The TEN DOLLAR CHASE BANK CREDIT CARD PAYMENT PROTEST CHALLENGE by MIDDLE CLASS AMERICAN JOE.
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Saturday, July 18, 2009
Monday, July 6, 2009
Chase Bank Protest Explained, why the 2% to 5% monthly minimum payment increase is just so wrong.
One columnist mistakenly suggested that credit card debtors "Start paying off cards with the highest balance first". What they probably meant to say was, "pay off cards with the highest interest rate first."
Chase bank is forcing two million customers with low interest, life of the loan credit card debt to pay an additional 150% each month above and beyond what they are already paying. If the customer cannot afford the higher payment, they lose their low interest rate.
If the customer does make the higher payment, it just means they can't pay down their higher rate interest cards as quickly, causing their outstanding high interest rate debts to increase faster than the paying down of their lower interest rate cards with the 5% monthly minimum payment requirement.
What makes Chase Bank's accelerated paydown mandate that will affect over 2 million of their most loyal, never late paying credit card customers so calamitous is it will cause total loss in savings each and every month of between 100 to 500 million dollars! EVERY MONTH!
Chase Bank has been trying to spin their consumer credit card bait and switch swindle as tough love when it is nothing more than paper violence that we are told is being done for our own good.
Additionally, Chase Bank makes their banking competition look bad as they jump to the front of the line and grab a significantly bigger piece of less available consumer spending money that was meant for the entire credit card industry, not just Chase Bank.
Please fight back, this may be one of the biggest economic swindles ever perpetrated in modern times and it is being done in such an open and arrogant manner by a group of Chase Bank executive board members who are so out of touch that the president of Chase Bank told fourth graders they could earn 10% on a savings account even as Chase Bank robs their parents to the tune of .01 percent earnings on their savings account.
Please join the Chase Bank protest, if Chase Bank succeeds in their misguided yet lethal attempt to raise monthly minimum payment on over 2 million of their on time, never late customers, the other banks will follow.
What makes Chase Bank's plan so evil is they are not even allowing an OPT OUT option, something banks almost always allow.
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