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This time, on this day, this credit card company, went too far over the line with these customers, and it got burned to a crisp

A priori, I have written more than one post on “good” faith” versus “bad faith” — without being a lawyer I still knew that this was an underpinning of the legal system — and I was really pleased to see a mention of the fact that Chase was violating this principle of good faith in some of the passages that were in the class action suits that have been filed.
 
Because Chase is in violation of a matter of principle, relative to my sense of values (and evidently a lot of others feel the same way — they were paying their bills and honoring their obligations in good faith), I am hoping that what I have started in a modest way with the ChangeInTerms site can keep growing until a virtual tidal wave of angry consumers forces Congress to finally install some regulations that put a stop to the egregious practices on the part of all of these credit card companies — Chase being recently, the worst. 

It will not be easy and a handful of faxes to Congressional representatives will not do.  Indeed, it was interesting to me the other day, after watching the hearings during which the bank executives were supposedly “put on a hot seat,” one of my friends who had also watched the event observed how Jamie Dimon’s “movie star” image allowed him to “get away with murder.”  She even noticed one of the female Congressional representatives swooning over “Mr. Dimon.”  So, as long as he’s such a “darling” in the eyes of our so-called representatives, “we the people” have a big problem: there will be no meaningful regulation; credit card companies will be allowed to find workarounds for whatever regulation does arise; and the abusiveness will go on. 

The real problem is that when any person or any entity is determined to act in bad faith, then their sole mission in life is to find a way to exploit another “mark” (or a larger group of victims).  Therefore, their “business model” consists of finding ways to undermine systems and take advantage of anyone who stands out as a potential victim for exploitation.  Does this sound like an apt description of how the credit card industry is operating, to you? 
 
Of course, this all means that I am simply standing up for what’s right.  Relative to my way of thinking, this issue is as old as good versus evil.  In addition, this is not just about me.  I am really very worried about small businesses.  I am also extremely concerned about what will happen if Chase gets away with this  and other credit card companies decide to impose the same or similar changes.  In a way, Chase does not have to say, “Hey, look at me!,” because being the “big dog” that it is relative to the credit card industry at large, other credit card issuers are watching, and they may get the “bright idea!” that they can do this, too.  Therefore, it is absolutely critical for the protection of consumers and small businesses that Chase becomes a “poster child” and carries a message up and down main street:

“This time, on this day, this credit card company, went too far over the line with these customers, and it got burned to a crisp.” 

I would also hope that even those who are not involved with this present issue with Chase would at least project themselves into the situation as taxpayers who do not appreciate such heavy-handed tactics or double-dipping.  What Chase is doing flaunts unbridled greed (taking bail out money and simultaneously fleecing customers who were not doing anything wrong).  Among this larger group of citizens, I happen to know that millions of customers have been hit with any and every kind of fee that the credit card industry has managed to conjure up (e.g., a payment was posted “one hour late“;  the payment due date changed; or was purposely scheduled on a holiday).

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