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Spinoff to Credit Card Rate increases....
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lovemy2boys
LIF Adult
Member since 10/07 3915 total posts
Name:
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Re: Spinoff to Credit Card Rate increases....
It's horrible that they do this. they should be able to increase on any NEW purchases, but I can't fathom why it's ok for them to come in when you already have a balance and change the rate ?!!!? It's awful. Chase did it to me, my Rate was 8% and they put it up to 10% I was Pi$$ED I paid it off and will never use it again. But I know a lot of ppl just can't pay off their cards. it' s really awful!
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Posted 4/9/09 11:07 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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Re: Spinoff to Credit Card Rate increases....
I agree with those who have said not to turn unsecured debt into secured debt. It could cost you your home in the long run.
I believe that many credit card companies are engaging in usury and have charges that add up to the equivalent of rates that are above what the law allows. There are attorneys making their livings helping people to avoid such charges.
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| Posted 4/9/09 11:21 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Spinoff to Credit Card Rate increases....
While it is deplorable, that really how they survive.
Let's face it. CC would not be in business if everyone paid their balance every month.
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| Posted 4/9/09 11:29 PM |
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JenMarie
One day at a time
Member since 11/07 7397 total posts
Name:
Jennifer
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Re: Spinoff to Credit Card Rate increases....
Posted by Blu-ize
These banks got bail outs. Let go of thousands of people..execs got bonuses. They need us to survive...our taxes and our interest.
I was reminded by the BoA customer service rep I spoke to the other day that they have to pay that money back. That's nice.
It's a shame that there's not more education about credit in this country. Most people do not understand how credit works. Even my MIL, who thinks she knows everything, didn't understand why it was a bad idea to close some of her accounts and voluntarily reduce the limits on others.
We do, as a society, need to stop relying on credit cards. I completely understand some who have extensive medical bills or who have been out of a job for an extended period of time need their credit cards to survive. But there's no need to put a big screen tv or vacation on a credit card and not pay if off in it's entirety before any interest is charged.
The banks are desparate right now to reduce the amount of credit people have available to them. With more and more people out of work, credit card use can skyrocket. They want to protect themselves, which I can understand. It just stinks that it affects our credit scores so much.
It takes a lot of discipline to pay your credit card bill everymonth, yes. But it is do-able and worth it in the end if you have a card with rewards.
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| Posted 4/10/09 10:33 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Spinoff to Credit Card Rate increases....
oh yeah and the banks are reporting that this money they got to loosen the credit markets is working. Yep, it's working because you are lowering your liabililty and collecting higher fees.
It's a scam.
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| Posted 4/10/09 11:44 AM |
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| Pages: 1 [2] |
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