No. of Recommendations: 0
Yeah, the banks have been doing the same thing to me and my wife - espically since it's been 1 year from the discaharge of our bankrupcy. Our Lawyer warned us about this thing - now that we cannot declare bankrupcy for another 6 or so years, in a few short months, we would become bombarded by credit cards. We actually save them and periodically measure "the stack". It grows about 1 1/4" per month, compressed!

Remember that little print on the back of the credit card applications, somewhere around the "terms & conditions" or something like that? We breezed over that stuff 5 years ago, just too busy with work and my start up business which was going REALLY STRONG. One of those statements read (to the effect), 'the bearer of this card agrees to surrender it at the lender's request at any time with full payment of the unpaid balance...'. Guess what!? After I decided to cut back on the working hours and slow down the business to spend more time with my family, the debts remained without the income to pay off those cards (3 of them) on a monthly basis.

The Bank that gave us such a huge credit line decided they didn't like us anymore, even though we were making regular monthly payments. After 2 years of not charging anything on this one card, the company pulled the plug and demanded PAYMENT IN FULL. We thought that was rather silly, until we got a 45 day SUMMONS from the banks lawyers. The net result was for the $8000 we owed, it cost us our credit line, $600 in attorney fees; they got nothing - and we dramatically altered our lifestyle.

Less than 1 year later, we actually have 14K in a Roth IRA we rolled over & converted, a very modest savings - but a REAL PLAN to make saving a habitual thing and teach our 6 kids the same. As a warning to others with credit card debt, ask yourself, "If the credit card company decided you weren't worth the risk, could you a) survive paying the entire balance in 45 days or b) survive a personal bankrupcy?

We were forced into bankrupcy partly by our creditors, but the choice to spend money we didn't have was entirely our own, and business expenses, as ligitimate as they always sound can become much more costly a few years later than what you ever imagined.

Yeah, the banks REALLY want us now, but not for a morgage, car loan, etc.
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