Me Vs. Credit
...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!
Here is a list of provisions to protect consumers. Actually there is a 45 day advance notice not a 30 day notice. As much as this sucks it is better than it was before.
-Prohibit retroactive interest rate hikes on existing balances.
-Ban double-cycle billing (charging interest twice on balances paid on time).
-Ensure fairness of due dates, including requiring statements be mailed 21 days in advance of the payment date and requiring the payment date to remain the same each month.
-Require 45-days' advance notice of interest rate, fee and finance charge hikes.
-Strengthen credit card protections for young people.
-Require that billing statements from credit card companies be clear, be in plain English, and show how long a balance will take to be fully paid off if only the minimum payment is made.
-Limited interest rate hikes
-Limited universal default
-The right to opt out
-Limited credit to young adults
-More time to pay bills
-Clearer due dates and times
-Highest interest paid first
-Limits on over-the-limit fees
-Subprime card fee limits
-An explanation of rate increases - if your annual percentage rate
-Cap on late payments
You had my sympathy until you insulted my state.
Other than my house I never borrowed money and if I could not pay off a credit card before the due date I did without. Paid interest twice on a credit card because I was not paying attention to the date, not more than $20.00 in interest. I put off going back to school and stuck it out in the job I had to save up the money I needed to support myself while in school.
What pisses me off is the ads on the radio or TV saying 'We will help you get out of your debts by getting your creditors to accept only part of what you owe.' Almost like 'Spend the money but do not be responsible for it.'
I read the fine print on upgrading to the newest Adobe Reader and did not care how much access to me they are giving away to other companies and decided not to upgrade. I would think you would go through credit applications with a fine tooth comb.
Doubt if you want to hear more on my views on your debt.
I just see these as scams and they prob. don't deliver what they say.
Originally Posted by printer2
don't you realize that with that 45 day notice to increase rates, none of the other "safeguards" mean anything?
Actually there is a 45 day advance notice not a 30 day notice.
No, because that is not true. Hey if you wanted stronger safeguards all we would have needed were a few agreeable republicans. But they weren't to be found so the Democrats passed the best bill they could get through. The 45 day rule is better than what was in place. If you don't like the new rate don't use the card because the old balance is not effected.
Originally Posted by wolfstrike
This would be funny if it weren't so sad, you get yourself in a mess and are upset with the people who are trying to help you. GOOD LUCK.
Not true. With notice you can stop using the card and are protected from retroactive rate hicks on current balances.
Originally Posted by wolfstrike
I am getting card offers everyday again. Most have 0% interest for one year for transfers. 45 days gives you time to open a new account and close the old one. Actually, you should never close an account. It is a negative on your credit report.
I have to have credit cards for traveling. I have a company card now so it is easier.
Pay Pal (GE credit) moved my payment date up by 15 days and popped me with a 30% INTEREST RATE HIKE up from 11.9%. It is a good thing I only use it for eBay. I paid it off and now I charge one egg McMuffin a month on it to force those sob's to administer the account. They loose money on me.
Another card I have had for 20 yeaars lowered my credit limit below my balance and hit me for a $45 over limit fee. I discovered the changes when I tried to rent a car and I did not have enough credit. HSBC a Chinese owned bank is the best card I have. I hate to admit that.
I never have more than a few thousand on all my cards. I keep it manageable. For awhile it was hard to do before the new, rather weak, regulations went into affect.
Signature on hold. Trying to find a real Jefferson quote I like. Others here have bogus Jefferson quotes too.
Wow I cannot believe how people complain about credit cards - no one ever held a gun to your head and made you use one. We need to end all this stupid regulation - there is too much Nanny State going on. If you enter a business agreement then you pay, its really that simple. People need to learn to manage their money. Let's cut all the wasteful courses from the school system and teach basic money management. It would also be nice if I went to the store and handed the idiot $20.67 for an $18.67 purchase if they would not tell me I gave them too much and could actually figure out how to make change.
Is a business agreement when you agree at a rate and then the credit card companies change the agreed rate on the old balance?
Originally Posted by kirbinster
Yes it is, that is part of the agreement, you just failed to read it.
Oh the agreement, the agreement lawyers find difficult to read. Well that has been dealt with too. Before I was just appealing to common sense and fairness. Maybe our industry ought to learn from the credit card companies and charge people double for our callbacks. Charge an air surcharge fee for air cooled condensers etc.
Originally Posted by kirbinster
Well the airlines have certainly learned that. But all these things evolve because of customer demand. The airlines used to charge a flat fee, but people would complain and then they figured out they could charge a low base fare, and then charge you for not getting a center seat, charge you to reserve a seat, charge you for food, charge you for a blanket, charge you for a pillow, charge you for a bag to be checked, charge you for a bag in the overhead, etc....