As long as I can remember I've had a Sears card. Just made sense for when the toilet blew up in '75, or the washer gave up the ghost in '88 or last year when the outdoor freezer needed replacing...we'd go to Sear and use the 'card'. We always paid it off quickly but it was nice to know it was there and available if needed.
Yesterday in the mail came a 'Notice of Change in Terms' from Citibank...aka owners of Sears credit from their credit cards. It was eighteen pages long with very small print but I recognized the gauging... It wasn't so much the unreal interest 17.99% to 29.99% (daily percentage rate!) that will curl your hair, nor the extra fee for any foreign purchases (3%), it was the fees that already penalizes those that are having a hard time paying the bills with a $39 dollars late fee on any bill more than $50 dollars! Yipes! Talk about kicking the dog. Enough!
I know Sears isn't faring well in these tough economic times...who is? But Sears won't improve bringing down community they do business with. After decades of carrying a Sears card, it's now been cut in two... I know where to go if I'm in need of a loan shark!