patrick.net

Yesterday, I got the "letter" everyone else has been getting, from Wells Fargo Bank, that the interest rate on my credit card is going up to 23%, from the low 18% I had.

Keep in mind, I have perfect fico, own my own home, have NEVER missed a payment. I called Wells and they said, they understand, but it is an "across the board" increase, even to good customers (Thank U Jesus for that).

So, I told them they could cancel my credit card account as of right now and add me to the many that have said, ENOUGH. I am also going to Wells Fargo Bank tomorrow and closing my account. I will be transferring all my money into USAA national savings bank, which by the way, has their "across the board" credit card interest rate at 8%.

One final note. I used to think that the free market theory of competition no longer works, with the banks having pretty much a monopoly. But I don't think so anymore. I really believe that the banks are shooting themselves with this move to 20+ percent interest rates on credit cards. I think millions of people are just going to say, "I don't think so" anymore. The free market will work in that I expect a lot of people who used to run up balances when it was costing them 8, 12, maybe 16% are going to say NO WAY at 24%. That's my guess anyway. There comes a breaking point for everyone, and I think the banks are going to find out they have reached it. In the next day or two, I will be taking my pump shotgun to my credit card and blowing it to sh*t. I will upload to Youtube and join the masses doing the same. God bless the new USSA.

Out,

Don Moore
Gotham, WI