Chase bank, one of the three or four largest credit card banks in the country, has seemingly been on a mission to screw its cardholders recently. First, it raised its default APR 5% to 32.4%. Now, Chase has decided to continue billing overlimit fees on accounts more htan 180 days past due.
Previously, Chase extended amnesty of sorts to such delinquent accounts, on the grounds that such cardholders were having enough trouble repaying their cards anyway. Why make it even more difficult by charging them a $39 late fee and a $39 overlimit fee every month? We have our theories, which start with this: an account 180 days past due is already destined for collections. The more the amount to be collected, the more the account sells to a debt buyer for. Might as well jack up the amount due and get more back from the debt buying industry, right?
Right, and give debt collectors even more incentive to abuse debtors.
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