Monday, November 24, 2008

Bush Bums A Cup of Coffee - He's Broke Too - Paulson Gets The Bill

2 minutes

The video speaks for itself.
Citibank, here's a bag of money.
Who else wants a bag of money.
We've got plenty of bags of money just lying around.

Look at Paulson's face. Something is going on that the people are not being told about.

Now if the lastest news is to be believed - this is what Citibank are now doing.

According to a “Notice of Change in Terms and Right to Opt Out,” set in hard-to-read, tightly spaced mouse type that Citibank mailed out last week:

All of your APRs may increase if you default under the Card Agreeement that you have with us because you fail to make a payment to us when due (even though we may have waived the late fee), you exceed your credit line, or you make a payment to us that is not honored.

In these circumstances, we may automatically increase your APRs (including any promotional APRs) on all balances to the Default APR, which equals the Prime Rate plus up to 23.99% or up to 29.00%, whichever is greater.

Twenty-nine percent? Twenty-nine percent!! Do the math (which you can do with the interest rate calculators at At that rate, if you were $5,000 in the hole and gave the collectors at Citibank or any credit card company $128 a month to pay down the loan, it would take you ten years and cost you over $15,000 clear your debt.

No comments: