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Posted by Todd Wilson on Friday, December 07, 2007 at 20:54:27 :
In Reply to: Good questions posted by David Sherman on Friday, December 07, 2007 at 17:38:02 :
Well I think citibanks troubles have a lot to do with how they do business. I'll tell on myself to show how citibank has gobbled up other credit card outfits and then turn the cards on the consumer.
Years ago I had the good ol standard Sears Charge card. The one where you can buy a ton of stuff on credit and have a peanuts amount payment every month not ever getting anything paid off. Well I had one and made the peanuts payment every month. One day my good ol sears charge card turns into a CitiBank Sears Mastercard. Suddenly I was under their terms and condtions and NOT the terms and conditions I had signed my name to with the good ol sears charge card. I suddenly went from a peanuts payment to a serious monthly payment in a matter of a month. I am talking house payment/new truck amount of payment. Fortunately I had the means to take care of this and I cut the card up and canceled the account. I wonder how many others got stabbed this way and simply could not make the payment and left citibank holding the bag. As far as I am concerned they did it to themselves and they should deal with it themselves. There were probably tons of people that couldnt make the payments and defaulted.
Todd
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