The bailout of Citigroup, which put the government at risk of hundreds of billions of dollars in losses, was finalized on Sunday. The following Tuesday my wife and I received a notice of change in terms from Citigroup. Take it or leave it, or pay off the account. Millions of credit card holders in the United States received similar notices. I cannot speak for anyone but me, but the timing angers me. The government continues to bail out credit card companies and banks that strongly oppose any credit card customer bill of rights.
The bailout, announced late Sunday, was designed to make a statement, officials said. In agreeing to protect Citigroup against potential losses on a $306 billion pool of troubled assets, the government made clear that it was not going to allow one of the nation’s largest financial firms to collapse.
While my wife and I do not have many credit cards, we do have one from Citigroup, and one from JPMorgan Chase. So do millions of Americans. Both were kind enough to send us a change in terms. Have you noticed that terms also require you to use your card? Unless you pay off the entire balance every month I think that is part of the problem to begin with. Also noted is the fact that a cardholder bill of rights is not necessarily driven by duplicity and shady tactics at Citigroup or Chase, but rather by other famous shady SOB’s. We shall name no names, but you know who they are.