It mattered at the time when I was in deep tight budget. I was paying for everything while my wife was finishing her BS to be an RN. Minimum payment in all 4 CC was like 200 and increased close to 500. I was force to a default; a mathematic certainty. By the way, I calculated how much a monthly payment of 500 represent in regular student loans at 25 years and it was between 60 to 70K. Had that happened today I would have paid them off on the spot to get rid of them. Now the debt is owned by so many companies and I am scared to deal with them after so many wrongdoers and horror stories. If I dont have to go to court debt will be gone after 2 more years. About jobsâ¦â¦.well I am happy I live in Florida where virtually everyone donât care about your credit but your ability to get the job done.
Not that it matters or you care, but I do know that. However they sent me one of those policy update things in like type 2 font with all this legal stuff in there. I saw that they said 23.99% and thought that they were changing the default rate. I said to myself that I don't have to worry about that since I have always been current. A couple statements later I noticed it and called them and they refused to do anything. Then, you don't pay them for 3 months and all of a sudden they start calling and asking if you want 0% for the next 3 years. Too late I told them. And for all of you guys talking about employers checking credit reports, who cares? If your job was contingent on good credit, unemployment would be more like 30%. It's not about character, it's about life. Things happen. People lose their jobs. People have to move and sell their house that they are flipped on. People get disabled and can't work. The only people who don't understand this, are the ones that it hasn't happened to yet. Hopefully they'll get a taste of reality soon. By the way, where is Trader666? Just waiting for him to pop in and spew his worthless garbage.
The CC companies can lend your spouse tons of money without your knowledge, they can jack your rates to 31%, the collections people will break lots of laws in the knowledge that you won't likely stand up for your rights.. live free or die! Traders should be transitioning from debtor to lender. The first step is to get some trading edge going but the second step is to stop being a debtor... so just stop, tell the CC companies you don't need their services, move and use a commercial po box for your address, bank at a kiosk in a convenience store, sue the collections agents when they break the law, and they all do, then get an attorney to challenge each of your records on your credit report and the people holding the debt can never prove that they really own it so they remove it.. at that point you are not a debtor anymore and you should have some trading expertise going and you should save up so much money that you become a lender... Piece of cake, everybody should do that at least once in their life!! WiN stands for Work is Nonprofit!
Was it a job in banking? Banking, accounting and law are areas where "bad credit" has relevance. If a person can't manage his or her personal financial affairs, how can he or she be trusted to manage someone elses? Declaring oneself bankrupt pretty much closes the door into any of these professions.
Good post! I should just add that accumulating debt on a credit card is very bad for your finances. Given the high interest rate credit card companies charge, it's much wiser to take on a personal loan or use overdraft, if the bank gives one. On a different note, if one always pays credit card bills in full and on time (which means they don't pay interest at all), credit cards are a powerful tool to protect one's finances. When a computer ordered on the internet hasn't been delivered, it may be a lengthy proces to get a replacement or get money back. If a company that charged a few thousand for a course went bankrupt before the course even started, the money is likely as good as gone. However, if all of this was paid for by a credit card, you don't owe anything to the credit card company unless the goods or services were actually delivered. In most cases the credit card company hasn't paid the money to the service provider yet either. So, they will happily delay or cancel payments.
Thanks for the update jueco,glad to hear you are getting along well....so far so good,just hope that small sum doesn`t come back to haunt you one day. a little story for you: back in `05 when credit was being handed out like candy,BoA had given me a 0% for life on this one particular card with a small $5k balance....evidently,they regretted that & contacted me to notiy me that the offer had expired & will be hit with a 15% apr. i informed them that i wasn`t dead yet,hence life, & am current w/out a blemish on my account or fico.....oddly enough,BoA agreed & i have not paid them a dime in interest but just for that little inconvenience,i will continue to milk them & send that minimum +$3 on every payment.....should have them paid in full sometime 2019.
Spooz, u are becoming a salve to your credit score? one more way banks are controlling little people.