Credit card credit counseling or anger management

Chase MasterCard sent a change to terms agreement. Chase is deliberately setting their customers up to fail on their card agreements at a time when account delinquencies are at the highest level in history. The new terms increase the minimum payment 2% to 5% of the outstanding balance.

I called and Chase recommended credit counseling. Credit counseling? What about ANGER MANAGEMENT or a sleep deprivation study, because they are KEEPING ME AWAKE at night.

I called Chase to protest the increase and see if there was a way to maintain a lower payment. It looks as if Chase wants customers to default on their card agreement.

A change in terms to a default rate could currently result in interest rate and fees more than doubling. The current rate for new purchases is 13.24%. The default rate is more than 28%. In my case it would end the balance transfer rate of 4.99%. It is a “Catch-22” with no window.

I have been paying more than the 2% minimum but will see the new minimum payment increase to $500. Yes, my balance is nearly $10,000, but significantly reduced from the high of $17,000 when Chase sent the balance transfer offer.

In the meantime Chase has been sending balance transfer offers monthly and steadily increasing the credit limit for that account. The credit limit on that account is now $25,800.

I called Chase customer service representative and was told me that the original minimum payment could not be restored. I inquired about my other Chase credit card account.

It was interesting to note that the second Chase account with the lower balance and higher interest rate is not yet indicated for a change in terms to increase the minimum payment. The interest rate on that account is currently 13.24%. Because the interest rate is higher I have been making payments of 5% to reduce the interest charges over the life of the balance.

Their customer service made the Chase party line recommendation that I seek credit counseling. The telephone number Chase customer service representative gave me is for the of National Foundation Credit Counseling http://www.nfcc.org/
800-388-2227.

I called the number. The NFCC counselor made the comment “Their agency has received many calls from Chase customers”. The NFCC position is to act as a third party to negotiate a settlement with my unsecured creditors.

I am not sure yet how we agree to accept the terms and conditions, but at that time I pay the CCC and they pay my unsecured creditors. Naturally, I am responsible for paying a small fee for their services. It also made me wonder why that agency and telephone number was given to me by Chase what benefit there is to Chase for making the recommendation.

One of the conversations yielded www.apprisen.com. Unfortunately, I do not remember whether the name and website was from the Chase CSR or from the NFCC telephone call.

Chase recommending credit counseling for me sounds like the pot calling the kettle black. I asked Chase to maintain a more reasonable minimum payment. I did not ask for a reduced balance or interest rate. I have not made any new charges on my accounts, paid more than the minimum, and have played by Chase rules.

I know if I default on any part of the agreement it will result in higher interest rates, lower available credit, and negative information being reported to the credit reporting agencies. H.R.627: known as “CARDHOLDER’s BILL OF RIGHTS”. What goes around comes around and I would like to start the revolution.