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Posted August 25, 2009
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Watertown, New York
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Chase Bank Doubles Retired Couples Payments On Credit Cards
Thank you Jamie Dimon. And I thought you were a democrat. My mom sent me an E-Mail and explained that she and Dad would like to get my sons some clothes for back-to -school but that she just got the notice from Chase Bank that their credit card payments were going to more than double.
My parents are retired, on a fixed income and now somehow have to find a way to come up with an extra $600 a month because Chase Bank needs to get them to pay more on their loans. Americans lent this bank money to help them out from the TARP fund and this is how they thank us.
Yes, Chase has paid back the TARP loan faster than any other bank. How was that possible? By raising interest rates on credit cards and loans to all of us. Congress passed a law to reign in this criminal practice, but banks have a "Window of opportunity" to raise rates before the law went into effect and that's exactly what they did.
Congress should have written a provision that prevented this practice retroactively, but maybe it wasn't an accident that Congress left this loophole at the same time appearing to be "concerned about consumers" and in the back room negotiating a sweet deal for the likes of Mr.Dimon.
My parents credit rating is in the 800s.
Dimon, you should be ashamed.
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