Credit companies, bailed out are returning the favor

JP Morgan Chase has outright said"No " to holding back from un-reasonable tactics. Chase received 25 billion dollars from the tax payers in the spring of 2009 to aid them in recovery from defaulted loans and declining home values. Claiming the dire need for funding, Chase was able to budget 120 million in corporate jets.

(Jets came up twice in the current economic state. Only last time the big three automakers were looked down on for flying into their meetings on private jets.)

The same people that payed Case's way to buying 120 million in corporate jets are now feeling the pain of ungrateful corporate greed. CNN covered a story this week, where a couple with AAA credit had their minimum payments, and interest rates jacked through the roof.

A $300 dollar minimum payment automatically went to a $911.00 minimum payment without notice. People are taught to manage their credit with monthly payments. A simple mathmatic equation of Income-expenses=surplus. The couple spoke of above, never made a late payment. The payment was in their budget. When Chase raised the minimum payment the client called Chase to come to an agreement.

The best offer Chase could come up with was a lower minimum payment in exchange for a higher interest rate. Way to send a thank you card for the Billions the congress approved.

Congress has come up with the bill of rights on the card holders behalf. The bill was to go into effect as soon as February of 2010. The current events have brought some congressmen to push the date to December of 2009, but they are unsure if it will pass. Even that may not help in time.

Some congressmen have taken it upon themselves to write individual credit agencies "begging" them to hold back on those policies. Some have agreed , and in good taste. JP Morgan Chase on the other hand has declined to do so.

This is like pouring salt in our wounds. I do however have one more point / question for the companies partaking in this behavior. When you multiply a payment by three, and leave the client in despair, do you get your money? When the guy defaults on his credit card because the payment went from manageable to inconceivable; Who wins?

Does anyone know how much money JP Morgan has in reserves?

The tactics used here show some deviance. An Evil plot to make big bucks. It really seems to be loan sharking, or worse. All of that after crying out loud, whining like children to congress, taking the tax payer's billions, then hidding behind the laws that protect them.

I want to send out a big FU to JP Morgan Chase!