Citigroup rate-jacked even their best customers in a mail-out notice to them yesterday and many of those relegated to the usury interest rates were their best credit-score card holders. These outraged clients of Citigroup were told that they could close-out their current credit card when it expired and added, and “it’s all in the fine print”.
There are members of Congress who are openly annoyed with Citigroup since they were included in the recent ziczillion dollar Federal bailout, and rather than lighten the load of the consumer they decided to stick it to them “in the fine print”.
As the bottom nears with all the cockamamie schemes and near-scandalous behavior of lending institutions, it appears that Congress may finally get involved with some of these ridiculous rate increases that institutions engage in, “because they can.” At least that’s what they are doing now, but I predict that better judgment will prevail and the likes of Citigroup will be legislated to back off and roll-back their usurious ways.
We all made a lot of mistakes in how we save and how we spend but Citigroup sank to a new low in its heavy-handiness. But just wait. There is nothing like the financial world falling apart to get some high-up authorities to notice and to make quick changes. Ah, tell it like it is. Some of these Congressional servants got stuck with rate-jacking “because it was in the fine print.”
Happy Holidays!
Albert Clayton Gaulden is the founding director of the Sedona Intensive and author of You’re Not Who You Think You Are: A Breakthrough Guide to Discovering the Authentic You. For more information about Albert and Sedona Intensive visit http://www.sedonaintensive.com.
Purchase You’re Not Who You Think You Are at http://tinyurl.com/5gycfm.
