its the credit card system of raising rates beyond belief and minimums stupid

dogindia

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Sun Oct-12-08 09:40 AM
Original message

its the credit card system of raising rates beyond belief and minimums stupid

Not much discussion the ravenous bank plus the rise in gas prices....let alone the fraudulent folks on wall street. I think it goes deep into the problems of the psychology of banking and how they serve themselves before their clients.

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Union Thug

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Sun Oct-12-08 09:42 AM
Response to Original message

1. The mafia didn't charge the rates that some of these CC companies are.

Now that I think about it, I'd rather deal with the mob than Capital One.

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femmedem

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Sun Oct-12-08 09:46 AM
Response to Original message

2. I know of several households within my circle of friends with credit card rates of 30% , desperate

One has now been evicted and another--several years ago--committed suicide. (Not that he didn't have other problems, but that was a factor.) They would have been okay if their rates hadn't jumped.

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mrcheerful

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Sun Oct-12-08 10:00 AM
Response to Reply #2

5. After my CC's got maxed out from hackers in 2000 I haven't got

them replaced nor did I pay them off. Heck I had one CC that was a secured CC, you had to put money on the card before you could use it, then got charged interest for using the card, wtf was I thinking? Anyhow when I canceled the card they wanted me to pay them $800 for user fee's. I laughed and hung up the phone. I mean come on I'm putting money on the card, they charged me $30 for every $200 I put on the card then used for charges and to cancel the card they expected me to pay them $800? WTF

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wartrace

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Sun Oct-12-08 09:52 AM
Response to Original message

3. Why do you think congress passed the new bankruptcy bill?

Helping their banker friends COLLECT on the cards! Whooo-Hooo! No when we get screwed we stay screwed!

Personally I have shunned debt as a way of life. I screwed up once when I was young & stupid, now that I am older & stupid I live without it. Nothing like a bad experience to make you wary of debt.

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magellan

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Sun Oct-12-08 09:59 AM
Response to Reply #3

4. Welcome to DU, wartrace, and right on

Live debt-free if you can. And if you can't and need the credit rating, do like we do and don't put more on your card than you can pay back in full on your next bill. They make NO money off you if you clear your balance each month. They call people like that "deadbeats".

Hubby and I are proud "deadbeats". :evilgrin:

As for the bankruptcy bill, a pox on the house of every Congress-person who voted for it.

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wartrace

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Sun Oct-12-08 10:04 AM
Response to Reply #4

6. I am hoping this "credit crunch" saves some young folks from the bankers.

It is almost criminal for them to market cards on campus to kids who may/may not get a good job IF they graduate. Maybe the silver lining of the whole financial mess will be a reality check on lifestyle. Pay for it with cash or wait until you can.

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magellan

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Sun Oct-12-08 10:26 AM
Response to Reply #6

8. I agree and hope the same

However, comes a point when credit is necessary. For example, with the way wages are headed you'd be in the grave before you amassed enough cash to buy a house.

But your point is good and right: credit has become TOO easy, a way of life. And I predict many Americans are learning their lesson, or will be shortly. Let's hope the lesson sticks as it did to depression era Americans.

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morillon

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Sun Oct-12-08 10:31 AM
Response to Reply #4

10. Deadbeats??

OMG. That's ridiculous. "Responsible adults" is the correct term.

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wartrace

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Sun Oct-12-08 10:34 AM
Response to Reply #10

12. Deadbeat is a credit card company term.

It means they don't make any money off of you from high interest rates, late fees ect.

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morillon

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Sun Oct-12-08 10:35 AM
Response to Reply #12

13. Aww, my heart just BREAKS for them. :-) n/t

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chalky

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Sun Oct-12-08 10:30 AM
Response to Reply #3

9. AMEN. Honestly, I'm surprised they suffer the existence of debit cards.

All the convenience of credit cards with none of the userous fees? That JUST WON'T DO. I've been waiting for them to do away with these suckers ever since the bankruptcy bill got passed.

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magellan

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Sun Oct-12-08 10:40 AM
Response to Reply #9

14. They better not do away with them

We have two debit cards, one for personal use and one for our business, and both get used more than any other cards we have. Gee, ain't being responsible a killer?

What I'd like to see is responsible payment of utilities, rent, etc, reflected in credit histories. It seems the only time those things affect the credit report is when you screw up....

Actually, I'd much prefer credit reports went the way of corsets.

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msongs

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Sun Oct-12-08 10:14 AM
Response to Original message

7. hey che, gas prices are falling nt

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Johonny

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Sun Oct-12-08 10:33 AM
Response to Original message

11. Congress must address Usury law next year.

There must be something done.

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MadHound

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Sun Oct-12-08 11:27 AM
Response to Original message

15. Don't play the credit card game, ever

Cut up your plastic and go to a cash/check/debit card instead. People keep complaining about the high rates and outrageous practices of the CC companies on the one hand, yet continue to pull out the plastic when they go shopping. That's a real bad disconnect.

You want to hit the CC company where it hurts, then don't be a player in their game. You will find your life is much more stress free, your budgeting is much easier, and you will save money.

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