...so when i turned 18 i started dropping in applications for department store credit cards.
within a year or two i had about 4 of them that i would never use because the rates were too high.
the major banks started sending me offers and the first credit card i ever had was a "gold" card.
over the next 10 years i had 3 good credit cards that for some STUPID reason i was TRYING to keep a balance on.
(i guess because they said so)
i had one card that had a limit of $10,000
i would buy EVERYTHING on credit, i kept about a $2000 balance on each one, my minimum payment was about $80 combined, and i would pay about three times the minimum.
i was late numerous times , the CC companies never cared.
i would pay the 15 bucks and my CC rating was still very high.
my rate was always %9.9
my cash flow got smaller and to make up for it i started to pay near the minimum.
(they were watching)
one day i missed a payment and my CC card slammed me.
they raised my rate to %18.9
i got rid of that card and applied for a new one with a balance transfer.
the new card didn't send me a payment.
they added a $39 charge which ran me over the max, then added an over limit fee.
i got rid of that card too.
shortly after that, one of my other cards send me a rate increase to %12
i got rid of that card too.
i had one card at %9.9, now with a large balance.
when i transferred my total balance they knew they had me.
i felt i was going to default, so i used the last of my decent credit to put myself through trade school.
i took out a loan with "financial assistance" through Sallie Mae.
they tell you that the loans are going to be %7, and payments won't start for 1 year, but they make you sign 10 papers saying that you understand how the loan works
what Sallie Mae, ...a private company with a government enforced loan,... does is, they take my tuition balance and split it into 3 loans.
two small loans for about %7 , then they take the rest and place it into a high interest loan (%19)
THEY DON'T LET YOU PAY OFF THE HIGH INTEREST LOAN UNTIL YOU PAY OFF THE SMALLER ONES.
after the Bush changes went through, they added the 1% pricipal while i was in school and it ruined my budget.
when i was about ready to graduate, they called me in and said the Sallie Mae loan wasn't going to start in one year, the first payment was due now.
i didn't have any money yet and Sallie Mae started to compound the interest.
in a very shor time they managed to add an extra %10 onto my loan.
i couldn't believe what was happening , i told my mom i wasn't going to pay anything and the government and the CC companies could go screw themselves,
she insisted i move back in for a while.
i hit those loans hard.
it took me about 3 years to get out of debt, and Sallie Mae was the primary target.
Sallie Mae and the CC companies managed to rip me off for a few thousand dollars.
now that the Democrats have changed the CC rules so companies can raise rates when ever they want with a 30 day notice, you'd have to be crazy to have a card with more than 200 bucks on it
...anyways...i paid off all that debt and the CC companies are pissed off and send me insulting offers of CCs with %26 'n sht.
...it ws like i took out a business loan, but without the business.
i would have been better off saving up a few thousand dollars and putting a down payment on some dumpy house in New Mexico, ...or some crap.
after the FDIC nazi's showed up during the financial downturn, i don't even keep most of my money in the bank anymore, F them!