Credit cards are a tool of the DEVIL!!

hrd2imgn

okay we all can be irresponsible (see New York and DC summer 08)

:evil: anyhow I was a DAY late a few months on my credit card because 1. I procrastinate and pay at the last minute, and 2 am broke like everyone else and have to wait and online won't let you pay on Saturdays or Sundays for immediate credit (funny how due dates always fall on theses days). So I open my bill and my rate went to 28%!!!!! Because I was late so many times in a period. Now I have to eat that APR for 6 months assuming I pay on time and don't go over my limit. I know they are in the buis of making money, but my rate DOUBLES for being a day late a few times! :evil:

where is the logic...customer A pays late so lets jack their rate higher, make the minimum higher, and have less of a chance to get our money?

Share your horror stories I need to feel less shitty about the extra 200 a month I am now handing over to this fucking band of predators.

The great cash purge of 09 has begun for me

Heineken Helen

Urgh, really don't get me started on credit cards... EVIL... PURE EVIL :evil: people can defend them as much as they want or say 'well you don't have to have one' but the thing I enjoy most is travelling... try doing that now without a credit card... you probably won't even be able to get a BUS :shock: :evil:

Thorns2010

I had over $10,000 in credit card debt, but I never missed a payment and I always paid more than was required.

Once I finally decided to take care of it and pay it off it only took me......about a year and a half. Now granted I don't have a car bill or housing bill, so it was a little easier to pay it off faster.

Big thing though is to cut down on spending, and get a second job to help pay it down faster.

You can't imagine the relief of not having credit card debt and paying off your balance each month. Makes those trips to see Pearl Jam sting a lot less too! Not paying for it 6 months later!

Commy

credit cards are tools of debt. stay away.

South of Seattle

I just got a letter yesterday from Chase bank since they swallowed up WAMU. Now my interest rate is 26%. :evil:

mca47

South of Seattle wrote:

I just got a letter yesterday from Chase bank since they swallowed up WAMU. Now my interest rate is 26%. :evil:

I have a lot of credit but it's pretty much spotless and Chase also knocked my APR up about 7 points in the last 2 months.

Good thing I have such a high credit score...only to have banks fuck with my APR either way.


Bottom line: Pay your credit cards off and only use them if you are on the verge of death or you absolutely have to.

South of Seattle

mca47 wrote:

South of Seattle wrote:

I just got a letter yesterday from Chase bank since they swallowed up WAMU. Now my interest rate is 26%. :evil:

I have a lot of credit but it's pretty much spotless and Chase also knocked my APR up about 7 points in the last 2 months.

Good thing I have such a high credit score...only to have banks fuck with my APR either way.


Bottom line: Pay your credit cards off and only use them if you are on the verge of death or you absolutely have to.

How high is your score? ( just wondering where I stand )

mca47

South of Seattle wrote:

mca47 wrote:

South of Seattle wrote:

I just got a letter yesterday from Chase bank since they swallowed up WAMU. Now my interest rate is 26%. :evil:

I have a lot of credit but it's pretty much spotless and Chase also knocked my APR up about 7 points in the last 2 months.

Good thing I have such a high credit score...only to have banks fuck with my APR either way.


Bottom line: Pay your credit cards off and only use them if you are on the verge of death or you absolutely have to.

How high is your score? ( just wondering where I stand )

The last I checked it was around 770 or so. Clearly not the "best" but still up there.
I wonder if they jacked up my rates because of my credit line. I have a lot of credit and some outstanding balances, but I pay them usually 2x over the min. every month.

I dunno. I'm going to call tomorrow.

South of Seattle

Mine is 727. I think anything over 660 is considered "good" Between the car and 3 credit cards I'm at a little over $10k in the hole, not too worried about the car payment though since the interest is much lower than the CC's

Brain of J.Lo

I hate credit cards, too. When my husband and I got married we had a combined 10,000 bucks in debt, but we busted our asses and somehow managed to pay them all off pretty quickly. Now we only use them for emergencies (car repairs/appliance purchases). It was a hard habit for me to break, though.

PearlOfAGirl

:? You should only have one, and only use it for emergancies only :twisted:

Travelar

There was legislation passed recently to prevent things like this from happening, unfortunately, it won't be going into effect for another year or two.

Jennytree

Heineken Helen wrote:

Urgh, really don't get me started on credit cards... EVIL... PURE EVIL :evil: people can defend them as much as they want or say 'well you don't have to have one' but the thing I enjoy most is travelling... try doing that now without a credit card... you probably won't even be able to get a BUS :shock: :evil:

I dunno how relevant it is to you now that you're across the pond, but I stopped using my CC and joined Halifax who gives out a Visa Debit card instead of a Laser card. Means it acts as a CC (can be used anywhere online that accepts Visa credit) but it comes straight out of my account. Also means I don't pay the €10 CC fee with Ryanair

youngster

HeartShapedBox wrote:

:? You should only have one, and only use it for emergancies only :twisted:

That's the best advice.

Heineken Helen

Jennytree wrote:

Heineken Helen wrote:

Urgh, really don't get me started on credit cards... EVIL... PURE EVIL :evil: people can defend them as much as they want or say 'well you don't have to have one' but the thing I enjoy most is travelling... try doing that now without a credit card... you probably won't even be able to get a BUS :shock: :evil:

I dunno how relevant it is to you now that you're across the pond, but I stopped using my CC and joined Halifax who gives out a Visa Debit card instead of a Laser card. Means it acts as a CC (can be used anywhere online that accepts Visa credit) but it comes straight out of my account. Also means I don't pay the €10 CC fee with Ryanair

oooh yeh, we had this conversation on the other pit... think halifax is the only bank at home who do it? But I joined Lloyds here and I've got a Visa depit card too... they're brilliant... but it's so easy to use it all the time and I get quite freaked out when I see my bank statement... cos it almost shows everywhere I've been and everything I've bought :oops:

BinFrog

Jennytree wrote:

Heineken Helen wrote:

Urgh, really don't get me started on credit cards... EVIL... PURE EVIL :evil: people can defend them as much as they want or say 'well you don't have to have one' but the thing I enjoy most is travelling... try doing that now without a credit card... you probably won't even be able to get a BUS :shock: :evil:

I dunno how relevant it is to you now that you're across the pond, but I stopped using my CC and joined Halifax who gives out a Visa Debit card instead of a Laser card. Means it acts as a CC (can be used anywhere online that accepts Visa credit) but it comes straight out of my account. Also means I don't pay the €10 CC fee with Ryanair

Debit/CC combo cards are fine, but your credit rating does not view it the same way as a normal CC card.

Heineken Helen

BinFrog wrote:

Jennytree wrote:

Heineken Helen wrote:

Urgh, really don't get me started on credit cards... EVIL... PURE EVIL :evil: people can defend them as much as they want or say 'well you don't have to have one' but the thing I enjoy most is travelling... try doing that now without a credit card... you probably won't even be able to get a BUS :shock: :evil:

I dunno how relevant it is to you now that you're across the pond, but I stopped using my CC and joined Halifax who gives out a Visa Debit card instead of a Laser card. Means it acts as a CC (can be used anywhere online that accepts Visa credit) but it comes straight out of my account. Also means I don't pay the €10 CC fee with Ryanair

Debit/CC combo cards are fine, but your credit rating does not view it the same way as a normal CC card.

and THAT is ridiculous... if you're sensible about money and don't get into debt it does you NO favours when you go for a mortgage. Why the hell would you want a credit card when you're coping just fantastic with a debit card? A friend of mine told me that when she went for a mortgage, they didn't care that she'd already saved about half the cost of the house... they just wanted to hear about her credit history :shock: now that's just silly. I can see why they'd wanna know if she'd a good history of paying stuff BACK, but she's proved she's sensible about money and can put away a certain amount every week but they only care if she's giving it to somebody else.

BinFrog

Heineken Helen wrote:

and THAT is ridiculous... if you're sensible about money and don't get into debt it does you NO favours when you go for a mortgage. Why the hell would you want a credit card when you're coping just fantastic with a debit card? A friend of mine told me that when she went for a mortgage, they didn't care that she'd already saved about half the cost of the house... they just wanted to hear about her credit history :shock: now that's just silly. I can see why they'd wanna know if she'd a good history of paying stuff BACK, but she's proved she's sensible about money and can put away a certain amount every week but they only care if she's giving it to somebody else.

It came up for me when I got my car in '02. Before that I only had a DC/CC combo card. I still got the car just fine, but the sales person told me I really needed a credit card if I wanted to buy another car or house at some point. I have had a CC now for like 7 years and never have a bigger balance than I can pay off. With CC's, as long as you are smart and know your limits then they are just fine. They get a bad rep, but 95% of the time it's the owner's fault. Sure, things happen and people get into trouble. But when people have over $10K in debt, and then you realize they just bought a new plasma tv, playstation III, home theater setup and 2 new sofas...well...

Cinnamon Girl

I only made the credit card mistake once and only around 5,000. It took forever to pay off and now I NEVER miss a payment and NEVER let it go over a couple hundred dollars.

Which is increasingly harder now that I frequent the goods section here. :x

Heineken Helen

BinFrog wrote:

It came up for me when I got my car in '02. Before that I only had a DC/CC combo card. I still got the car just fine, but the sales person told me I really needed a credit card if I wanted to buy another car or house at some point. I have had a CC now for like 7 years and never have a bigger balance than I can pay off. With CC's, as long as you are smart and know your limits then they are just fine. They get a bad rep, but 95% of the time it's the owner's fault. Sure, things happen and people get into trouble. But when people have over $10K in debt, and then you realize they just bought a new plasma tv, playstation III, home theater setup and 2 new sofas...well...

I think the important phrase being 'as long as you are smart and know your limits'. Not everybody is... and i think it takes quite a few young people a while to get used to the credit thing... they don't train you on this kinda thing.

Indian Summer

I love it how YOU were the one being irresponsible, yet you blame the Credit Card companies. CC's are a great tool when used responsibly. I pay everything with my Southwest Visa card, and pay the entire balance off each month, this earns me about three - four free round trip flights per year.

The only ppl who think CC's are evil are those who can't manage money or stick to a budget. You agreed to their terms before you signed up.

The Stugots

BinFrog wrote:

It came up for me when I got my car in '02. Before that I only had a DC/CC combo card. I still got the car just fine, but the sales person told me I really needed a credit card if I wanted to buy another car or house at some point. I have had a CC now for like 7 years and never have a bigger balance than I can pay off. With CC's, as long as you are smart and know your limits then they are just fine. They get a bad rep, but 95% of the time it's the owner's fault. Sure, things happen and people get into trouble. But when people have over $10K in debt, and then you realize they just bought a new plasma tv, playstation III, home theater setup and 2 new sofas...well...

This is the best advice so far. Particularly when you look towards applying for a mortgage or another significant loan, someone with no credit can be seen as risky as someone with bad credit. I had a friend who moved to the US in her late 20s, made 140K a year but couldn't buy a home right away since she had no credit history.

Use your CC every so often, even if its for a small amount and pay the balance immediately. I have one card that is solely used for a couple small recurring payments totalling under $100/month. In my mind its working just like a debit card since I pay it every month, but meanwhile it's building a regular history of timely payments.

Debit cards also have some significant disadvantages to CCs. Most debit cards are protected against theft similar to a CC, but with debit card theft your checking account is without the funds until the matter is resolved. A bogus $1000 CC charge is just without the available credit and will likely never affect you, but the same issue with a debit card could cause problems since it's missing from your available funds.

Similarly many hotels now will put a hold on funds when you use them to book a room. Doesn't mean much for a CC holder to have a few hundred held against their credit, but it does when its missing from your available checking balance.

Fahka

Rip them to shreds unless you are just incredibly wealthy! Even in that case... they are designed to make you fail.. rip them up!

The sooner people realize it, the sooner we can end this credit charade

mickeyrat

Heineken Helen wrote:

BinFrog wrote:

It came up for me when I got my car in '02. Before that I only had a DC/CC combo card. I still got the car just fine, but the sales person told me I really needed a credit card if I wanted to buy another car or house at some point. I have had a CC now for like 7 years and never have a bigger balance than I can pay off. With CC's, as long as you are smart and know your limits then they are just fine. They get a bad rep, but 95% of the time it's the owner's fault. Sure, things happen and people get into trouble. But when people have over $10K in debt, and then you realize they just bought a new plasma tv, playstation III, home theater setup and 2 new sofas...well...

I think the important phrase being 'as long as you are smart and know your limits'. Not everybody is... and i think it takes quite a few young people a while to get used to the credit thing... they don't train you on this kinda thing.

And some of these companies are targeting freshman college students. Helps perpetuate the gotta have it now culture we live in here in the US.

Heineken Helen

mickeyrat wrote:

Heineken Helen wrote:

BinFrog wrote:

It came up for me when I got my car in '02. Before that I only had a DC/CC combo card. I still got the car just fine, but the sales person told me I really needed a credit card if I wanted to buy another car or house at some point. I have had a CC now for like 7 years and never have a bigger balance than I can pay off. With CC's, as long as you are smart and know your limits then they are just fine. They get a bad rep, but 95% of the time it's the owner's fault. Sure, things happen and people get into trouble. But when people have over $10K in debt, and then you realize they just bought a new plasma tv, playstation III, home theater setup and 2 new sofas...well...

I think the important phrase being 'as long as you are smart and know your limits'. Not everybody is... and i think it takes quite a few young people a while to get used to the credit thing... they don't train you on this kinda thing.

And some of these companies are targeting freshman college students. Helps perpetuate the gotta have it now culture we live in here in the US.

Oh agreed! They don't make money from clever people so that's no good to them... but as long as responsible people keep saying 'well once you're responsible, it's great', people will still fall for it. Credit is what got us into the problem we're in today... so no, it's NOT a good thing.

Hinn

I'd like to have a discussion with this in person with Helen, just to see if she'll blow up.

dunkman

Indian Summer wrote:

I love it how YOU were the one being irresponsible, yet you blame the Credit Card companies. CC's are a great tool when used responsibly. I pay everything with my Southwest Visa card, and pay the entire balance off each month, this earns me about three - four free round trip flights per year.

The only ppl who think CC's are evil are those who can't manage money or stick to a budget. You agreed to their terms before you signed up.

i have to agree with this guy... the op has stated he was late with payments... imagine if the OP had his own business and people paid late every time.. wouldnt you get annoyed as well?

credit cards are actually highly useful things when in the right hands. and in the UK you dont need one to get a mortgage... thats a US thing... and highly weird if you ask me... banks give you a better credit rating if you HAVE a credit card? thats just stupid. in the UK if you can manage without one then the bank looks at that and sees you can handle your money.

also, credit cards provide 'insurance' against online purchases as well as in shops obviously... debit cards don't... we had family members who had booked a holiday with their credit card and that company went bust... so the CC company refunded them the money... debit card or cash wouldnt have.

use it properly and its a highly useful and reassuring method of payment. use it badly and you'll get fucked by debt....

PearlOfAGirl

:twisted: :twisted: Exactly!!!! :twisted: :evil:

South of Seattle

I wouldn't go into debt if I lived in Lithuania :twisted:

http://www.kptv.com/money/18494864/detail.html#-

pjhawks

if you have a 2nd card do a balance transfer from one to the other. you usually can get a really low transfer rate for 6 months. if you can pay off the original amount in that 6 month period you will save a ton on the interest rate.

thunderDAN

I hate to be a Dad, but if you have a balance on your credit card and you pay your bill on the first day of your statement, it will save you alot of money in the long run. It's not like a cable bill where you if you pay the day you get it it's the same as if you pay it 2 weeks late. Obviously, no balance and paying it off each month is the best situation, but if you pay the day of your statement it will save you money