They have decided to keep playing dirty

ricksang

Hahaha Meagan. I consider it everyday but I have been there and I don't want to go back, even though I would have all my debt paid by now lol!

mocha beans

I hear ya on the cc rates.  It sucks that the good people are getting screwed because of other people's suckiness.  I definately agree that cc company's bad practices were causing problems, but this is getting ridiculous.

Probably not the smartest financial move, but we took out a 401k loan to wipe out all the cc's completely, and are going to close them out shortly.  Is that an option?  The interest rate was tiny, and it's interest you basically pay to yourself.  Yeah, ya lose that money in the stock market which sucks, but it's better than paying 29% interest to the cc companies and being stressed about it and crap.  We'll be able to wipe that loan out in a year or less depending on when FI gets an inheritance, so that's why we were willing to do it, but I think we would have anyway even if we didn't have a windfall coming.

ricksang

No 401k with my H's job, I might have one when I get out of school in 2 1/2 years lol!

mocha beans

lol  Well that doesn't help I guess.

Make up a sob story and ask for donations?  I hear it works great for paying for weddings...

ricksang

Aww yeah! Where should I start, craigslist? ;P

thesuninherhead

Over here, if they want to trap you, they just offer to rise your limit.... we just paid off all of our credit cards, and both got letters offering to raise our limits. Clearly, we were too easily able to pay them off!

 

That said, I hear that over there the limits are (or perhaps, were) much higher on average. 

banana468

A lot of people felt that credit card companies were preying on people who never could pay off a credit card.  They were notorious for setting up camp on college campuses across the country and no student makes enough to pay off the limits that these companies set.

Unfortunately (as is the case with most regulation), the companies are following the letter and not the spirit of the law to still get the money they want.

mimandjon

I had something similar happen.  I transfered a balance with a great offer from a credit card compant (3.99% for the life of the loan).  I calculated what I would have to pay monthly to get it paid off in 3 years time. 

Then they increased my minimum payments from 2% to 5% of the balance, which is way more than I was paying before.  And then DH lost his job, to add insult to injury. 

I called the CC company and tried to lower the minimum payments, at least for a few months while we got back on our feet but it was a no go.  I thing CC company execs are are basically soulless individuals.

J.T.

If it's serious enough to consider bankruptcy, what about calling one of those debt consolidators that are on TV all the time?  This would hurt your credit a lot, but not as much as bankruptcy.  I know nothing about these things, but it seems like a viable option for people who are really stuck, at least worth looking into. 

How completely irresponsible of lawmakers to make this law and not consider that credit card companies would try to screw everyone prior to it going into effect.  If anyone knows of any credit card companies who didn't pull this crap please post that because I would LOVE to switch to that card and give them my business then the thieves who are screwing everyone now.

banana468

I don't know that credit card execs are soulless.  They just know a good game if they see one.

And if you "need" that credit card to get by, they've got you right where they want you.  

pooh8402

what about private student loans? it's not government-backed, it's just a student loan from a bank. they still have low interest rates (I got mine from Wells Fargo for about 6.5%). it helped me to pay off my higher interest rate credit cards too.

lilgina64

I had to sign a letter like that. except it froze my credit where it was. effectively turning into a loan. I can still use the card if I want my nice low 7.99% to sky rocket to 34.99% yup 34.99%!!! ridiculous. So I stopped using that card and have just been chipping away at it. I'm seriously considering consolidation loans at this point and rolling some of this in with my student loans. I pay OVER 1/3 of my monthly pay to student loans. How F-in dumb is that. and the credit cards got a little out of hand because i was out of a job for 6 months last year and in grad school.

MeaghanandMichael

HAHAH ricks, I just saw your response post- I totally forgot about the been there done that How apropos of me!

SnShne322

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_decided-keep-playing-dirty?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:dce95b4a-16c3-4fca-838a-6fc5c1cb15e9Post:d354b02c-66c5-40ae-a50b-11133ece5cdb">Re: They have decided to keep playing dirty</a>:
[QUOTE]I had to sign a letter like that. except it froze my credit where it was. effectively turning into a loan. I can still use the card if I want my nice low 7.99% to sky rocket to 34.99% yup 34.99%!!!
Posted by lilgina64[/QUOTE]

That's what I was wondering.  I heard on a lot of them that the new interest rate only applies to purchases AFTER they raised the rate.  Do you know if that's the case?

They raised my rates too.  It sucks!

kthame

Sorry to jump in here, but I had this happen to me and I filed a BBB complain (against Bank of America) and they called me the next day and reversed EVERYTHING! Try it!!! I got the idea from an anti-Bank of America group...and several people have done it.

Good Luck.

[Deleted User]

if all else fails, try calling greenpath. pm me if you want more info. they helped me get out of a deep hole. not shady.

lissydee

In Response to <a href="http://forums.theknot.com/Sites/theknot/Pages/Main.aspx/wedding-boards_etiquette_decided-keep-playing-dirty?plckFindPostKey=Cat:Wedding%20BoardsForum:9Discussion:dce95b4a-16c3-4fca-838a-6fc5c1cb15e9Post:f70a3fff-8e2b-432c-b3fa-550396517d52">Re: They have decided to keep playing dirty</a>:
[QUOTE]I am eligable for zero loans or financial aid. The loan money is tapped out from my first degree and my H makes too much money for FA and I can't get FA because I am seeking a masters. I need to look into scholarships but I keep forgetting b/f the deadlines. I just wish they'd keep our rates the same! Everything would be fine then.
Posted by ricksang[/QUOTE]


are you sure you cant get Stafford Loans?  I am getting my Masters and I have been able to get Staffords to cover my tuition no problem.  DH is the only breadwinner too...I am a full time student.

Does Rick make too much for you to qualify or something?  DH makes a decent amount and I still qualified no problem.