Advanta is into tapping phone conversations i.e. I was on cell phone with new business client and Advanta employee called back my new vendor on more than one occassion disclosing all my business. Also, Advanta is into sending out FAKE judgement notices.

Last event of unethical business practice, Nov 2009 I was told by Advanta employee to go to Consumer Credit Counseling (CCC)and I could get favorable arrangement. I went to CCC on November 2, 2009 and also told Advanta that I could not make payment Advanta requsted payment Nov 30 as my CCC plan would kick in close to end of Nov and I had unauthorized withdrawls from my account. After attending meeting and proof in hand, Advanta told me I had better submit payment by Nov 30, 2009 or I would go to colletion. I told Advanta I could pay by Dec 2, 2009 as that is when I was receiving my payroll. Advanta told me “TOO BAD SO SAD, you are going to collection status if no payment is received by Nov 30, 2009″. Advanta refused to wait 2 days and not work with me. My attorney wrote their legal dept a letter and requested a return call and request to wait the 2 days. No return phone calls. I tried to call legal department and managements office-No return phone call. I filed complaint with FTC and a manager responded in an innocent fashion claiming their desire to work with me. Advanta staff clearly lack knowledge of justice and honesty.