Banks now reserve right to FORCE you to default on your card balances.

[dixiegrrrrl]

As of Feb. 22, Chase added this to its tiny print:

IF
The bank believes you will be either unwilling or unable to pay because of "information they receive"
(like, for instance, because your credit report discloses you didn't pay someone else?)

The bank can immediately close your account without notice AND DEMAND YOU PAY THE ENTIRE BALANCE ON THE ACCOUNT IMMEDIATELY.


Oh, and when you can't (because you thought you had time to pay) you are then in default again for not paying "on time" and they can sue and add attorneys fees and costs.

This is from Denninger, here is link for more, the story is halfway down, under title
of Universal Default Disappearing.

http://market-ticker.denninger.net/

[jwirr]

1. And then I just stop paying and move my belongings which fit in one

room to the cell in the debtors prison. If they want people walking away from their debts like they are their homes then they can just take advantage of that law.

[stray cat]

2. If I knew someone owed me money and they didn't pay someone else they owed i'd do the same

[flyarm]

3. The squeeze is coming to kill the middle class in every which way! Fasten your seatbelt! eom

[Better Today]

4. So they can't alter your interest rate because you fail to pay someone

else, but they can close your account and demand payment? WTF? No matter how hard "we" try, they always find a way around the rules and laws that are set in place. Why bother with any rules anymore if there's always a loophole?

[Mithreal]

7. We played nice with them for too long.

[roamer65]

5. A judge would rule against it.

It will get challenged if they try this nonsense.

[upi402]

6. But an activist conservative judge

would be shaking one hand under his robe before he ruled. A real judge yes, but look what happened to the former Supreme Court - and it's the 3rd branch supposed to check radical actions of the rabbel's choices in elections. Now the SCOTUS is a boil on the face of democracy.

[Mithreal]

8. Yeah, lawyers everywhere are lining up to take them on.

And if you had money enough for a lawyer long enough to win, you probably wouldn't have been in that place to begin with.

[Mira]

9. One way or another

they're gonna get you -get you - get you.
If there isn't already a side door to do it they will cut one. I have one credit card and pay it off each month, it was not easy to get out of debt, but critically important. I want them to be at my mercy, not the other way around, because they don't have any when my chips are down.

recommended

[CanonRay]

10. Are they trying to start a revolt?

I feel like the Czar is meeting with his economic minister in pre-Soviet Russia, trying to figure out how to squeeze the peasants.

[Statistical]

11. Under credit card reform act when account is closed CC needs to provide 5 years for repayment.

So yeah they can close your account and then calculate a payment that will pay debt off in 5 years (60 payments) under the old non-default rate. If you can't pay off your debt in 5 years likely you have way to much CC debt.

Then again it wouldn't surprise me if either
a) Banks "outsmarted" = "out eviled" Congress
b) Banks try anyways until they get sued.

[Statistical]

12. Looks like the banks did "out evil" Congress....

The 5 year rule only applies if you close the account.

[dixiegrrrrl]

13. So lemme get this straight..

The banks can claim all your CC card balance is due NOW, this minute, then close your account,
leaving you to pay them off plus the monthly fees for late payment every month,
plus the interest every month,
but NO 5 year rule because THEY decided to close your account?

Wow....that should terrify anyone with a balance who has ANY credit issues right now.

[Statistical]

14. Yeah. I am no lawyer but I looked at the CC bill and ...

that would be seem to be allowed.

Even worse once they demand payment and you can't pay it in full they can transfer the account to collection so it will show up on your credit report as
a) the CC account - closed for non-payment
b) a new collections account

with your CC account now closed and a default account in collections interest rates, fees, and penalties can be raised to the state max.

Congress is like peewee football vs NFL when it comes to the banks.

[clixtox]

15. Only in a fascist state could this be allowed!

Only in a fascist state could the government go to war to steal other countries resources like we are doing, and the German Nazi's, the Japanese and the original Fascists in Italy did last century.

As did the USA in Vietnam and elsewhere.

That is the cold, hard truth.

Look at how "Health Care reform" is working out!

Mandatory health insurance purchased from basically greed driven criminal enterprises.

What do you think?

It can't happen here because it already has.

The USA and the state's governments are no longer by and for the people.

Not by a long shot!

[dixiegrrrrl]

16. OUR government has been stealing from other countries

for almost 200 years, and has been hand in glove with like minded,
like acting countries for almost as long.
The problem NOW is our government has decided to openly treat its own citizens in the same manner as everyone else.

there's the rub.