Coping with the Credit Card Thieves

April 29, 2008
by Cliff Carson

In this time of economic misery, much of the blame is directed toward the individual who winds up in economic despair. The Republican mantra is that we must learn to be responsible. This attitude lends Credit Card Companies a free pass when it becomes blame time for our National mess. But I state that the Financial Institutions are much more to blame than the sum of the individuals.

Today I received a message from Capitol One. It said there were changes imminent on my credit card all geared to raising the cost. But it says I don't have to accept the changes, the actual verbiage is: "You can choose to decline these changes and cancel your account." "To decline these changes call our automated system at 1-800-261-3718 by 5:00 PM EDT June 5, 2008." Finally it ends by stating "If you decline, you will be able to pay down your account at your existing terms".

Sounds OK, I have a choice right? Well not exactly! On the last page (Page 5) of the brochure, you are notified that the only way to opt out is call the above number. You see, this is not my first such missive from Capitol One. And I haven't had a card with Capitol for over a year.

Rewind to last year. I received a very similar notice instructing me that my interest rate was going to be raised from 6.9% to 12.9% and asking me to make a decision and call if I wanted to opt out. So I made the call. Asked if I needed to send anything in the form of a letter, etc. Wasn't necessary I was told.

Three months later my monthly statement showed that my interest rate had risen to 12.9%. I called and asked "what happened"? They told me there was "No record of my call". When I could show that I called them the rhetoric changed to they had their record for that conversation, didn't note that I had asked to opt out. No, they claimed it wasn't taped, only noted. No, they wouldn't send me a copy of their notes.

My balance was $6000+. So it wasn't chump change that was at risk. I sent them the money to immediately pay the account off. Cancelled my card. I looked upon their action as out and out thievery. But I still had to pay the accrued interest at 12.9% for the three months.

I had carried a card with Capitol One for five years. Had never been late on any payment. Had always paid more than the minimum payment, usually three times the minimum. My credit rating was excellent. I would think that I was the ideal account they were looking for. But, it wasn't just me; they got greedy with millions of cardholders. I wonder how many of those millions weren't as well off as me and found that the doubling of interest pushed them past the tipping point and drove them into bankruptcy?

When Republicans talk of individual responsibility, they don't apply this standard to large financial corporations like Capitol One. And Capitol One is just one of the big Financial institutions that drive America's economy. No, it is not irresponsible individuals who have driven the economy to its knees, it is irresponsible and greedy corporations that are the actual culprits. And they have their enablers. We call them the Congress.

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Of course , we really only have ourselves to blame. I guess the individuals irresponsibility is manifested in their failure to vote wisely. We don't have to vote for the people who are raping this country, and us, but we do. Yeah we just keep on bringing them back so they can get a few more drops of blood from the old turnip. Shame on us.

We need to elect leaders who will work for us. Is there some reason we can't have a national usury law? Well, other than the corporate whores that we call Congress, there is no reason we can't have responsible Fiscal laws to protect the consumer. Is there some reason the people can't demand - and get, a National Fiscal Responsibility Law with teeth?

I am ready to take on Capitol One. I must not be the only one that they tried to squeeze, and I daresay there are tens of thousands of people who got "stung" just like me. I would like to initiate a Class Action Law Suit against Capitol One. Any Law Firm out there who is willing to take them on, answer this Article with an E-Mail and I will be happy to share my information with you, and how about the class members? When and if I secure a Law Firm, I will publish an address where you can contact them. Or then you can send me an E-Mail and I will forward it on to any Law Firm who is willing to take the case.

Last time I checked, Capitol One had about 48 million cardholders. A law firm could initiate actual loss plus a punitive penalty of say $10 per card holder (I think a lawsuit for $480 million plus might get their attention). I did try to get a class action lawsuit going but couldn't find a law firm in my small town interested in years of investment with no guarantee of any payment at the end time. I don't need to get a nickel.

All I want to see is that Company brought down by those who have been wronged, so that we can set a precedent to use as a club against the rest of the Financial Institutions who are as corrupt as those who aid and abet them. Any Congressional office holder who is unwilling to set a usury limit of say 10% ( with no loopholes and no exceptions ) is not worthy of my vote, nor yours.

And for God's sake vote against every incumbent (there are a few exceptions) in Congress and absolutely don't return to the Executive office, the Party of the last eight years. Voting for more of the same is a shame on us.

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