Bound by the Debt Demon by Donald G. Payne

I didn’t think it could happen to me, I was a proud credit worthy citizen but today I found out that I am nothing more than a mere mortal, an average Joe and a pawn in my creditor’s need for greed. You may be wondering where I am going with this so let me further explain.

Citibank has said that on Nov. 30 they will be raising the variable interest rates on some cards to 29.99% APR. My card was a standby card that didn’t get used that often, it also had a fixed APR of 3.99%, obviously that is not enough to satisfy the “Fat Cats” that sit in the large corner office to the left. No, what they need is more bailouts, this time however instead of going to the government they decided to take it right to the citizens. Citibank doesn’t want their customers to feel like they have abandoned them all together so they have taught their well rehearsed customer service group to offer a “special.” What they are offering long-term customer such as myself is a slap in the face. Citibank indicates “if you pay on time, they will reduce the interest charged on your balance by 10%. In other words whatever you pay in interest they will match 10% and add it to your account to help you reduce your balance faster. But Wait! There is a catch…Citibank will only match up to $500 and the credit will not appear on your account until sometime in 2010. Ha, thank you so much Citibank. Now to add fuel to the flame I am finding out that, Citibank has been sending out their “change in policy letter” only days before the account can be closed.

My father always taught me to protect my name and to establish a good credit profile. He also told me that cash was king and as long as cash was the acceptable standard that I should always consider it as a first line of my purchasing defense. I hate debt and I try not to keep it a secret, in fact, my very first book was originally entitled “I hate debt and you should too.” My current book “Bound by the debt demon” is an extension of the original. Understand that creditors could care less as to how long of a relationship you have with them, or the fact that you pay on time. Creditors are in the business to make money, and when they can no longer squeeze money from you, they decide that they are better off without you. For many people this could be a serious financial blow. My prayer however is that this will be the wake up call that many of us need. 

I didn’t’ think it could happen to me, I was a proud credit worthy citizen but today I found out that I am nothing more than a mere mortal, an average Joe and a pawn in my creditor’s need for greed. You may be wondering where I am going with this so let me further explain.

Citibank has said that on Nov. 30 they will be raising the variable interest rates on some cards to 29.99% APR. My card was a standby card that didn’t get used that often, it also had a fixed APR of 3.99%, obviously that is not enough to satisfy the “Fat Cats” that sit in the large corner office to the left. No, what they need is more bailouts, this time however instead of going to the government they decided to take it right to the citizens. Citibank doesn’t want their customers to feel like they have abandoned them all together so they have taught their well rehearsed customer service group to offer a “special.” What they are offering long-term customer such as myself is a slap in the face. Citibank indicates “if you pay on time, they will reduce the interest charged on your balance by 10%. In other words whatever you pay in interest they will match 10% and add it to your account to help you reduce your balance faster. But Wait! There is a catch…Citibank will only match up to $500 and the credit will not appear on your account until sometime in 2010. Ha, thank you so much Citibank. Now to add fuel to the flame I am finding out that, Citibank has been sending out their “change in policy letter” only days before the account can be closed.

My father always taught me to protect my name and to establish a good credit profile. He also told me that cash was king and as long as cash was the acceptable standard that I should always consider it as a first line of my purchasing defense. I hate debt and I try not to keep it a secret, in fact, my very first book was originally entitled “I hate debt and you should too.” My current book “Bound by the debt demon” is an extension of the original. Understand that creditors could care less as to how long of a relationship you have with them, or the fact that you pay on time. Creditors are in the business to make money, and when they can no longer squeeze money from you, they decide that they are better off without you. For many people this could be a serious financial blow. My prayer however is that this will be the wake up call that many of us need.

This is what others are saying concerning this subject: http://bit.ly/2iRqTe 

Payneless Life Coaching by Donald Payne
http://www.mrdonaldpayne.com/