Excuse me while I vent a bit ----     

I own a mortgage company. I understand how to manage credit. I understand how to maintain a good credit score. I now understand and realize that credit card companies should anticipate and deserve an unprecedented number of defaults, the most in the history of credit cards. let me take a minute an explain......

I feel that I utilize my available credit as good as anyone out there. When cash flow is low, I access my available credit. When my revenue increases and cash becomes available, I pay off my credit in full. I have two business bank accouns with B of A. I have a two personal checking accounts with B of A. I have two credit cards with B of A, with a very high credit limit I may add. I also have a savings account and a horse trailer loan with them. I always pay on time!

I open my new bill today. What I saw hit me so hard I almost fell to the ground. I expected a larger than usual balance as I elected to pay a large bill with my credit card instead of using cash or getting a loan. I did not expect to see what i saw...

My company was having an exceptional month and I knew I would pay this bill in full. This is how my account reads.

Total credit line - $35,000

New Balance Total - $9,196

Periodic Finance Charges - $225

Adjustments - $99

Transaction Fee - $10

minimum payment due - $353

annual percentage rate for this billing period - 31.12%

 I call B of A customer service. After being on hold for 25 minutes due to heavy call volume the phone gets answered by someone who sounds like a robot! How can I help you. Yes sir I say, asking him to pull up my account. After drilling me with 50,000 questions he says go ahead. I proceed to tell him I have been a B of A customer for over 15 years, well before if was B of A or even before it was Nations Bank. The robot said I am calling the credit card department and he didn't care how many accounts I had with the bank. I was simply attempting to advise him that I am a long time customer with multiple accounts, both business and personal. He did not care. I attempted to explain my case and he just kept interupting me. I asked him why my interest rate was over 31% and he said I was in default on my payment. Listen up people - I was 5 days past the due date!!!!!

Sure I understand the small print. I understood the promotional rate I was granbted 15 years ago when I accepted the card. I understood all the BS that he was reading from his canned script that was in front of him. I simply tried to maintain the fact I was a B of A customer forever and I had multiple accounts. He did not want to hear it. i asked to speak to his supervisor and he told me no. I told him if they kept me on the 31% rate I would never be able to pay it off and I would just let the account default. He told hme that was certainly my perogitive. Where si the customer service? Where is the compassion? 31% - That is what third world countries charge. That is more than hard money lenders charge. That is in excess of what loan sharks charge!!!!

The fact of the matter is I will pay this account off in full and never use them again. I plan on pulling every account i have from B of A and not looking back. But let me ask you this - What if I couldn't pay this account like so many Americans can't? Do the math. When you add the interest and fees up and elect to pay the minimum payment like many Americans are forced to do, the balance goes up every month. When the balance goes up every month, and you are over your credit line, the payment goes up every month. These credit card companies are setting us citizens up for failure! And you know what, they don't give a damn.

Here's another quick story on B of A. I opened a checking account with B of A for my 17 year old son. They issued him a check card. Very cool. My kid calls up and needs a few bucks, I go online and transfer funds into his account. I look at the bill this month. Even though he had a zero balance, the bank approved a transaction for a five dollar meal at Chik Fil A. $5 for the meal + $34 for over the limit fee. He now has a negative balance and goes to the gas station. $10 gas and another $34 over the limit fee. I ask the bank how could you approve these charges to a card that has no available funds. They replied - they do it as a service to their better clients.

And the government claims mortgage brokers are the cause of the financial mess we are in............