BOHICA was an acronym I learned in Graduate School. We used it to describe our lot as graduate students, expected to do all the grunt work that the full professors didn't want to do, and expected to pass through the various rites of passage (developing annotated bibliographies of sections of the library having nothing to do with our discipline, for example.) The acronym stands for "Bend Over, Here it Comes Again." I had reason to think of this wonderous little phrase when I opened mail from my bank.
This past two weeks I've gotten notice from all my credit card companies. If a payment is late they'll charge usurious rates on everything I purchase using this card. The answer to that charge is don't use that card (or any card). Of course, given my purchasing habits - I live in a small town and I purchase many items online.
Today I got notice from the Bank of America. They hold our mortgage. They are our bank for savings and checking. All of our bills to BofA are paid by automatic deductions, directly from the bank to the bank.
Yet they sent me notice that if I ever have a late payment they will raise my rates to 29.99 percent. Thirty percent! What?
Two questions - does the consumer protection agency get a chance to beat these rates to a reasonable level?
Didn't we bail BofA's ass out just two years ago? What's going on?