THE POWER OF CLOSURE

Today I closed two of my credit card accounts.  What a great feeling!  The one was paid off anyways and the other pulled the old lowering the credit line trick.  My credit line wasn’t that high to begin with, so it won’t be a major loss.  I have slowly been paying off cards and will close all but ones I deem critical.  Of course, one of those would be my Lowe’s card.

I would rather spend two hours in Lowe’s than go clothes shopping.  But I digress, back to the credit card company that lowered my credit line.  The form letter gave me a couple of reasons, none of which had to do with my relationship with them.  I have never been late on a payment, and I have always paid more than the minimum.

When I contacted the company to close the account, I was asked the obligatory question “why.”  I responded that I felt the company was being unfair, that I had always paid on time, and that I had always paid more than the minimum payment.  The response was that the “government” is encouraging credit card companies to lower limits (among other tactics) so that the “poor consumer” won’t overextend himself or herself.   Kind of like closing the barn door after the horse is out.

What a crock – the difference in limits was only $400, not exactly an amount that would allow me to overextend myself.  Then to top it off, I got an email today which warned me that I was approaching my credit limit – yeh -duh – that would be because you lowered it to just above my balance.

I did take the opportunity though to order my credit history since I was entitled to do so pursuant to the letter reducing my credit line.  Although I get the three free reports each year in March, I wanted to make sure something hadn’t unexpectedly popped up.   I received that today, and I was happy to see that everything was fine.

But closure when it comes to credit cards is wonderful feeling.   I can’t wait until the new credit card rules go into force in July 2010.  I still haven’t bought into the notion that credit card companies should be free of usury constraints.  Perhaps now that we will have a president who believes in helping those other than the George Bush “haves and have mores”, he will take on the credit card industry and its exorbitant interest rates, arbitrary practices, and, in general, ripping off of its cardholders.

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About Charlotte A. Weybright

I own a home in the historical West Central Neighborhood of Fort Wayne, Indiana. I have four grown sons and nine grandchildren - four grandsons and five granddaughters. I love to work on my home, and I enjoy crafts of all types. But, most of all, I enjoy being involved in political and community issues.
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3 Responses to THE POWER OF CLOSURE

  1. lastpersonleft says:

    I found your piece to be right on the mark. I, for one, am outraged at this type of corporate hijacking. The financial sector is simply out of control with its malfeasance. The lack of any oversight just compounds matters.
    I read some of your archived material and must tell you that your blog is very well written and great to read. I have put you on my blogroll.
    Keep up the nice work! I look forward to reading more of your pieces.
    LPL

  2. Hi Last Person:

    Thanks for visiting my blog and adding it to your blog roll. I found your blog and have added it to my blog roll also.

    I like your straight and to the point articles. I found the one about the jerks who want to go to a football game amazing.

  3. Don Wheeler says:

    My wife and I have been restructing our debt from unsecured to secured debt. (Unsecured was cheaper for a while). We paid off a Bank of America Visa, got the bill for accrued interest and paid that.

    Later we got a bill for $29.00 labled “finance charge”. The post date was ten days after the account was zeroed out.

    When I called to inquire, there was brief pause, then the person who answered announced that the charge was being reversed. No apology, no explanation… It seems as if they just wanted to see if they could get away with it.

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