I agree also! It seems as if the credit card companies would be interested in helping out by lowering interest rates and avoiding credit card default, but the exact opposite is the case. If you call and ask them for an adjustment in your payment, you will get flagged as a risk and they could either jack up your interest even further, reduce your credit line, or both! So be VERY careful about asking for any help like this.<quoted text>
I would have to agree with you. Everyone is tight. But Citigroup is especially nasty. I called with help for my credit card interest.(my payment is only $76 a month, but $50 is interest). I purchased furniture last year when I had a good 40k plus job. Then I lost my job and found another one, albeit at a lot less than I was making, but it was a job. I called asking for help in lowering the 25% interest rate (I expected initially to pay it off very quickly) and got ****. My husband also lost a job and found a new one, but we're struggling like everyone else. I am paying my bills, but barely and just wanted a little help on the interest rate and basically got told to **** off, even after they got money from the government.
The credit card companies justify this by saying that with all the bad money out there, they have to protect whatever assets they have left by tightening their standards. It's an intuitive reaction that will make the problem even worse.
I say that if the creidt card companies are taking advantage of any TARP funds, they should be required to help those that are struggling. If the taxpayers are bailing them out, then the taxpayer should get some relief.