Its official. Credit card companies are completely and utterly EVIL.

My longtime friend Mo is having to file for personal bankruptcy because those greedy bastards are more or less forcing her to do so. Sure she shouldn't have racked up 40,000 between three cards (not even counting her school loans that made her two masters degrees possible) but a lot of that went to school expenses and tuition. And so, here she was scraping by and shelling out about $1500/month to pay the minimum (just the interest really and again this isn't even counting her school loan, rent, car, etc); on time I may add, and all of a sudden the companies do their six month review and decide she is a 'financial risk' and bump her interest rate to a whopping 23%! Aren't you guys making enough money on her? geez....

She tried to work it out with them but they told her if she objects to it then just don't pay it and deal with the consequences. What's even more disturbing is that her rate would have remained unchanged if she would have had just one late payment. Guess they don't believe in being responsible and punctual. Its a f-ed up situation either way so she's had to get a lawyer and is declaring bankruptcy to get rid of the debt.

And the kicker....

The lawyer says that right outside the bankruptcy court doors are a ton of creditors waiting to give you a brand new credit card.

God, isn't America great?