How do we intend to lead the lending industry? By example. The ad was directed toward the housing market. It said in part:
following responsible home lending practices to the forefront on four industry. To help customers make clear and informed decisions, so they can choose the home loan that’s right for them. In addition, through the U.S. Treasury Department’s Making Home Affordable, we’re actively working to bring relief to homeowners who’ve lost equity in their homes, are unable to refinance because of decreasing home values, or are having difficulty making their mortgages payments.
The price for this is the reassessing of the interest rates (that’s the term Bank of America uses “reassessing”) they are charging credit card holders. I still maintain one of the reasons for this “reassessing” what normal people call raising the interest rate is to be ahead of any Congressional regulation on the subject. It’s also a nice way to make a whole lot of money.
You notice there was no full page add saying to credit card customers if you are a customer in good standing, have always paid you bill on time and never gone over your limit our reward to you is to increase your rate by at least 50%. In a couple of reports I saw on the news the rate increase was even higher than that. There should be some sort of protection for consumers from this especially in difficult economic times. There is no logical reason except to make money that Bank of America would raise rates like this. Hopefully there will be hearing in Congress on this and some much needed daylight will be shed on this practice.
I for one don’t plan to stop talking about it anytime soon.
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