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Latest Move by Chase Contradicts Testimony

Wow, this is an impressive article. Kind of reminds me of the closing summation at Chase Bank's pending 2010 Executive board's treason trial.

If you don't mind I'd like to add one more point.

Jamie Dimon continues to insist that Chase Bank is raising the monthly minimum payment requirement on 2 million of their best, never miss a payment customers to help these customers pay down their credit card debts faster...

... However, Chase Bank's actions will cost their bait and switch victim customers anywhere from between 100 million to 1 billion dollars A MONTH in lost credit card paydown as customers have to reallocate money budgeted for their higher interest debt to Chase Bank's lower interest debt.

If Jamie Dimon really believes that Chase Bank is helping consumers by increasing their monthly minimum payment requirement by 150% on lower interest credit card debt, he may actually be incompetent to run Chase Bank.

If Jamie Dimon really believes it is more effective for Chase Bank customers to allocate larger payments to lower interest debt versus higher interest debt, than Mr. Dimon is no longer fit to run Chase Bank and should immediately step down.

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No End in Sight to Banking Crisis

credit-card-cap.com here. I never stated 1,000%, I stated that if one pays more in interest every month than what is going towards principle the person is paying 100% or more in interest. Just because you've let the banks brainwash you into thinking you are not paying 100% in interest is exactly why I started the website.

If you then want to make the additional mistake of comparing a CREDIT CARD DEBT to a HOME MORTGAGE, you have been additionally duped by the banking industry. A credit card purchase devaluates and obsoletes over the short term with Virtually NO HOPE of ever increasing in value, whereas a home offers potential on many levels, the mortgage offsets paying rent, there are tax deductions, equity is created, and eventually ownership.

Credit Card Debt should not cost as much as a mortgage plan does in interest, yet it costs more, and in a deceptive way.

No End in Sight to Banking Crisis

Rock, paper, scissors. Paper only doesn't do it.

What is the underlying cause to the current problems?

On a surface level it looks like the United States is going through what the U.S. claimed to do to Russia in the 80's, let war undermine the USSR's own economy.

Additionally, some entities out there are trying to squeeze the shrinking american middle class by charging credit card interest rates that are basically illegal.

If a bank has a growing customer base that owes credit card debt that will take 10-20 years to pay off and they are about to give up so they can make their mortgage payment, why not convert this growing debtor customer base into a group that pays off their debt in the next 3-5 years with a zero percent interest rate? What makes this idea even more logical is the banks will probably be able to collect slightly larger monthly payments than the minimum they are currently requesting.

This idea is so logical that the primary reason it is not being done is because either it has never been tried before. Or perhaps the banks have somehow created stock portfolios that increase in value as more of their own customers fail. A bit treasonous if you ask me.

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