"I didn't want all my private business out there for just anybody," said Marvin Weatherspoon
, a Chicago grandfather whose interest rate jumped from 4.25 percent to 25 percent at Bank of America
.Weatherspoon is a linen department supervisor for Aramark at McCormick Place, Chicago's convention center.As an SEIU Local 1 member, he ensures that all rooms have the linens they need for meetings and other events.Weatherspoon
became a Bank of America customer in 2000 when he
consolidated $12,000 in debt to a new card issued by the bank.Since then his
interest rate jumped over 20 percentage points and his
minimum payments have more than doubled (from $160 to $342 per month).
October 2007 bill, Weatherspoon
made a minimum payment of $257, $232.42 of which was interest.His
payments are automatically deducted, and a Bank of America spokesman admitted that Weatherspoon
has never even been 30 days late.The bottom line of the rip-off is that he's paid off only about $800 in principal over eight years of payments!He
had intended to tell the members of Congress about the personal hardship the bank's actions caused.
"I'm getting by, but not by much," Weatherspoon