Something you really really need to know about your credit cards.
With our economy not looking very good and people not spending like they normally do the credit card companies trying to do their part. DINKS!!! Sorry not all credit card companies, but let me explain.
First credit card companies that you have never had a account with are offering all kinds of thing to get you to sign up with. Why you ask so you spend more money. They are offering better interest rates free gifts and so on.
Now the credit card accounts you already have is where the problem lies. Here is an example of what just happened to my husband and I. This however is happening to alot more people than you probably realize.
We have had this one credit card for years, best interest rate, highest limit and all that yippy skippy stuff. We have never missed a payment or been late. Now lately we have only been paying a minimum payment or just a little over. when I say minimum that is with the now 1% they add to your credit card payment that comes off the amount you owe.
Guess What!!! They just tripled our interest rate! Yep you read it right they tripled it. When I
called and asked them what in the holy crap are they doing this is what they said." Well your payment history is great, but because of things happening and you only making minimum payments for a while, we are afraid we won't get our money from you and you are considered high risk."
Okay so let me get this straight things are tight for us right now, the only reason we have been making the lowest payment, but have never been late and most the time of us having this card we have doubled up on payments and so forth. So you tripled my interest and you think that is going to get you your money?????????????? Maybe push me into friggin filing bankruptcy!!!!!
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7 comments:
That's some nerve!
Mama says creditors is the devil!
The interest jumped on my Visa, so I called and tried to find a reasonable answer as to why, which I did not get. I opened a new Visa account at my own bank where I have my mortgage, transfered the balance, and closed the old one out. Without fail, for the last 3 months I have gotten letters and phone calls trying to get me to come back.
Do not cave in to the CC companies, you can always do better closer to home
@ Cube, yes it does stick and they do have alot of nerve.
@ Trukindog, lol Waterboy!! Your mama was right.
@ Lot2learn, you are so right and like you said never ever give up.
UPDATE:
I was not going to give up without a fight, so this is what I got. They locked us into our old rate and will hold us there as long as we do not spend any more on the card for now. Well that's a heck of alot better than triple rate and we will probably do a transfer or something like that in the near future.
C.R.E.D.I.T.
Can
Reach
Economic
Depression
In
Time
Glad you got something worked out, even though it's not the best for you. Hang in there, pay it down and if you do transfer, definitely read the fine print and don't commit to anything you aren't 100% happy with.
Most of financial troubles happening nowadays come from credit card companies. They consider it all riht to raise the rates and lower the credit limits. That's unjust.
@ Lakelandmom, lol
That's a good one. Yes I am at least glad they locked in that rate, for now anyway.
@ Susan, That's true it is very unjust and I am surprised they are aloud to get away with it.
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