Originally posted by: MichaelD
I have not read this entire thread; and I'm not going to do so. I will simply post my thoughts.
This is the way that banking in America is going these days. ALL smaller banks are being bought up by BOA/Chase/Citibank.
How was I affected by this? I'll tell you. This problem didn't start today; it started 6 or so months ago.
I used to have too many credit cards. Various banks held them. Suddenly, my interest rates doubled (in the worst case, to 33%) with no explanation! :Q
When I contacted the new holders of my chit, I was told, and I quote:
XYZ Bank now holds your account, and we reserve the right to raise your rate to whatever our standards legally allow us to.
I.E. "Whatever the fck we feel like, sucka!" :|
So, I cashed in my savings (unfortunately) and closed 5 of my 7 CC's. I must say that I'm much better off now. Finances in the USA are going to shiiit, people. If you owe nothing out, count yourself amongst the lucky.
If you owe out, pay it off NOW.
ps
Before you 22-year old, EE's paid for w/Mom & Dad's money tell me how I should've planned for the future start telling me about "investment strategy"....
When you've been on your OWN for almost 20 years, pay child support and support yourself entirely, and have lived thru that, THEN you can speak.