January 06, 2010
Unclear On The Concept
NP: Pandora (Myxomitosis station)
I just read about some guy who was on TV talking about how he's not paying his credit card bill to "protest" Bank of America's 28 percent interest rate. Wouldn't a proper protest be -- oh, I don't know -- NOT USING YOUR CREDIT CARD? All this says is that you need the service, but don't like the cost. It also sounds like the "music just wants to be free" crowd that popularized Napster ten years ago has grown up and gotten real jobs, but still feel that same sense of entitlement.
Which isn't to say the banks are being reasonable, just that fighting stupid with more stupid is, well, stupid.
Comments
Or maybe, like me, this guy charged stuff when he had an interest rate at, say in my case, 7.99%, then after the balance was accumulated, and after Congress passed a law saying that CC companies could no longer raise the interest rate on previous balances of accounts in good standing, but prior to the actual date that the law went into affect, the company jacked the rate up to 28%.
Given this probable set of events (in my case the rate went to 14%; not as bad as 28%, but the point remains), then I think your point is misplaced.
Unless, of course, the 28% rate is because his account is *not* in good standing (missed payment, etc).
I suppose, but your explanation doesn't come with a self-righteous rant, so what good is that?
All of this seems entirely hypothetical to me, as I so rarely carry a balance on my credit cards.
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