Credit Card rant

Credit Card rant (Full Version)

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sblady -> Credit Card rant (8/4/2008 5:08:41 PM)
Disclaimer: Before I began my rant, I know some people do not have credit cards, loans, and can pay cash for every transaction. That's a wonderful thing and hopefully I'll be there one day. I am furious, appalled and almost speechless regarding a credit card I recently received. Because of past issues for which I have paid dearly, I limited myself to one credit card and one loan as I don't ever want to go through the grief of having too much *unnecessary* debt. I received a credit card offer in the mail and reviewed their paperwork very thoroughly (I'm very well versed in legalese). Their offer and interest rate appeared to be reasonable and I decided to apply for the credit card as it would help me pay off my loan which has a much higher interest rate. Keep in mind that I was enticed by their offer of balance transfers, etc. as this was my main goal; to receive a card with a lower interest rate and pay off or pay down the high interest loan. After I received the credit card, I read everything in the packet as I'm a stickler for "reading the small print". Imagine my surprise when I did exactly as the credit card company used as one of their "come hither" tactics; I used a portion of the available funds on the credit card to apply towards the high interest loan. The amount I used was less than 1/4th the amount of the limit on this credit card. When I tried to use the credit card again for a mere amount (less than 1/4th amount of the limit) I was advised that the limit had been adjusted to a nominal amount because of the other balance transfer. WTF??? Um, wasn't that one of their selling tactics; pay off high interest credit cards, pay this that and the other and when I did, they decreased my limit? I have always held positions in customer relations and have dealt with companies that use fair business practices. I cannot believe that a company would do this. Needless to say, it's impossible to speak with anyone to confirm that the one balance transfer will be paid as there are language barriers. I am so pissed right now.....I don't plan to wait for the first statement in the mail. They will receive payment in full next week. I will pay it online, with a check, print multiple copies confirming that the payment has been applied and multiple copies of the canceled check as they have not shown themselves worthy of my business or my trust and I will cancel the credit card.[image]http://www.collarchat.com/micons/m23.gif[/image] Thank you guys for allowing my rant and yes, I know: Pay off my existing debt as quickly as possible so I won't be fooled by credit card companies who use substandard business practices. [image]http://www.collarchat.com/micons/m11.gif[/image]

christine1 -> RE: Credit Card rant (8/4/2008 5:12:44 PM)
quote: ORIGINAL: sblady so I won't be fooled by credit card companies who use substandard business practices. [image]http://www.collarchat.com/micons/m11.gif[/image] you mean there are credit card companies out there who use ethical business practices?

sblady -> RE: Credit Card rant (8/4/2008 5:28:09 PM)
quote: ORIGINAL: christine1 quote: ORIGINAL: sblady so I won't be fooled by credit card companies who use substandard business practices. [image]http://www.collarchat.com/micons/m11.gif[/image] you mean there are credit card companies out there who use ethical business practices? They are few and far between!! [image]http://www.collarchat.com/micons/m17.gif[/image]

pahunkboy -> RE: Credit Card rant (8/4/2008 5:45:45 PM)
it must be MBMA

UncleNasty -> RE: Credit Card rant (8/4/2008 5:54:55 PM)
Our money isn't money anymore, and hasn't been for a long time. The way I figure it anyone that makes a living manipulating this worthless smoke and mirror fiat currency is dishonest to being with. I give them a very wide berth. I am sorry you've had the troubles and experiences you've had. I'm guessing it will be tucked under your belt and used for instructive purposes in the future. Uncle Nasty

pahunkboy -> RE: Credit Card rant (8/4/2008 6:02:27 PM)
I have been symplifying things and that in itself is an effort. These days it is best to have multiple forms of payment... one day it will be a global currency with RFIDs in it. The housing foreclosure bill- now makes EVERY CREDIT CARD transaction to be reported to the IRS. Of course the computer makes out the bill- I hate when the computer figures it out. It is always more that way.

E2Sweet -> RE: Credit Card rant (8/4/2008 6:35:58 PM)
quote: ORIGINAL: pahunkboy ...The housing foreclosure bill- now makes EVERY CREDIT CARD transaction to be reported to the IRS... Interesting. I was not aware of that. I wonder if that also applies to bank debit cards.

pahunkboy -> RE: Credit Card rant (8/4/2008 7:32:59 PM)
http://www.consumeraffairs.com/news04/2008/07/credit_card_terms.html "any reason" per changing terms. on debit cards- I dont know.

Vendaval -> RE: Credit Card rant (8/4/2008 8:44:08 PM)
Where do you bank? How about one card and one payment without all the extra hassle?

Termyn8or -> RE: Credit Card rant (8/4/2008 8:56:24 PM)
sb, they bit you. Why they chose you over anyone else is anyone's guess. Get involved in any local politics lately ? Go ahead and think I am kidding about that question. I am not. You are still not out of the frying pan, if they decide to use O.T.A.W. as defined in the 1991 U.C.C., you could be through tomorrow. Question is, why did they bite you ? They tried to bite me, but I was able to write a check to pay it off completely. That bank gets no more of my money. Another tried that shit, they got wasted as well. And all this is 2.9 for the life of the loan. I am saving a bit of money every month. One day I am going to stick it to them. And it is not going to come at a good time for them. sorry about their luck. When the money they wield is valueless, they will be powerless. They are going to pay, and pay big. Credit cards are usually UNSECURED, which means you can burn them for every dime and they get nothing. Think about that. What I am sayting is that you have teeth too. You can bite back. T

L8bloomer -> RE: Credit Card rant (8/4/2008 10:02:36 PM)
I watch Suze Orman and she says that once you have a credit card, you shouldn't close it because it will affect your credit score. She advises to just cut up the card and not use it, but not to close the account. You may want to look into this before you do close that card. I have also heard many financial experts on t.v. (Suze included) suggest that you go to your credit card company - the one you initially had - to ask if they would be willing to drop the interest rate by informing them there is another company that is offering a better deal. It may not be the case with you now, but it's a tactic to get your long term credit card company to give you a more reasonable interest rate. Good luck with everything!

sub4hire -> RE: Credit Card rant (8/5/2008 6:20:47 AM)
I've heard a lot of credit card horror stories lately. Seems to me its one area of business none of us wants to be part of if we can help it. Not a lot you can do though. If you have debt you need a loan in some form or another.

slaveboyforyou -> RE: Credit Card rant (8/5/2008 6:47:53 AM)
quote: Before I began my rant, I know some people do not have credit cards, loans, and can pay cash for every transaction. That's a wonderful thing and hopefully I'll be there one day. If you think that getting a credit card to pay off debts is the solution to your debt woes, than you'll never get there. I am not going to baby talk you; you're being irresponsible. You should have cut up all your credit cards the moment you found yourself in all this debt. You can't get yourself out of debt by accruing more debt with a credit card. In plain English, you made a stupid error. I am not going to sympathize with you for being irresponsible. I've never had a credit card, and I never will. I've only leased a car once in my life, and I'll never do it again. I only buy things with money that I have. The only thing I will ever go into a usury arrangement on is a home. Stop being irresponsible and take control of your life. Cut up all your credit cards and deal with your debt. If you have to declare bankruptcy, than do it. You're not going to credit yourself out of the mess you've created.

Termyn8or -> RE: Credit Card rant (8/5/2008 7:24:24 AM)
SBFY, well put. Now if we could get the government to understand that ....... I will have to admit your post was more responsive than mine. I mean when they tried to bite me I had the resources to take care of it. Most people don't. The only thing I really conveyed that was any good was that YOU are the customer. These banks do not make profits out of the air. They may create money out of nothing (Federal Reserve) but to make any profit they need customers. They are userers. There is no other way to explain their tactics. Say you get laid off for a few months, can't pay the bill. They jack up your interest and hit you with charges that make it near impossible to recover. Now there are companies that advertise that they can help you, even reduce the amount you owe. My question is, how do they make their money ? It seems that if you go to one of these companies, what you are doing in essence is voluntarily going to a collection agency. I don't see how doing that could hurt your credit rating much less than a bankruptcy. T

pahunkboy -> RE: Credit Card rant (8/5/2008 7:45:23 AM)
3 states are not wage attatchment states. PA, IN and ? [does not apply to student loans, IRS, or child support] Debt is debt... to juggle it - thats what people do. If you have eggs and pancakes in the fridge and the pancakes need to be used up or go to waste- then you eat the pancakes.... I read that credit lines are being reduced. I wonder how this plays at credit unions? As far as never having a credit card- that isnt rational for me. If I have a toothache and need a dentist and the credit card is the only way- then so be it. Tho human nature what it is, I want is I "need". so there in lies the problem. if 2 widgets makes us happier then 3 is better 4 even more so. I for one need to stop hiring lap dances at the exotic lady dancer saloon hall. I should cut back on the wiskey and poker. I should cut down -instead of gambling junkets every weekend- go maybe when I feel lucky. I also have to try to nail pretty woman by showering them with gifts such as dimonds and furs. And stop sending a car so we may all go out clubbing. Furthermore- I dont see why I need a yaught at South Palm Beach, AND Miami- tho Miami really is better for the larger water craft. Whoopz gotten go- the massuse is here.

TreasureKY -> RE: Credit Card rant (8/5/2008 7:59:32 AM)
quote: ORIGINAL: pahunkboy 3 states are not wage attatchment states. PA, IN and ? Texas. In Texas, a creditor can take you to court and get a judgement against you for unpaid bills, but unless you have real property that they can file a lien against (and thereby only collect should you ever sell), they're s*** out of luck. Wages in Texas can only be garnished for child support, student loans, and back taxes. Texas is a great state. [;)]

TheGorenSociety -> RE: Credit Card rant (8/5/2008 8:54:15 AM)
If you think that is bad just wait, due to the new end user agreements being revised right now. Any credit card company can demand full payment, if they feel the risk is warranted. Wait till we see the rest of the mortgage fall out in the ext 18 months. And to ad shit to the fire ,going into bankruptcy today does not discharge you from most credit, unsecured debts, it is a big misnomer, a lie in most cases that is being spread that bankruptcy get rids of unsecured debts. Most chapter 7 bankruptcies now are being forced into chapter 11 or 13 which means you get the pleasure on being forced by the court into a repayment plan and pay a trustee up to 3 percent of the total debt as part of the repayment plan. oh and in some states the debt is no longer unsecured. The credit card companies have eliminated most options under bankruptcy as well-as unsecured debts in there revised agreements.They can file suit to attach your assets,they still collect. If you think you can walk away Scott free, good luck having owned a skip tracing company,also have been a process server among other things I have seen allot try to get away, but in the end the credit card companies pretty much have the decks stacked against you hands down. My advice Cut up the cards and get one secured card by a savings account keep it paid off and live frugally. No worries, if we survive the coming economic collapse it truly will be the biggest miracle since the beginning of time.

pahunkboy -> RE: Credit Card rant (8/5/2008 11:05:56 AM)
quote: ORIGINAL: L8bloomer I watch Suze Orman and she says that once you have a credit card, you shouldn't close it because it will affect your credit score. She advises to just cut up the card and not use it, but not to close the account. You may want to look into this before you do close that card. I have also heard many financial experts on t.v. (Suze included) suggest that you go to your credit card company - the one you initially had - to ask if they would be willing to drop the interest rate by informing them there is another company that is offering a better deal. It may not be the case with you now, but it's a tactic to get your long term credit card company to give you a more reasonable interest rate. Good luck with everything! I like Susie and she has some good advice. I tho- have been closing extra accounts- and getting rid of secured visa cards. The amount of errors seem to be increasing and I am too stupid to know all the fees and consequences. So I am eventually going to dump them all together. Credit scores... well I am not applying for any- it hasnt effected my auto insurance... Most of all- in order to get a grip as to what is going on, I am simplifying life. yay.

pahunkboy -> RE: Credit Card rant (8/5/2008 11:08:02 AM)
quote: ORIGINAL: TreasureKY quote: ORIGINAL: pahunkboy 3 states are not wage attatchment states. PA, IN and ? Texas. In Texas, a creditor can take you to court and get a judgement against you for unpaid bills, but unless you have real property that they can file a lien against (and thereby only collect should you ever sell), they're s*** out of luck. Wages in Texas can only be garnished for child support, student loans, and back taxes. Texas is a great state. [;)] funny it is just 3. When I moved from Illinois to Penssylvania- it occurred to me- wages arent attachable... lol. Even in IL- I think they can only take whatever per cent there is.

sub4hire -> RE: Credit Card rant (8/5/2008 11:50:04 AM)
quote: ORIGINAL: L8bloomer I watch Suze Orman and she says that once you have a credit card, you shouldn't close it because it will affect your credit score. She advises to just cut up the card and not use it, but not to close the account. You may want to look into this before you do close that card. A financial analyst will tell you the opposite. Mine did about a year ago when I told him I had 2 credit cards. Reason being is simple, we just don't think about it. With the account open that credit is easily used by you. So, if trying to buy a house...etc...they look at how much available credit you have..then look at your income. If you "can" have 300,000 in debt and are looking at a hefty mortgage..they also look at your salary and decide if you can afford it all. If you can't well we all know what happens then. With a closed account, sure you can re-open it but the banks don't see how much available credit you have to use at any whim.

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