The Tryanny of Creditors
As the economy swings low in a recession, it seems that many business entities have taken up a new habit; swooping down on consumers who have fallen behind. This is not well-known nor publicly showcased. Some
automakers have shown some empathy for buyers and have come up with a "recession" type financial policy to adapt to the current economic times. Apparently other have indicated otherwise and have not adapted. Mercedes Benz, is one of them. A friend of mine who has been in bankruptcy for over 4 years and paying for his Mercedes via this method, recently received a letter from Mercedes that they were going to repossess his vehicle by a certain time, if he did not repay the past due payments. W e know that business has to continue but when companies operate with oppressive business tactics they run afoul of the conscientious consuming public. In the State of Georgia, the monopolistic electric utility, Georgia Power (Southern Company), is another example of this kind of practice. According to a consumer representative, if as a consumer your credit rating with the utility falls below an A or B, (you get this rating when you get disconnected within the first year of service), you are ineligible to get a "fixed or level billing rate." It is unconscionable how companies that are suppoose to be consumer friendly have such stupid and outdated policies. These are touch economic times and companies should have policies that are in the best interest of consumers not ones that protect them them only.
Many banks in America, have similar policies they charge large fees for non-sufficient funds that are beyond the pale and are inconsistent with the current economic times. Bank of America rakes in billions of dollars from NSF and yet continue to bawl that they need government help.
These are practices that hurt consumers and makes us wonder why America continues to slide in global popularity.
