Don't get me wrong, i have zero sympathy for them. You're right though, they are damn obscure and vague.
Yes. When I âm done with this mess, Iâll know to pay it off every month or have cash in case they change the terms. Thereâs nothing wrong with what credit cards offer. Itâs a line of credit that people have open in case they want to use it. But yes, now its turned into an entrapment tool. The Fed passed regulation recently curtailing these practices, but it doesnât go into effect for at least a year. Between then and now, every person who has a credit card will probably have their terms changed. The CC companyâs are going to make sure that they jack everybodyâs rates before itâs too late. Google this. I am not the only one. Congress knows about this and tried to get something passed, but of course they never get anything accomplished.
This was no arm. I have the original papers. There were no conditions that needed to be met or held, they just reserved the right to change the terms for any reason and at any time. This is just common sense. You expect that if you pay the bill on time and donât go over the credit limit, that they are not going screw you like this. So when BAC and hopefully JPM go under, you can bet Iâll be happy. Ok, let me explain this to you like I would a 3rd grader, because clearly thatâs where your intelligence level is at. If Iâm paying $300 a month, and under the old contract I pay $50 a month in interest, that means $250 is being paid toward principle. So eventually the balance will get paid off. Under the revised contract, out of $300, $250 goes to interest and $50 to principle. So the balance will never get paid off until I increase the payment. So I can pay more than the interest, but they wonât let me because they keep changing the interest rate. I took out the credit to start a business (sorry to dissapoint you, Iâm sure you thought it was to buy a big screen tv). Unfortunately it didnât work out. Throughout the whole time until now, I have had perfect payment history. Youâre acting like I should be punished for something I did wrong. I took out a loan. You know, something people have been doing for thousands of years. How about we triple everybodyâs mortgage? I know, you can get your own little gig on Dr. Phil yelling at people for taking out mortgages. You can scream at them and tell them to man up pay those outrageous rates even though they agreed to something entirely different. I know your type. You probably sit at home listening to Sean Hannity and canât figure out why somebody would ever vote for Obama. When people talk about issues and corporate greed, you start ranting and raving about illogical crap. You can't possible phathom that your little precious corporations are screwing people and then turning around and asking for bailouts.
http://www.creditcardassist.com/switchingcreditcards-article017.html Stephan, try again to transfer your balance to a lower rate. Ok, you have made your payment in the past but your cc company raise your interest anyway. So you will not get out of the debt because now you pay mostly interest to them and principle keep going forward. That is the game for them. Now you play. Yes, it is legal what they do, but it is bad business practice. But remember you have a big balance of money that another cc company would like to compete for. Another company would like to make money from you, and they will compete for your money by giving you lower interest rate. So in this time of your life, you have to put building a business on the side, and get your debt paid. So do that first, and you get away from your stress of debt, and you start again with understanding how credit card companys work, and you are smarter now. Go look at the link. Someone will take your debt at lower rate.
You failed in business, heavily burdened yourself in debt within the process? You're right I am illogical and a posses the intelligence of a 3rd grader.
Stephan, you feel like victim of cc company, but look at it in a different way. Look at your debt as asset to someone else. Now you hold a debt that cc company want. You have leverage now because cc companys have many people who default. But you have no history of default, but have debt. So you want a lower interest rate to exchange for your business, and cc company would like the business of someone who has history of no default, but has some debt. And you can make the cc company you have now lose your business because they change the terms of the game. They bet you will stay and keep paying them, you prove them wrong. They lose.
matgallis: Have you ever owned a business? Have you ever started one? Probably not... 2 out of every 5 businesses fail during startup. :eek: From there, failure rates go up based on the exact industry the business is in. Owning, starting, and running a business is F@#$ing hard. MOST ENTREPRENEURS FAIL! And they continue to fail until they finally hit it big -- or give up... It is not like he is not making his payments. Hell, if he wanted to , he could have just stopped paying them, defaulted on the balance, and then negotiate with the collectors for better terms (collectors are under so much stress right now that they WILL negotiate). He is making payments. He is just angry at the change in payment that is going on, AND the fact that these companies are ALLOWED to get away with it and now use our tax dollars to subsidize it I WISH the fed would have given BAC the loan to buy MER with a variable 22% APR The day that the JPMs, BACs, and Cs of the world go down -- you know, the banks that shit on their own customers --will be a great day indeed... Oh wait. I'm sorry. They almost did, until our bought and paid for stooges in DC agreed to bail them out. Let the shitting on your customer experience continue...
The cc company has figured out that you are a high risk debtor and therefore is trying to get as much out of you now before you go bust and cant pay anything. Basically they think you will stop payments anyway.If paying the minimum means never paying off the principle and you have no foreseeable way of paying that off you should stop wasting your money and stop payments.Whats the point?Declare chap 11 and wait 7 yrs.Currently you have so-so credit that will never get better and you will be in debt for the rest of your life if you pay minimum payments.Doesnt make sense to pay. I know somebody who didnt declare chap 11 but just stopped cc payments and after 7 yrs they had a great credit score and were receiving cc applications. The whole banking system is a sham that has fked the country good.If you want to be dutiful to them that is your choice.Maybe you should call them up and tell them you will pay the principle in installments or a lump sum and be done with it.