Quote:
Originally Posted by Wagner
Whoa...you financed a startup on CC????? Not exactly an outstanding business model. I had to walk away from Citibank because they tried a similar tact with my personal card. I had been with them since I was 18.
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Yes I did.
While I was unemployed, I conceived the idea of the startup and formulated a business plan... Unfortunately, the SBA and the banks would not loan a dime without an income statement, however, credit card companies were handing money out left and right at 0%! I was able to scrape together $50k to buy a new van, tools, computers and supplies, then I went to work!
I think it has paid off...
Yes, I suppose I could have leveraged my home, but with unsecured monies being offered at 0%?, Who wants to take that chance?
It is very inconvenient that I am having to pay the accounts off immediately (because of the ridiculas rate hikes) instead of having the option of paying the debt back over time at a reasonable interest rate ....like in the original agreement. Fortunately, I am in the position to pay them off.....but what if I wasn't?!?
I am simply stating that the unfair bait and switch tactics of
BANK OF AMERICA is entirely
wrong! Someone needs to slap them with a CLASS ACTION SUIT on behalf of all the folks they have intentionally screwed... I have even heard of rates as high as 39%!!!! How could someone ever pay that back over time... they would owe them forever!