HSBC/Costco - I'm Mad As Hell

Posted on Thursday, February 26th, 2009 at 2:43pm CST by 90e27938

Product: Credit Card Billing

Company: HSBC/Costco

Location: LOS ANGELES, CA, 90046, US

Category: Other


The world has taken leave of its senses. This is the only explanation that can possibly address a credit card statement I received today. The statement is from HSBC on behalf of Costco. The statement lists two annual percentage rates of 61.71% and 70.28% for two different line items. Neither of these actually applies to me personally because they resulted from a billing error. However, the fact that it is even conceivable on any basis other than total insanity that a company could issue such a statement is bewildering and infuriating and insulting.

To compound the insult, I referenced the website for the California Attorney General to determine the best method for filing a complaint. That website directed me to the FTC. I managed to get someone on the phone at the FTC who referenced me back to California and also the Better Business Bureau. I felt like I was engaged in a game of hot potato with no one willing or able to help.

I am writing this rant because there must be thousands, if not hundreds of thousands of people dealing with similarly egregious billing issues who may be too overwhelmed or embarrassed to know what to do. Granted, credit card companies will have to comply with mandated modifications to their lending practices next year. It seems, however, that in the meantime, they are determined to make life as miserable as possible for their customers.

Most people are overwhelmed by life and working as hard as they can to get through the day. Most people are hardworking, well meaning and honest. Most people are bewildered by the current sate of the economy personally and globally. Unfortunately, rather than viewing this as a time to reach out and be supportive of our fellow citizens, these huge financial institutions are throwing logs on the fire to see how fast we can burn the place down.

We citizens, regardless of our particular financial situation must demand an immediate change to these usurious business practices. We must have empathy for one another and realize that we are all in this together. Most of all, if we cant reach out in support of the weakest among us how different are we from the lemmings that followed Hitler and allowed the atrocities to continue.

Please contact your Senator, Congressperson and State Attorney General today and focus a light on any such practices of which you are aware. Our united voices can become a powerful deterrent to business as usual.


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