Four page letter from Bank of America yesterday.

[Paper Roses]

I have to sit down again and try to further decipher what it is telling me. From all that I read, I think they said they are in control of everything, can do anything they want, I'm a sitting duck.

Nowhere in the letter did it state what my interest rate will be. It suggested I note it on my next bill. The implication was that I should anticipate change. Since I now have 9.9%, I guess that will be out the window. I never had a late payment, always paid more than required, never went over my limit. Actually, many months ago, I called and asked them to change the foolish $27,000 limit down to a logical number. I remember through the years, we would get letters from bank stating that, because of our excellent history, they are upping our limits.

My threats of paying the balance off would fall on deaf ears. They have no need of me. Unfortunately I don't have the option of coming up with the extra funds right now. A little thing like "unemployed" is in the way.

I don't charge much, the balance I have is a result of a trip my husband and I took just before he died. I paid off his credit card but am still paying mine.

My local bank is aware of my situation. They will give me a personal loan at 12% to pay off the BofA bill and have issued me one of their cards because I must have one just in case.

Remember the days when you got tons of letters from banks all over the place with offers of low interest..., they value us..., because you have been such a great customer...etc?

I think at the time, we probably believed it.

[geckosfeet]

1. When you can extract yourself from their claws, move to a local credit union.

[SmileyRose]

2. I got it too, I read and it's actually positive! *shock*

They are telling you the exact date the new laws take effect and what your rights are under the new laws. They can't jack up the rate on your existing balance after that date, but they can change your rate on new purchases for basically any reason.

You have to go over 60 days before they can jack up your rate for missing a payment - but they can charge you a late fee. They can't charge you an over limit fee but they can decline the purchase.

There is no more universal default.

[Paper Roses]

3. Two of the points addressed in the letter are what concern me the most.

The various changes in the law and operation of CC companies will apply to some cardholders more than others.

Jacking up the rate on my existing balance at my next bill, and the higher rate on new purchases after the change in law takes effect are of most concern to me. I suppose these same two facets are of greatest concern to most, no matter what the other changes are.

[GoCubsGo]

4. I got that letter, too.

I have an astronomical credit limit, as well. They keep raising it, even though I rarely put anything on the card. When I do, I pay it off at the end of the month. I didn't chose to get a card with B of A. It was with some other bank that was bought out at least twice since I opened the account. Meanwhile, after I got laid off, I opened a checking account with them because I thought I might be moving. I wanted something portable, which my credit union is not. They gave me another card! I closed that one. I didn't ask for it, and I didn't need it.

As for "falling on deaf ears", these assholes keep calling me trying to hawk shit like home warranties. I asked them not to contact me unless there is an issue with the account. Yet, the calls keep coming--from multiple sources. I have caller ID, so I no longer answer. As soon as my situation stabilizes, I am cutting all ties with them. I've had it!

And, those days getting tons of letters from banks with low interest are starting to come back. I got two letters in the past two weeks from Chase Bank offering me a credit card. Thanks, but no thanks.