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hey rusty-how can the credit companies change the amount of credit you
ReplyDeletepay ?
Dear sjc9991,
ReplyDeleteThis happens with credit card companies often. Did you ever read all the fine print in that little brochure they give you called terms of agreement. Unfortunately most people don't. It was written by their lawyers and it gives them the rights to do almost anything they want to control your account. One is called "universal default" and if you default on that card or any other account on your credit report they have the right to change your credit terms including limits and interest rate. They do this to mitigate their risk, if they think your financial situation is slipping they basically want to create the condition that you will no longer want to use their card. Credit card debt is unsecured so if you can't pay they lose. The government also has reduced credit regulation over the last 15 years and this has given the credit card companies leeway to do many unsavory things to consumers.
How do I get those harrassing calls from the crediters to stop. I told them I don't have a job and I can't pay them, But they are threatening to throw me in debtors prison if I don't borrow the money from friends or family to pay them!
ReplyDeleteAh, don't you just love collectors.....Do not talk to collectors on the phone. When they call ask them to give you their name and the company they work for. After that tell them not to call you or anyone else relating to this debt. Tell them any further correspondence should be done in writing and sent to your mailing address. NEVER admit that you owe them anything. When you get a collection letter from them in the mail, return mail a "cease and desist" letter and under the Fair Debt Collection Practices Act they should stop all contact.
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