Credit Laws SUCK!

Post #192,472 by folkert 2/1/05 9:52:33 AM Reply	Credit Laws SUCK! At least for plastic they do. Recently, there was a law passed that allows Credit Card Entities to do anything they want with your Interest Rate on your Credit Card. You are late with 1 payment that qualifies to be on your Credit Report or You hit or slightly exceed your credit limit for even 1 minute (Honestly that can do that) or Lotsa other junk I cared to read about or Any combination of those elements No, I have not been late, Yes my Wife and I regularly use our credit card(s) for rather large purchases and then pay half the amount in 2 successive months. Well, recently we purchased something requiring 2 cards to pay for it. Maxxing out one card and about half another card. Guess you can guess what happened. Yeap, the one card's rate went from 10.99% MADB¹, to 29.73% DB². So now interest isn't computed on the lower average monthly balance, but the higher and Daily Balance everyday. Which puts the Annuallized rate somewhere around 35%. Monthly Average Daily Balance Daily Balance (YeeeUCK) -- [link\|mailto:greg@gregfolkert.net\|greg], [link\|http://www.iwethey.org/ed_curry\|REMEMBER ED CURRY!] @ *i_wethey* [link\|http://it.slashdot.org/comments.pl?sid=134485&cid=11233230\|"Microsoft Security" is an even better oxymoron than "Miltary Intelligence"] No matter how much Microsoft supporters whine about how Linux and other operating systems have just as many bugs as their operating systems do, the bottom line is that the serious, gut-wrenching problems happen on Windows, not on Linux, not on Mac OS. -- [link\|http://www.eweek.com/article2/0,1759,1622086,00.asp\|source]
Post #192,508 by JayMehaffey 2/1/05 1:44:02 PM Reply	Credit card companies look for suckers The model used by the vast majority of credit card companies is to find suckers that don't read the fine print of their credit card rules. Their goal is to find people who need to regularly max out their credit card and can just afford to keep ahead of payments so they always owe interest. That is why you see so many adds for 'low interest' or 'fixed interest' or 'no hassle' cards. What they don't explain in the ads is that if you are ever so much as late on one payment, they become a 'money eating' card. Which is comptemptable but if that is the way they want to run their buisness, so be it. What I really object to is credit card companies now trying to get bankruptcy laws changed to prevent people from discharging their credit card debt. These companies are intentionally looking for people who are nearly broke and then act surprised when a high percent do go broke. And their solution isn't to find more reliable customers, it is to increase the penalties for going broke. Jay
Post #192,521 by folkert 2/1/05 3:23:33 PM Reply	Good news... It is amazing at how snobbish and over-toned these buttheads were. I even have proof I got approved for my Discover Card ON MY CREDIT REPORT already. They said, we are not going to match the rate. You Max'd out your card. There is a penalty for that. So SAD for you, but there is nothing we can do to reduce this rate. I'll be taking my business elsewhere. He replied, "No you won't you are bluffing, you can't afford to go elsewhere!" 6.75% Balance Transfer from the CC to the Discover. Plus Discover raised the credit limit another $25K. Oh, well for them. Looks like we will be removing our business. And, we shall not use this card, except for large purchases. getting nowhere close to $40K. Unbelievable. And Jay, you are correct. Same thing with those Check Cashing institutions. Those guys are really bad. If things are not paid back as demanded by the contract you sign... they can charge as much as a 327% Annualized Rate. OUTRAGEOUS! I know one lady that was hooked on gambling... well she originally borrowed $1000 2 years ago. Through fees, penalties and interest rates as high as %327 (yes they slide up there within 2 months) the fees and penalties just keep getting added. So the actual percentage is far greater. She now owes $28K plus a processing fee of 12% of the total. Ouch. -- [link\|mailto:greg@gregfolkert.net\|greg], [link\|http://www.iwethey.org/ed_curry\|REMEMBER ED CURRY!] @ *i_wethey* [link\|http://it.slashdot.org/comments.pl?sid=134485&cid=11233230\|"Microsoft Security" is an even better oxymoron than "Miltary Intelligence"] No matter how much Microsoft supporters whine about how Linux and other operating systems have just as many bugs as their operating systems do, the bottom line is that the serious, gut-wrenching problems happen on Windows, not on Linux, not on Mac OS. -- [link\|http://www.eweek.com/article2/0,1759,1622086,00.asp\|source]
Post #192,529 by SpiceWare 2/1/05 4:16:19 PM Reply	I've cancelled one card so far they sent the "new terms" but I didn't give them a chance to use them. After reading over the terms I transferred the remaining balance and sent them back a certified letter explaining why I was cancelling the account. Darrell Spice, Jr. [link\|http://spiceware.org/gallery/ArtisticOverpass\|Artistic Overpass]\n[link\|http://www.spiceware.org/\|SpiceWare] - We don't do Windows, it's too much of a chore
Post #192,570 by Silverlock 2/2/05 12:31:37 AM Reply	Haven't owned/used a credit card in years. If I can't afford it I don't buy it. ----------------------------------------- "In this world of sin and sorrow there is always something to be thankful for. As for me, I rejoice that I am not a Republican." -- H. L. Mencken
Post #192,580 by ben_tilly 2/2/05 1:50:54 AM Reply	I use one It is amazing how many vendors (hotels, car rentals, etc) really prefer to see a credit card. So I have one and pay it off in full every month. Cheers, Ben I have come to believe that idealism without discipline is a quick road to disaster, while discipline without idealism is pointless. -- Aaron Ward (my brother)
Post #192,885 by tuberculosis 2/3/05 1:52:41 PM Reply	Yep - me too - no credit I have a visa check card. Seems to be as good as a credit card for pretty much everything except occasionally I have issues renting cars. "Whenever you find you are on the side of the majority, it is time to pause and reflect" --Mark Twain "The significant problems we face cannot be solved at the same level of thinking we were at when we created them." --Albert Einstein "This is still a dangerous world. It's a world of madmen and uncertainty and potential mental losses." --George W. Bush

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