The biggest threat to millions of americans may just be the change in terms to ALREADY EXISTING CREDIT CARD DEBT! Chase Bank has basically decided that they can rework any credit card agreement that they previously offered to their customers at any time, and do it to the severe detriment and hardship of their customrs.
Rather than give an incentive in exchange for changing credit card terms, Chase is actually punishing its customers with their change in term proposals.
Daily-Protest.com has additional stories about credit card companies abusing their best customers. Daily-Protest will also feature any blog that reports on anyone protesting Chase Bank.
But the problem is not just Chase. If Chase gets away with chasing down their past credit card offers and changing them in a manner that will cause tens of thousands of americans to default so Chase can close out less profitable accounts, other credit card companies will be pressured to do the same thing.
If Chase succeeds, other Credit Card Companies WILL FOLLOW.
CitiBank is allegedly about to do the same thing as Chase.
So just what did Chase do? First, Chase offered low interest balance transfers to blue collar, honest, always pay on time customers. Chase and other credit card companies enticed their customers to pay off higher interest debt by offering them low interest balance transfer loans FOR THE LIFE OF THE LOAN. Yes, these magical, 3.99 and 5.99 percent loans were to help the consumer pay off higher interest debt specifically because of a consumers excellent credit history.
Presently, all the attention seems to be on those with negative equity and those behind on their mortgages. I have no problem helping those that badly off to try and get by, but to do it on the backs of the middle class that have been diligently paying down these low interest credit card offers is just outrageous, especially when the middle class cannot afford these changes.
DAILY-PROTEST.com is a network of protest blogs that will be peacefully protesting directly in front of Chase Banks across the nation. There is no money or support being offered. That can surely be found right in your community among those that are about to lose their credit ratings due to the credit card companies mishandling of this situation.