Chris sitting in for Rachel just had a segment

[socialist_n_TN]

on "strategic defaulters". I swear the one thing that the capitalists fear the MOST is people who stop giving them money. If it gets bad enough, "DEBT STRIKE". Don't pay the mortgage, don't pay the credit cards, don't pay installment loans. Perhaps it's not time yet, but that WILL be the way to hurt them most when the time comes.

[MadMaddie]

1. It's not like these companies are doing the consumers

any favors. Even their good customers are getting screwed.

[dawgman]

2. my chase card jumped to 29.99% for no

reason. Never been late or over...just sent me a note telling me that the new rate was 29.99...I thought there were laws against usury rates.

[WhiteTara]

3. after eight years of *, there are few laws that weren't

shredded. Usury is just alright with the pubies.

[Warpy]

4. There are no usury laws any more

which is why we have predatory lenders in store fronts in poor neighborhoods charging 300% with the approval of the law.

If your credit card rate jumped that high, call them, cancel the damn card, and get that rate lowered. You should be able to negotiate. Then pay that puppy off.

I've lived without credit cards since 1991. It can be done and done well.

[socialist_n_TN]

6. Better yet, when it starts getting bad and the

Debt Strike looks like it's imminent, charge that fucker up to the max and default on it. Think about it. What are they going to do if several million people stop paying for the shit they've borrowed? Take us ALL to court? Fine then, bankrupt. It would take forever for it all to get through the courts.

I'm telling you, that's what they're MOST afraid of. Not getting their money.

[dawgman]

7. I don't have a balance on it.

Which is what makes it even more inexplicable.

[Warpy]

8. You need to call them and demand and explanation

and cancel that puppy if you can't get them to be reasonable. It's not even worth keeping around for emergencies. You can get better terms at a bank or credit union and almost as quickly.

They might be trying to cut you loose in favor of the "good customer" they can keep in debt forever. You represent paperwork costs.

[valerief]

5. I think there are…in civilized countries. BTW, mine went up to 25% for no reason.

Well, I think the actual reason was that I didn't maintain a steady big balance for them to collect interest off.