Credit Card companies SUCK BALLS!

blfrd · Post by **blfrd** » Wed Feb 21, 2007 9:48 am

I've been out of work for a while now and it's getting more and more difficult to make the minimum monthly payments. One late payment resulted in an increase in my APR from 14% to 32% !!!!!!!

I called them and got it straightened out, but jeez...

Anyone who isn't hip to what kind of power these CC companies have should sit down and watch this:

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

And then pay off all your credit cards and cancel them. Or at least lower your credit limit to a reasonable number. I would say no more than $1000 to $2000.

I mean really, is there a reason why you would need more?

Do yourself a favor and go over your finances with a fine tooth comb and figure out if you could make it if you lost your job.

If you couldn't , then get those fuckers paid off and thank God you're not me.

I'm supposed to find out about a couple jobs by the end of this week and I can't wait...

Watch the video.
Watch the video.

NY Chief · Post by **NY Chief** » Wed Feb 21, 2007 12:51 pm

Hear that. And most people don't get it until they get in trouble.

mightymike · Post by **mightymike** » Wed Feb 21, 2007 12:59 pm

Been there, done that, and still climbing my way out.

blfrd · Post by **blfrd** » Wed Feb 21, 2007 1:20 pm

mightymike wrote:Been there, done that, and still climbing my way out.

What ended up helping you?

Debt consolidation services?

NitroLiq · Post by **NitroLiq** » Wed Feb 21, 2007 1:57 pm

I've done debt consolidation before (CCCS) and it's very helpful as they consolidate all your debt into one monthly loan. The cred card companies work with them to waiver any finance charges as long as you can make your single monthly payment. The stipulation is that they may say you can't use credit cards until the date is paid off. They will work with you to figure out a monthly payment you can afford based on your current situation. Helped me get out of the whole...then I got married and the hole swallowed me up ten-fold.

Guitar Adjuster · Post by **Guitar Adjuster** » Wed Feb 21, 2007 2:05 pm

NitroLiq wrote:I've done debt consolidation before (CCCS) and it's very helpful as they consolidate all your debt into one monthly loan. The cred card companies work with them to waiver any finance charges as long as you can make your single monthly payment. The stipulation is that they may say you can't use credit cards until the date is paid off. They will work with you to figure out a monthly payment you can afford based on your current situation. Helped me get out of the whole...then I got married and the hole swallowed me up ten-fold.

Did it have any adverse affect on your credit?

Bad Kitty · Post by **Bad Kitty** » Wed Feb 21, 2007 2:05 pm

Every time we get one of those stupid credit card offers in the mail I have to hide it from the wife. "But it's zero percent". Yea right. Read the fine print. Miss one payment and it's up to 33% or something outrageous like that. They can change the rate at any time just because they feel like it.
And financial institutions are immune from usery laws so if they want to change your rate to 100% compounded daily there isn't a whole lot you can do about it.
I saw a documentary about credit card companies and they make more money off the penelties then they do off what you owe.

Mike

blfrd · Post by **blfrd** » Wed Feb 21, 2007 2:11 pm

Guitar Adjuster wrote:
NitroLiq wrote:I've done debt consolidation before (CCCS) and it's very helpful as they consolidate all your debt into one monthly loan. The cred card companies work with them to waiver any finance charges as long as you can make your single monthly payment. The stipulation is that they may say you can't use credit cards until the date is paid off. They will work with you to figure out a monthly payment you can afford based on your current situation. Helped me get out of the whole...then I got married and the hole swallowed me up ten-fold.
Did it have any adverse affect on your credit?

What's funny about that is , I've done debt consolidation before and was worried about my credit. Granted, that I couldn't get another discover card for a couple years after that , but I have one now!

Plus my credit score was in the "very good" range about 6 months ago. So the credit score being damaged may be innacurate or just temporary.

yep. Getting married dug me a deeper hole than I ever thought possible.

NitroLiq · Post by **NitroLiq** » Wed Feb 21, 2007 2:21 pm

Yeah folks say it damages your credit report but once I was debt-free, every card company and their brother was knocking on my door with platinum card offers. I actually caught a bit of some financial advice show with Suze Ormon not too long ago and she was saying that actually closing credit card accounts damages your credit report. No idea how much truth there is to that.

blfrd · Post by **blfrd** » Wed Feb 21, 2007 2:30 pm

NitroLiq wrote:Yeah folks say it damages your credit report but once I was debt-free, every card company and their brother was knocking on my door with platinum card offers. I actually caught a bit of some financial advice show with Suze Ormon not too long ago and she was saying that actually closing credit card accounts damages your credit report. No idea how much truth there is to that.

Hmm.......

Anyone else have experience with this?

mightymike · Post by **mightymike** » Wed Feb 21, 2007 7:31 pm

blfrd wrote:
mightymike wrote:Been there, done that, and still climbing my way out.
What ended up helping you?

Debt consolidation services?

Firing the person who was wrecking my equipment was what helped me.
$20000 later. He was already the highest paid guy, and had all my gravy (senority) jobs. Then when I didn't give him a raise, he blew up my motor on the 18 wheeler. He said he "was going to get his money one way or another". By the time I fired him,I was up to 50000 in CC debt.

I'm slowly but surely climbing my way out, with no help.
The hard way.

Sparky · Post by **Sparky** » Wed Feb 21, 2007 7:40 pm

Hey man,
Good luck on those job situations!

I think with creditcards, your supposed to keep the ones you've had the longest. But their probably going to be the ones with the lamest deal.

blfrd · Post by **blfrd** » Wed Feb 21, 2007 8:45 pm

mightymike wrote:
blfrd wrote:
mightymike wrote:Been there, done that, and still climbing my way out.
What ended up helping you?

Debt consolidation services?
Firing the person who was wrecking my equipment was what helped me.
$20000 later. He was already the highest paid guy, and had all my gravy (senority) jobs. Then when I didn't give him a raise, he blew up my motor on the 18 wheeler. He said he "was going to get his money one way or another". By the time I fired him,I was up to 50000 in CC debt.

I'm slowly but surely climbing my way out, with no help.
The hard way.

Scuse me for asking but, what do you do for a living?