| Author | Message | ||
     Fahren |
I have been reading about the new law that has been in the works for a while, supposedly offering better protection to consumers. I must say that I am fed up. Credit card companies are among the worst. The only thing they should be used for is for your own purposes: to buy small amounts of things and to pay them in full each month, as a way to boost one's credit rating. As usual, those in gov't (both sides) want to save us from ourselves and offer legislation to protect us. That is fine in some cases, but with this, we all need to get a grip for ourselves, control ourselves and stay away from the lure of "easy" spending power offered up like candy by the card co's. Don't blame the greed of these companies. Look at the crap they have pulled in the months leading up to the enactment of this legislation, raising rates, cutting credit limits and terminating many customers' accounts. They are in business to make money, and they will find the way, even if laws come around to try and limit that. We should expect that from them. It is up to each of us to take control of what we can in our lives, and this is a good example of where that can, and must, be done. I don't start many rants here, usually just offer a comment or two to others, but I felt this coming on as I was reading about it, so there. Now I feel better! | ||
| P47b |
I agree. They still have allot of loopholes that people can get trapped in still. Including the Instant cash we will hold your check till you get a check places. | ||
| Hootowl |
I'll withhold my personal opinion of credit card companies. It could be used against me in a court of law. I do not, however, agree with the government yet again stepping in to tell businesses how to operate. People who use credit cards were given the terms of their use in writing prior to them making their first purchase. So because credit card companies will invariably try to recover the lost revenue (12 billion dollars per year by some estimates) I will most likely be forced to pay an annual fee, as "free" cards will be a thing of the past. So, once again, the government steps in to help the people who are NOT doing the right thing, like paying their bills on time, and foist higher prices on those of us who DO do the right thing. Pisses me off. | ||
| Ft_bstrd |
There are NON-GOVERNMENTAL solutions. "Freedom" supplied by the Government simply provides a different form of slavery. I have been working with my credit card companies for the past several weeks. I have been VERY behind on several of them. They will reduce your interest rates, your payments, and WILL settle. You simply need to ask them. I have been unable to take advantage of the offer, but one of my cards is willing to settle the balance for 30% of face cash on the barrel head. I don't need an attorney, the government, or any other entity to assist me. I just need a phone and a little bit of effort. If I can turn things around quickly, I have the potential to be debt free more quickly than I'd ever expected. | ||
| Hootowl |
I was in the same boat FB. Divorce sucks. I paid them off, and with no help from the gubment. I've been debt free for two years now. Well, except the car and the house. Car is almost paid off. | ||
| Fahren |
It takes discipline, but we gotta get off these things. I have done it several times, and am "clean" now - hope to stay that way! Now that I am out of their clutches, all I want to do is to use one to build up positive marks on my credit rating (reversing the damage done by past late payments). I hate even the thought of using them at all, since it puts money in their pockets every time you whip one out to pay for something. Personal responsibility, as in so many other areas of life, is the key. | ||
| Hootowl |
I use credit for almost everything. I get air miles. I pay the bill in full twice a month. I would pay my mortgage with it if I could. | ||
| Ft_bstrd |
My problem wasn't mounting debt but rather cratering income. When you make 40% of your previous income, stuff gets backed up. | ||
| Crackhead |
I see the gov credit card reform as half way there. It needs to require a 1 page easy to read terms of the credit card that a 8 grader can understand, because there are a lot of people in the US with only that. The reform helps eliminate the weird practices CC companies used. Now, i am only 28 years old and have only missed a CC payment 1 time in my life. I think the reform will help those with higher credit scores reduce their interest rates and fees, because I will not keep a card that has 25% interest and $100 annual or bogus fee. | ||
| Pso |
As was stated CC co.s are there to make money they are not public service agency or charitable organizations. According to regulations there first obligation is to stock holders not card holders and that is where they should focus. If you use there services you must pay the price. As an investor in the market it gauls me that CC co's are negotiating deals with deadbeats to not pay all that they owe. Seems like the American spirit is built upon a mans word is his bond and if he purchases something and says he will pay for it that is his word, if he reniges on his word well you know what that means. Some regulation is good like the restrictions on increasing rates for existing balances. Just my turn to rant after being in graduate school many long years ago and literaly figuring out which days not to eat resultant from my sense of obligation that if I am in debt I will keep my word and repay it. | ||
| Hootowl |
"literaly figuring out which days not to eat resultant from my sense of obligation that if I am in debt I will keep my word and repay it" Been there. I paid the bill. | ||
| Ft_bstrd |
A settlement many times is more beneficial to the credit card company than the regular repayment schedule. I work out whatever arrangement THEY offer as favorable. | ||
| Crackhead |
I think part of the problem is that people don't understand the terms of the CC (not counting people that don't try). I sat down and tried to read one of the contract changes from my C company and i couldn't understand it past page 1. | ||
| Just_ziptab |
I"use" credit card companies..............pay my bill every month.One time they charged me a late fee...AND I WAS NOT LATE.Me thinks it was some sort of conspiracy to get a few dimes out of me,"The User". I don't use that card anymore,period,but I activate every new one they send me,just to waste their time. Another company gave me no interest for a year if I signed up for their store card for a purchase. Bought the item and got the billing with no interest. Sent them twenty bucks to get a head start on the bill that needed to be paid in a year. That payment turned off the no interest deal and the next billing showed an interest on the balance. Finally got it out of them what the deal was on that................paid it off at that time and never used it again. Have no problems with the current card....but they will probably get tired of me too, in time..and again,I will move on. | ||
| Pkforbes87 |
A couple questions about settling credit card debt: #1 - is a lower lump sum payoff reported to the credit bureaus as bad information? #2 - are the companies even willing to accept these lump sum payoffs while you're up to date with payments? | ||
| Ferris_von_bueller |
#1 if you negotiate and get it in writing they will post it as "paid in full" on your credit report #2 what would be their motivation? ...lol | ||
| Ourdee |
Get it in writing prior to making the payment. I got a late fee once when I had sent it in with plenty of time for it to get there and processed. I called and they took it off. The language pretty much states that they can change your rates for any reason any time. | ||
| Hootowl |
Reduced balance payoffs show up on your credit report as being paid in full. HOWEVER, I have heard that the money they took off your account is reported to the IRS as income. Something to ask I guess. | ||
| Court |
I would sure suggest that before you do anything that you extend your research beyond a motorcycle internet board. I'm not expert. But I do know enough to seriously question some of what I am reading. | ||
| Hootowl |
+1 Ask a professional. | ||
| Hootowl |
"Generally, the amount by which you benefit from the discharge of indebtedness is included in your gross income." http://www.irs.gov/pub/irs-pdf/f982.pdf | ||
| Indybuell |
www.daveramsay.com I'm currently living like no one else, so that later I can live like no one else. | ||
| Zane |
I love my debit card. When I run out of money, it stops working. On my credit card I pay more than the minimum each month and haven't had a charge on it since April 2009. I plan to be debt free in 26 months. My lawyer loved my divorce. (Message edited by zane on February 25, 2010) | ||
| Blake |
Usury is illegal. Not sure how an interest rate greater than 20% combined with exorbitant late fees and over-limit fees is not usury. I pay mine off every month usually the entire balance, not just the statement amount. Last month I happened to go over my credit limit. The folks at Capital One, remember the ones who like to advertise against aggressive fees and the like with their marauding vikings commercials, they hit me with a $39 over limit fee. I'll be waiting until the actual due date to pay and will be ditching their card. Greedy bastards. I'd rather they refused the transaction. | ||
| Ratyson |
www.daveramsay.com I'm currently living like no one else, so that later I can live like no one else. We are as well. I can't wait till it is ALL GONE! Bike was paid in full this week, plus 1 CC. By next year the only think left will be the student loan, and the Mortgage. WOOT!! Any future cars, bikes, etc. will be bought with CASH! "I see your MSRP is $20,000... But I have $15,000 in cash, in my hand, that I can pay for it right now. See it? Isn't it pretty and GREEN?? Hmmm? Hmmm?" LOL} | ||
| Hootowl |
"I'd rather they refused the transaction." I believe the bill that just passed will allow you to have that option. | ||
| Fast1075 |
I use my credit cards as a convienient bill paying tool...pay them off in full every month...all brick and mortar purchases are paid cash...let's just say I have a very, very good credit score  . |
