Citibank are a bunch of thieves!!!!

[Prometheus]

Hot on the heels of the banking crisis, the employment crisis, and the mortgage/foreclosure crisis, the country is on the verge of experiencing a credit card crisis.

It's a particularly vicious economic circle: every day, Americans, faced with layoffs and tough economic times, are forced to use their credit cards to pay for essentials like food, housing, and medical care -- the costs of which continue to escalate. But as their debt rises, they find it harder to keep up with their payments. When they don't, banks, trying to offset losses in other areas, then turn around and hike interest rates and impose all manner of fees and penalties... all of which makes it even less likely consumers will be able to pay off their mounting debts.

And interest rates are escalating. Earlier this month, Citibank warned customers that if they miss a single payment, they could see their interest go up to 29.99 percent (so nice of them to shave off the .01 to keep it from being 30 percent, isn't it?). The company also recently raised rates by 3 percent on millions of non-payment-missing customers. Citibank is not alone

I'm am not religious but most of these people claim to be so Perhaps he should send the bankers a Bible bookmarked to Deuteronomy 23:19: "thou shalt not lend upon usury to thy brother."

For their part, the bankers have tried to cloak their behavior with corporatespeak. A Citibank spokesman called the rate hikes the result of "severe funding dislocation," and said, "Citi is repricing a group of customers in our Citi-branded consumer credit card business in the U.S. to appropriately manage these risks." An AmEx spokeswoman chalked up its rate hike to "the cost of doing business."

Making such pronouncements particularly galling is the fact that many of the banks summarily raising interest rates and piling on the penalties have received billions in bailout money. Our money. Citibank witch received $45,000,000,000 of witch it has paid nothing back, is rewarding the taxpayers for saving it by gouging the shit out of their customers. They are so greatfull to us for allowing them to continue being in business that they are bilking the shit out of everybody. This is what happens when a business no longer fears bankruptcy or failure. They no longer care how their image comes across and for some reason doesn't seem to fear competition.

A couple of examples:

*This card carries a high $50 annual fee. In addition, it charges 18.9% interest on purchases and 19.99% (that's right, 20 %) interest on cash advances, both of which are truly outrageous. Anyone with good credit can get a card with an ongoing (not introductory) rates five points lower. In addition, the charge for transgressions like exceeding one's credit limit, although pretty standard for the industry, is around $30.

*When you use this card to make purchases in foreign countries, the international MasterCard association converts the charge to US dollars and adds a 1% "currency exchange" fee. CitiBank tacks on another 2%, but doesn't do anything to earn it. All of this is hidden from you because the billing statement only shows the foreign currency amount you charged and the US dollar amount they are charging you but does not itemize the actual currency exchange rate, the MasterCard association fee, and the CitiBank fee.

Yet that money seems to have been delivered with no strings attached. Banks cash their bailout checks, then turn around and gouge their most vulnerable customers. Priceless.

One of the ironies of the credit card crisis is that the financial industry laid the foundation for much of the trouble we are seeing with its full-throated -- and deep-pocketed -- support of the cynically named Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, a truly loathsome piece of legislation that opened the door to many of the banking abuses we are witnessing. It made it much tougher for Americans to file for bankruptcy -- even the millions of hardworking Americans whose bankruptcy is the result of a serious illness (fully half of all bankruptcies are the result of crushing medical expenses). It also did nothing to rein in the kinds of lending abuses that frequently turn manageable debt into unmanageable personal financial catastrophes.

The financial industry spent $100 million lobbying to get the bill passed -- and millions more in campaign contributions. The result was a sweetheart law for the financial industry -- with 18 Senate Democrats voting for it. Thats right I said Democrats. So get off my balls about me being partisan about everything.

The banking lobbyists are at it again.

There are currently several bills in Congress designed to roll back some of the worst provisions of the 2005 legislation. In the Senate, Chris Dodd has introduced The Credit Card Accountability, Responsibility and Disclosure Act ("the Credit CARD Act"). In the House, there is Rep. Carolyn Maloney's Credit Cardholders' Bill of Rights.

The banking industry is pushing back hard. But wait, you might ask, aren't the banks broke? So where'd they get the money to lobby against credit card reform?

From us. There may not be much transparency about the hundreds of billions of taxpayer dollars doled out through the TARP program, but we know where at least some of the money has gone: into making sure that none of the Bankers Gone Wild behavior that led to the current disaster is curtailed.

In December, the Fed approved new rules that will, among other things, limit arbitrary rate increases on credit cards, cap some fees, and require the credit card companies to more clearly disclose the often confusing -- if not downright misleading -- terms customers are agreeing to. But these rules won't go into effect until July 2010.

Why would the Fed make rules that won't go into effect for a year and a half? We can't afford to wait until then.
Congress needs to tell the bankers that their Beltway credit has been denied and pass laws reforming the credit card mess -- before the credit card blaze turns into another economic conflagration.

[Hammerhead]

I don't see nothing wrong with a bank making money,
but what you posted is too much and it is only going to get worse

[MrJim]

I agree with Promo. Citibank is getting my first fucking, actually. They lowered my credit line to BELOW my balance and sent me a minimum payment of nearly $400. Fuck them. This is Texas, beyach.. they can't do shit.

[yee-haw]

I agree with Promo. Citibank is getting my first fucking, actually. They lowered my credit line to BELOW my balance and sent me a minimum payment of nearly $400. Fuck them. This is Texas, beyach.. they can't do shit.

Fuck them is right...
Bunch of bullshit!

[freakazoid]

Citibank Bailout: $300 Billion Doesn't Sound Like A Lot Anymore...

http://seekingalpha.com/article/107514-citibank-bailout-300-billion-doesn-t-sound-like-a-lot-anymore

Citi raises rates on millions of credit cards...

http://www.mix1047.com/cc-common/news/sections/newsarticle.html?feed=104668&article=5682792

...300 billion...aren't banks wonderful!

[MrJim]

All the banks can suck on my nads and choke on the pubic hair..

Here's how it goes in Texas, bitches:


They can call and bitch and write shitty letters
After I tell them to pound sand they turn the debt over to a junk debt buyer or collection agency
The agency in turn calls and bitches and sends more shitty letters
At this point, we're far past the 90 day rule
If the CA or JDB has the balls to sue, they get a judgment on NONEXEMPT property
In Texas, the house, one car per person, and nearly $70,000 personal property is exempt
In Texas, wage garnishment is illegal. All 401ks are also protected.
A creditor can get a lien on bank accounts. Mine has $40. Boo hoo.
Thus, a judgment is worthless. I can also file bankruptcy, ending all collection activity.


So all the banks can suck my nuts. I have been jobless for six months, had to pay outrageous gas and electric bills, and they can always ask for more bailouts. So suck deez nuts, banks. Suck it, swallow it, and choke on it. :cool:

[Prometheus]

All the banks can suck on my nads and choke on the pubic hair..

Here's how it goes in Texas, bitches:


They can call and bitch and write shitty letters
After I tell them to pound sand they turn the debt over to a junk debt buyer or collection agency
The agency in turn calls and bitches and sends more shitty letters
At this point, we're far past the 90 day rule
If the CA or JDB has the balls to sue, they get a judgment on NONEXEMPT property
In Texas, the house, one car per person, and nearly $70,000 personal property is exempt
In Texas, wage garnishment is illegal. All 401ks are also protected.
A creditor can get a lien on bank accounts. Mine has $40. Boo hoo.
Thus, a judgment is worthless. I can also file bankruptcy, ending all collection activity.


So all the banks can suck my nuts. I have been jobless for six months, had to pay outrageous gas and electric bills, and they can always ask for more bailouts. So suck deez nuts, banks. Suck it, swallow it, and choke on it. :cool:

Socialism for the rich, capitalism for the rest of us.... isn't it great.

[freakazoid]

All the banks can suck on my nads and choke on the pubic hair..

Here's how it goes in Texas, bitches:

They can call and bitch and write shitty letters
After I tell them to pound sand they turn the debt over to a junk debt buyer or collection agency
The agency in turn calls and bitches and sends more shitty letters
At this point, we're far past the 90 day rule
If the CA or JDB has the balls to sue, they get a judgment on NONEXEMPT property
In Texas, the house, one car per person, and nearly $70,000 personal property is exempt
In Texas, wage garnishment is illegal. All 401ks are also protected.
A creditor can get a lien on bank accounts. Mine has $40. Boo hoo.
Thus, a judgment is worthless. I can also file bankruptcy, ending all collection activity.
So all the banks can suck my nuts. I have been jobless for six months, had to pay outrageous gas and electric bills, and they can always ask for more bailouts. So suck deez nuts, banks. Suck it, swallow it, and choke on it. :cool:

RE: "* They can call and bitch and write shitty letters"

Here is how you legally stop all calls dead in their tracks.

http://www.fair-debt-collection.com/searches/stop-collection-calls.html

And, send them this letter (after receiving this legal notice to stop calling, and if they do, they are violating serious federal, i.e., jail time)...




IMMEDIATE CEASE AND DESIST ORDER

From:

Date: _____________________________________

Re.: Account number: ________________________________________________

To: __________________________________________________ ______________

Gentlemen and to whom it may concern:

I am writing in response to your constant and illegal phone calls. You are to cease any and all calls to our home phone, cell phones, business or any other of our telephones immediately. The phone numbers include, but are not limited to; 555-555-1212, 555-555-2121, all work related phone numbers and any others that you may be in possession including all those of immediate family.

Section 805(c) - Ceasing collection calls and communication of The Fair Debt Collection Practices Act (FDCPA) requires debt collectors to cease calling after being notified in writing.

Therefore, I demand that you stop calling me at home, at work, on my cell phone or at any other location as noted above. In accordance with the federal FDCPA, now that you have received this "stop calling" letter, you may only contact me by official mail and then only to inform me that you:

* Are terminating further collection efforts;
* May invoke specified remedies which are ordinarily invoked by you or your company;
* Intend to invoke a specified remedy or offer a reasonable and agreed upon remedy.

This letter of demand is NOT to be misconstrued or interpreted as a refusal to negotiate debt and remit payment to _________________________________ or their lawful agents any amount finally mutually agreed upon. To conclude so is a falsehood.

Be advised that we are fully aware of our legal rights. For instance, any future contact by you or your company CANNOT include a “demand for payment” and that you have my work location information, therefore calls made by you or your company to any 3rd party concerning myself also violates section 805(b)2 of the FDCPA.

Be advised that I am keeping accurate records of all correspondence, including tape recording of all phone calls. If you continue harassing me, I will pursue all available legal actions against you without delay which will include contacting both state and federal authorities. Legal action and remedy will include both civil and criminal litigation against you, your company and all employees involved individually.

Regards,

[MrJim]

Sounds good to me, freak, and thank you for the template.

If anyone else is in the same situation I'm in (i.e. fucked), these letters won't always stop litigation (though often it can prolong it) but they can stop harrassment in a hurry. Be sure to throw in the 'circumstances out of my control' portion which lists such hits as job loss, home repair, health problems, etc. AND make sure that it is made very clear that there are no assets available for seizure and that a judgment would be a waste of time.

Thanks again freak.

[Prometheus]

Sounds good to me, freak, and thank you for the template.

If anyone else is in the same situation I'm in (i.e. fucked), these letters won't always stop litigation (though often it can prolong it) but they can stop harrassment in a hurry. Be sure to throw in the 'circumstances out of my control' portion which lists such hits as job loss, home repair, health problems, etc. AND make sure that it is made very clear that there are no assets available for seizure and that a judgment would be a waste of time.

Thanks again freak.

Did you try to live beyond your means ?

[MrJim]

Did you try to live beyond your means ?

If you consider 'beyond your means' paying for gas, food, high electric bills, health/dental costs, and expensive home repairs, I guess you're right. I lost my job in December and my wife was out of work for a year before. Keep in mind that I did NOT max out my cards, they maxed them out for me by dropping my credit limit to at or below the balance and raising my rates to ~30%. When they get shitty, I get shitty right back. It's not about 'means', it's about survival. I was paying ALL my cards in full for years until things went to shit.

[Prometheus]

If you consider 'beyond your means' paying for gas, food, high electric bills, health/dental costs, and expensive home repairs, I guess you're right. I lost my job in December and my wife was out of work for a year before. Keep in mind that I did NOT max out my cards, they maxed them out for me by dropping my credit limit to at or below the balance and raising my rates to ~30%. When they get shitty, I get shitty right back. It's not about 'means', it's about survival. I was paying ALL my cards in full for years until things went to shit.

When did you buy your house ?

[MrJim]

When did you buy your house ?

2005. Why?

[freakazoid]

Sounds good to me, freak, and thank you for the template.

If anyone else is in the same situation I'm in (i.e. fucked), these letters won't always stop litigation (though often it can prolong it) but they can stop harrassment in a hurry. Be sure to throw in the 'circumstances out of my control' portion which lists such hits as job loss, home repair, health problems, etc. AND make sure that it is made very clear that there are no assets available for seizure and that a judgment would be a waste of time.

Thanks again freak.

You're very welcome, MJ. http://forum.bullshit.com/images/icons/icon14.gif Let me know how it goes if you use the Cease and Desist order.

[Prometheus]

2005. Why?

So you also got a house you couldn't afford and then turned around and bitched that they gave people like you credit they shouldn't have received. You are part of both the housing and credit "bubbles" yourself aren't you !?

[MrJim]

So you also got a house you couldn't afford and then turned around and bitched that they gave people like you credit they shouldn't have received. You are part of both the housing and credit "bubbles" yourself aren't you !?

Don't be so condescending. We can and always could afford our house payments. If you want a little extra info, the realtor who sold us the house covered up problems with paint and carpet, made false promises and left us with unanticipated problems. But we fixed them rather than doing what the real "bubble" people did by leaving the keys in the mailbox.

I have given you the reasons why we have struggled to make ends meet. It's unfortunate, and we have made our share of mistakes (we're only human) but the greater of two evils is definitely the banks and the way they have taken billions and rather than doing anything positive for customers, exacerbated the problem by making it next to impossible for millions of customers to repay.

[Prometheus]

Don't be so condescending. We can and always could afford our house payments. If you want a little extra info, the realtor who sold us the house covered up problems with paint and carpet, made false promises and left us with unanticipated problems. But we fixed them rather than doing what the real "bubble" people did by leaving the keys in the mailbox.

I have given you the reasons why we have struggled to make ends meet. It's unfortunate, and we have made our share of mistakes (we're only human) but the greater of two evils is definitely the banks and the way they have taken billions and rather than doing anything positive for customers, exacerbated the problem by making it next to impossible for millions of customers to repay.

I agree with you totally.The realitors that took advantage of you were doing everything you would expect from a " Profit driven" individual ."Take what you can and give nothing back". These people are from the cult of self interest, not altruism. And our scociety encourges this.Eventually the banks will own everything and we will all be working for them. And asking that question was not an attempt to be "condescending" honestly. I figured you would be sensitive about the subject but I had to ask. Sorry.

[MrJim]

I agree with you totally.The realitors that took advantage of you were doing everything you would expect from a " Profit driven" individual ."Take what you can and give nothing back". These people are from the cult of self interest, not altruism. And our scociety encourges this.Eventually the banks will own everything and we will all be working for them. And asking that question was not an attempt to be "condescending" honestly. I figured you would be sensitive about the subject but I had to ask. Sorry.

Don't be. I like debates like these. Part of your original post:


It's a particularly vicious economic circle: every day, Americans, faced with layoffs and tough economic times, are forced to use their credit cards to pay for essentials like food, housing, and medical care -- the costs of which continue to escalate. But as their debt rises, they find it harder to keep up with their payments. When they don't, banks, trying to offset losses in other areas, then turn around and hike interest rates and impose all manner of fees and penalties... all of which makes it even less likely consumers will be able to pay off their mounting debts.

That's the problem in a nutshell. But rather than sitting around bitching about it like so many do, I have put my blood and sweat into repairing our house, got my ass in school (making straight 'A's), applied everywhere possible, and should be starting a new job Monday. My wife is a schoolteacher, making DECENT money but not spectacular money. We're getting our shit together and doing everything we can.

[Prometheus]

Don't be. I like debates like these. Part of your original post:



That's the problem in a nutshell. But rather than sitting around bitching about it like so many do, I have put my blood and sweat into repairing our house, got my ass in school (making straight 'A's), applied everywhere possible, and should be starting a new job Monday. My wife is a schoolteacher, making DECENT money but not spectacular money. We're getting our shit together and doing everything we can.

I wish you the best of luck. Just try not to dislike people so quickly for looking at the long term welfare of our society rather than sacrificeing our future for short term easy money. Give them a chance to fail instead of willing them to. The same path will give us more of the same, Change is needed. By definition concervatives don't like a lot of change. Typically Its because they also have a lot of money made from the current state of affairs. If things in our society change so might their cash flow, and that means more to them than anything else in this world, the environment, their grandchildren, just about anything they will willing toss in front of the bus for more short term gain.

[MrJim]

We're all in this together, only 90% of us are the have-nots. We do everything we can to keep our lives in check, but we are at the mercy of all the corporate titans.

[General Septem]

Simple answer... don't use credit. Period. People who borrow money they can't afford to pay back knowing full well what they are getting into get no sympathy from me.

You can feed a family on literally next to nothing. There is absolutely no reason other than stupidity to have to use credit for that. People who can't get by with that are the ones who think TV dinners and other such prepackaged food are viable ways to feed a family on a budget. They suck and are a waste of money.

An indoor garden can be set up for as cheap as you want, and food can be grown all year round. Lettuce grows like a fucking weed. I have one small row of lettuce in my back yard and it grows faster than we can eat it. Fuck spending any money at all on a tasteless head of lettuce from the supermarket.

Most people don't know that you can have steak for dinner for only a buck or two per person. Chuck eye steak is the cheapest cut of meat from the cow and one of the most tender and flavorful.

Bait is fucking cheap, and fish is one of nature's perfect foods. Catch a bass and you'll feed your family tonight. No credit cards required!

Or, people can do what they always do: spend $5 per person at McDonald's, $4 a pop on TV dinners, $3 for a bag of potato chips, $4 for that low-fat mayonnaise (which costs more than the real stuff and tastes like shit, but it's got less fat so you can use twice as much), and $10 bucks on assorted sweets. And forget bulk discounts - buying in bulk costs more NOW, and even though you spend half as much in the long run, who gives a fuck about that?

Credit is not a right. Credit card companies, by law, are very clear about the penalties of not paying their money back. No complaining when that actually happens!

[Prometheus]

Simple answer... don't use credit. Period. People who borrow money they can't afford to pay back knowing full well what they are getting into get no sympathy from me.


Amen brother.... same here.:D


Credit is not a right. Credit card companies, by law, are very clear about the penalties of not paying their money back. No complaining when that actually happens!

They are pushing a line here. How does charging 29.9% witch is .1% short of illeagal useury reflect the "free market" and "competition" keeping prices low ? Especially from a company that was bailed out for shitty business practices !?

[MrJim]

Simple answer... don't use credit. Period. People who borrow money they can't afford to pay back knowing full well what they are getting into get no sympathy from me.

Actually, it's illegal to do so as well. If it can be proven that you racked up a bunch of money in a short amount of time with no intention of paying it back, that's fraud (same as stealing). Defaulting because of a streak of bad luck is a totally different story. Job losses, divorce, disability, and/or huge medical bills can turn a person's credit situation upside down. People do make bad decisions and yes that's a big part of it.

However, defaulting on a bank that is taking trillions of OUR government's (and subsequently our own) money to dangle credit cards and their shitty terms and conditions (which they can change at any time for any reason) in order to trap people in a neverending cycle of debt is not something that should demonize anyone. Shit happens. Laws protect debtors for a reason. Debtors don't need your sympathy, they need protection which the law allows.

[MrJim]

Well, I took the 'means test' that tests your income and expenses under the new bankruptcy laws. My disposable income (if I keep my new job) is -$907 a month... a little surprising seeing as I lived on half the money most of the past two years. So living within my means costs every penny minus $907 a month... yippee! :rolleyes:

P.S. Creditors can suck it.

[Paisleyspeaker]

Just a note about fishing General. Depending on where you live you can't eat the fish because of pollution. And living where you do I would do research before eating anything you catch. GE dumped PCBs all over upstate NY and where I used to live in Mass. When I was pregnant with Zoe the OB gave me a list of all the different fish I was not allowed to eat and in basically contained all the fish in Mass waters.