What's in Your Wallet?

[jillian]

You missed that part I guess.

And I not griping about the rates, just showing you what they do. It has nothing to do with 'bad credit'. They pumped me up 9% about 5 years ago to, along with about 2 million other card holders. No reason, except we all most likely payed every month in full.

You know, credit card companies call people who pay every month "deadbeats". Pretty pathetic. Personally, I don't use a card if I can't pay it in full at the end of the month. Doesn't mean the ccc's aren't predatory.

I'm with you on this one, Mr. P. RSR and Hobbit are way too young and have no understanding of what happens when unexpected emergencies occur, so it's easy for them to talk. I see people in Court all the time who are being sued by credit card companies who jacked up their interest rates so high they couldn't pay their bills anymore... usually after the loss of a job or unanticipated medical expenses.

But to these guys, it's ok if corporations go belly up to relieve themselves of their pension obligations, but real people should get the short end of the stick. Very sad.

 

[dmp]

Credit card companies are allowed to do what no other debtor can... charge usurous rates so that if one is making minimum payments, they still can't ever pay off their debt.

Credit card companies are also allowed to increase your interest rates even if you're paying timely, if you happen to pay another creditor late.

Financial institutions have one of the most powerful lobbies on capital hill. That's how they were able to get the bankruptcy bill passed.

bleh...if you want to talk powerful - there's only ONE kind of financial debt for which men are incarcerated - Child-Support/alimony. The Loved and Promoted and Celebrated practice of raping a man's finances for some bitch of an ex-wife should be abolished before people start trying to fix credit-card companies.

 

[insein]

Are you a dumb ass or just pretending to be?

Tell me how a college kid, without a job, just gets a CC in the mail one day without EVER applying for one!
Bad credit? Hell NO, NO CREDIT! It's common practice too with these blood suckers.

Or how about me. I ALWAYS pay the balance due. and have perfect credit, and they still pump the interest rate up. Am I a risk? No, they just hope I stubble someday, like the old lady.

Again, all the more reason to teach finance to 1st graders till they graduate High School. If kids no what a credit score is rather than what African American painter their school was named after than maybe they have a chance in life.

 

[jillian]

bleh...if you want to talk powerful - there's only ONE kind of financial debt for which men are incarcerated - Child-Support/alimony. The Loved and Promoted and Celebrated practice of raping a man's finances for some bitch of an ex-wife should be abolished before people start trying to fix credit-card companies.

So guys shouldn't have to support the kids they make? And women shouldn't be able to choose not to have them? And men should get veto power over reproductive choice?

Yeah... that works.

Since when is having to pay a percentage of one's income for child support "raping" a man's finances?

 

[dilloduck]

So guys shouldn't have to support the kids they make? And women shouldn't be able to choose not to have them? And men should get veto power over reproductive choice?

Yeah... that works.

Since when is having to pay a percentage of one's income for child support "raping" a man's finances?

Men dont make kids

 

[Hobbit]

You know, credit card companies call people who pay every month "deadbeats". Pretty pathetic. Personally, I don't use a card if I can't pay it in full at the end of the month. Doesn't mean the ccc's aren't predatory.

I'm with you on this one, Mr. P. RSR and Hobbit are way too young and have no understanding of what happens when unexpected emergencies occur, so it's easy for them to talk. I see people in Court all the time who are being sued by credit card companies who jacked up their interest rates so high they couldn't pay their bills anymore... usually after the loss of a job or unanticipated medical expenses.

But to these guys, it's ok if corporations go belly up to relieve themselves of their pension obligations, but real people should get the short end of the stick. Very sad.

I maintain a minimum $500 balance in my checking account for 'emergency expenses.' Sure, I have to make some sacrifices to keep it that way, but that's the price of financial freedom.

 

[red states rule]

I maintain a minimum $500 balance in my checking account for 'emergency expenses.' Sure, I have to make some sacrifices to keep it that way, but that's the price of financial freedom.

I have worked in colections and I know how these "poor" people manage their finances. They eat out, they have high tier cable TV, they have nice cars parked int he driveway, they have money for things other then their credit cards

 

[jillian]

I maintain a minimum $500 balance in my checking account for 'emergency expenses.' Sure, I have to make some sacrifices to keep it that way, but that's the price of financial freedom.

That's certainly responsible and admirable. But ask yourself the cost of an emergency room visit or, heaven forbid, an emergency surgery with a hospital stay. $500 doesn't go very far then, unfortunately.

 

[dilloduck]

That's certainly responsible and admirable. But ask yourself the cost of an emergency room visit or, heaven forbid, an emergency surgery with a hospital stay. $500 doesn't go very far then, unfortunately.

They would be happy to work out a payment plan with you. It happens all the time. They usually don't even charge interest.

 

[Hobbit]

That's certainly responsible and admirable. But ask yourself the cost of an emergency room visit or, heaven forbid, an emergency surgery with a hospital stay. $500 doesn't go very far then, unfortunately.

$500 happens to be the deductable on my health insurance, which is why I chose that number.

Edit: And I pay for my own health insurance.

 

[Mr. P]

They would be happy to work out a payment plan with you. It happens all the time. They usually don't even charge interest.

Not always, dillo. Should they pay the debt? Yes. Can they? That all depends on the creditor and wheather they will work with folks to pay that debt, or demand full payment now, come hell or high water. Believe me, that type of practice has pushed many honest responsible people into bankruptcy.

Let’s not even go into what they charge folks without insurance. Talk about rape!

 

[dilloduck]

Not always, dillo. Should they pay the debt? Yes. Can they? That all depends on the creditor and wheather they will work with folks to pay that debt, or demand full payment now, come hell or high water. Believe me, that type of practice has pushed many honest responsible people into bankruptcy.

Let’s not even go into what they charge folks without insurance. Talk about rape!

Looks like Hobbit has things covered anyway and I'm with him. Paid off all my cards and don't ever want to see another one. I'll deal with the consequences rather than get screwed.

 

[Mr. P]

Looks like Hobbit has things covered anyway and I'm with him. Paid off all my cards and don't ever want to see another one. I'll deal with the consequences rather than get screwed.

Same here. My point is only that no matter how prepared one may be, things can still get VERY messy.

Even IF you have insurance.

 

[jillian]

Not always, dillo. Should they pay the debt? Yes. Can they? That all depends on the creditor and wheather they will work with folks to pay that debt, or demand full payment now, come hell or high water. Believe me, that type of practice has pushed many honest responsible people into bankruptcy.

Let’s not even go into what they charge folks without insurance. Talk about rape!

The debts are sent to collection agencies. Most of the time, they're non-responsive to requests to make payment arrangements.... after interest is accrued and a lawsuit filed, THEN they'll talk settlement, but they often want it with the interest (though sometimes it will be waived).

I've also seen a lot of cases where someone is left with the debt of an ex-spouse who took off and for whom they co-signed or for whom they used their credit card.

As for bankruptcies, most don't occur as a result of irresponsibility or lack of concern for one's creditors. Most happen after the loss of a job, medical emergency or divorce.

 

[red states rule]

The debts are sent to collection agencies. Most of the time, they're non-responsive to requests to make payment arrangements.... after interest is accrued and a lawsuit filed, THEN they'll talk settlement, but they often want it with the interest (though sometimes it will be waived).

I've also seen a lot of cases where someone is left with the debt of an ex-spouse who took off and for whom they co-signed or for whom they used their credit card.

As for bankruptcies, most don't occur as a result of irresponsibility or lack of concern for one's creditors. Most happen after the loss of a job, medical emergency or divorce.

Jilly, in some cases the people who are behind in their bills are not at fault

But in a majority of the cases, the people waste thier money. I worked in collections. I saw first hand how people have money for eating out, cable TV,
their Starbucks, nice cars, ect

They do not know how to manage their money and yet it is the fault of the companies they owe the money to?

 

[Hobbit]

Everybody should just go here.