ShitiBank Lives Up To Its Name02.26.09
I honestly don’t understand why we let the concept of credit run our lives. I mean, I get it; I just don’t know why everyone has to be at the mercy of the credit card companies. Why do they get all of the power? I understand that there needs to be a way to measure whether someone is (most likely) capable of paying back the loans in cases of buying a car, a home, or getting a large loan to start a business. But why do I need to provide my credit score to get a cell phone? Or when I’m applying for a job? It’s insane to think that I could miss out on a job opportunity because I’m not good at paying off my bills on time.
There are so many rules and even if you manage to always pay your bills on time – thereby avoiding late fees and increased rates – the companies still manage to screw people over. Case in point: Mena Trott’s grandparents:
It seems that Citibank has decided to increase the interest rate on my grandparents’ one credit card – from 5.74% to 14.99%. My 88 and 85 year-old grandparents pay their bills on time, have good credit, and have been responsible with their money for eighty-eight and eighty-five years.
Classic. This company is getting bailed out by the government in order to keep credit lines going so that the economy doesn’t completely collapse, yet here they are more than doubling the rates for people who have excellent credit. As someone with excellent credit, it’s not exactly going to make me more apt to extend my debt.
The problem is that there is nothing that her grandparents can do other than cancel their credit card. They have no say in the matter despite being fiscally responsible. And if they do cancel the card, it could actually lower their credit score because they have less potential credit approved. It’s the most absurd system ever.
But, I suppose it’s better than the alternative. They could’ve raised their rates from 5.74% to one broken knee.