Chase Credit Card Predatory Lending
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My son, an unemployed college student, was given his first credit card by JP Morgan Chase . Without any parental knowledge, Chase granted him an exorbitant line of credit (eventually up t0 $9600) and even allowed him to exceed that line of credit by $4,000. And all this without him needing to complete an application or even have a job! When my inexperienced and spend-happy college age son was, predicatably, unable to meet the minimum payment Chase promptly assessed a litany of fees and immediately raised the finance percentage from 6.9% to 29.99%. The finance charges alone (more...)
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