With all the musical chairs credit card companies are playing today, you may want to check out any change of policy letters they're sending out. For instance, if you're a former WAMU customer and JP Morgan Chase is your new debt master, you may have received a letter that states something like this in 1 point font:

“We may consider you in default if we obtain information that causes us to believe that you may be unwilling or unable to pay your debts to us or others on time.
“If we consider your account to be in default, we may close your account without notice and require you to pay your unpaid balance immediately (emphasis mine).”


Why yes, that means you can default without actually defaulting. They only have to believe that you might not be able to pay them back at some point. It's bad enough that they can raise your rates without cause or lower your credit allotment without notice (this can have a nasty affect on your credit score), but now they can consider you in default for no reason other than it's cloudy and your seasonal defective disorder may make you less likely to pay back the lender.

They receive TARP, they receive TALF. That's our tax money. And then after collectively leaving us with massive debt that our grandchildren's grandchildren will still be paying on, they go after each of us individually.

In better times, those that practiced usury were stoned to death.
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