Tuesday, September 29, 2009

Is 'chutzpah' the right term for the woman who blasted Bank of America for "usurp(ing) the wealth of this great nation by the outright rape and pillage of middle-class Americans whose sweat and toil built it"... even though she herself doesn't have a job?

Well, as one of those middle class Americans who do have a job at which I (figuratively) sweat and toil, I don't need - or want - her coming to my defense.

Apparently Bank of America never learned that appeasing (economic) terrorists is a bad idea as they backed off hiking the woman's interest rate. Maybe they're taking their cue from the Obama Administration where appeasing terrorists is Job #1. I'm sure the suits in the Bank of America PR department figure giving in was the simplest way of defusing the situation. Unfortunately for that line of thinking, there are hundreds of thousands of people who now know that complaining can get the bank to back down.... how many thousands of newly complaining customers is Bank of America customer service representatives going to have to handle over the next few weeks? And when they back down, as I am sure they will, how many millions of dollars of lost revenue is this move going to cost Bank of America? Gee, what a perfect case of shortsighted thinking on Bank of America's part.

And let us not ignore the simple fact that if this woman hadn't run up a credit card balance and hadn't been late on a couple of payments then she wouldn't have had her rate increased. She screwed up and doesn't want to suffer the consequences of her screw up.

So all it takes is a video to get out of one's obligations. Maybe I should do a video complaining about having to pay my mortgage every month. Yeah, I know, I borrowed the money, but why should that matter?

And another peeve of mine is with 'consumer groups' who don't represent my interests. I'm a consumer and I have no problem at all with banks raising credit card fees. In fact, I applaud these moves as I - a frequent credit card user who doesn't carry a balance - would likely have to pay more than I do now - which is nothing - if credit card issuers weren't able to make their profits from users who do run up balances and only make minimal payments and run over their limit and forget to send in their check every now and then. Let's call these groups what they are: advocates for debtors.