If only Suze Orman read this blog. If Suze Orman read this blog she would wear a lunch bag over her head out of embarrassment, not for the great job she did while Ann Minch was on, (and Ann was pretty terrific as well), but it was Orman's absolutely WRONG answer to an email question about Chase Bank's 7.99 interest rate offer that floored me.
Before I go on about the wrongness of Suze Orman's answer to the Chase Bank question, let me state that she and Ann Minch did such a wonderful half an hour together Ms. Orman would be wise to split that half an hour from the second half of that particular episode and rerun it in future programs.
But please, please Ms. Orman, if you decide to rerun your debtor's revolt segment, PLEASE ONLY DO THE SEGMENT WITH ANN MINCH SINCE AFTER THAT SECTION, RIGHT NEAR THE END OF THAT HOUR SEGMENT, YOU GAVE AN ABSOLUTELY WRONG ANSWER about Chase Bank and their 7.99% offer.
Many have called Chase Bank's 7.99 percent interest rate offer to customers who actually had lower interest rates a bait and switch manuever. Since the original life of the loan lower interest rate Chase Bank had previously offered was for interest rates of 1.99, 2.99, 3.99, 4.99. and 5.99, customers have now been FORCED to accept the 7.99 percent offer because Chase Bank raised their monthly minimum payment from 2% to 5% and they could not afford such a HUGE JUMP IN THE MONTHLY PAYMENT.
It's like somebody picking your pocket and then offering to give you back SOME of the money. Well goodee for Chase Bank, but not for their customers.
Suze seemed pleased with Chase Bank for making the 7.99 interest rate offer AFTER CHASE BANK RENEGED on their original, life of the loan offer by raising the monthly minimum payment from 2% to 5%. Some if not all of these 7.99 interest rate offers are only for a couple of years, then they too balloon to as much as 20 plus percent! How can this be considered a good thing when the ORIGINAL DEAL WAS FOR A LOWER INTEREST RATE FOR THE LIFE OF THE LOAN?
Perhaps I shall devote two chapters in my book, The Cat Who Ate Chase Bank, to Suze Orman. One chapter will be devoted to the fine half hour she spent with Ann Minch of Debtor's Revolt, and then a second chapter would be devoted to reviewing Ms. Orman's comments about Chase Bank's " 7.99 interest offer". I am really saddened Ms. Orman could fly so high one half hour, than fall so far so fast within minutes by actually giving props to Chase Bank for baiting and switching their customers.
However, I would like to complement the Suze Orman show for their rapid fire use of text messages at the bottom of the screen that immediately inform people about what is going on. The text information adds an extra layer of valuable information as the interview proceeds, especially for those who may turn in during the show and not know what is going on. For that the Suze Orman show gets a huge round of applause.
I normally take a photo off of the television screen when I do a review of a televsion show or segment, but when I upgraded to snow leopard my canon camera no longer uploads my photos. Canon customer service assures me that if I call during the weekday customer service hours they will help me get my photos to upload. I remain skeptical but will give it a try. My book has been delayed because of this Apple and Canon fiasco.
(edit update). The Canon and Apple Snow Leopard incompatibility issue is supposed to be corrected by mid November 2009 to late November 2009.
Don't forget, the Cat Who Ate Chase Bank Book, coming this November.
In case you never saw the Debtor's Revolt video, here it is.
Well Alessandro, It appears Chase got to Suze Orman and all the other potential video sites for the Ann Minch interview. It has vanish from the web. Not surprising I suppose, particularly with Jamie Dimon inserting himself everywhere to support regulation and oversight of the banking industry.
ReplyDeleteStill trying to figure out how to handle my own trials with Chase's 5% minimum payment. 4 calls to Chase so far and they are not budging. It will be summer 2010 before I get payments down to a managable level without being a sucker and taking the 7.99% for a limited time bait-and-switch offer. Proactive solutions didn't help at all. Apparently my $3000 in earned income will only qualify me for about the same 7.99% rate but with 5 years to pay. Not acceptable!
Putting together some spreadsheets to send to Gordon Smith to show how much they've gotten from me in interest and fees over the last few years. Then an OCC complaint if that gets me no where. Last option is to default, which I am seriously considering. I don't believe it will ding my credit rating much more than the Chase offer to cut off all my cards and the $50k line of credit they represent.
I had posted an article about how to deal with the ProActive department. If Chase bank thinks your income is too low, but you KNOW you can pay it down, then it's up to you to make sure you don't skimp on your estimated income.
ReplyDeleteI'm not advocating anybody cheat chase bank out of their money. If you know you can pay down the debt over five years, make sure you qualify for their five year deal, which is based on the amount of debt you have and how much are you are making.
As for the video, I am assuming it will end up somewhere on the internet in the near future. It actually has run two weekends in a row on the Orman show, maybe they will rerun it next weekend as well?
ReplyDelete