Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
Did you hear the big news? Twelve credit card executives are heading to Washington to discuss the credit card industry. Is it getting bad? A few of my clients would say yes.
A couple of months ago I was at an Olathe home. The homeowner lost her job and she is heading into real estate foreclosure. Bankruptcy is around the corner. While I was at her home Cap One called her 4 times during my 2 1/2 hour meeting with her to help her on a short sale. That maybe a little excessive, don't you think?
I had a buyer last month that had two no fee fixed rate credit cards through Chase. Chase had sent them a new agreement. Now they have significant charges and their interest rate changed from a low fixed rate to a mid teen adjustable rate. According to their mortgage lender they had not missed a payment the past 3 years. Charging the people who can pay for the ones who can't doesn't seem like a good business practice, don't you agree?
Another client who is a home remodeler lives off of credit. He uses credit cards to fund his supplies for his jobs. After he gets paid from the job he pays off his credit card balance. The other day he called me to see what other options he may have to fund his business. He informed me that the two credit card companies that he been using have changed their agreement. Not only has the credit card company started charging a fee but now his rate had gone up to over an adjustable 16%. If he does a big job that takes 2-5 weeks and the client takes a week or two to pay him, the credit card company will be eating a huge chunck of his profit. He said he'll need to start charging his customers more now. The consumer will start getting charged more, that is not good, don't you agree?
I know these are only three clients, but I can go on and on. I have heard minimum payments doubling and fees applied when they shouldn't have been charged (Have you ever tried to get a charge removed from a credit card company?). What do you think should be done?
Information provided by Chris Dowell of the Dowell Taggart Team of Infinity Realty. www.DowellTaggart.com
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