If you have a credit card
by Miss K
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# 1. 1/9/10 6:07 AM by Zjabs
Remember, AC and Albert wanted reform. I argued that those of us who were good about using credit would be punished. AC and Albert wanted to "protect" those who weren't good. Zjabs has predicted there will be a credit crunch for the people who aren't credit-worthy. As usual, Zjabs will be right. It's the law of unintended consequences illustrated. For the life of me, I can never understand why AC and Albert don't want anyone to suffer the consequences of their foolish actions. Editor's Note: I have one sister that would be arm in arm with Albert's and AC's views. Respectfully, we feel so differently about our country. She wants single payer option, but the government has paid for all her schooling. She defaulted on student loans, changed ss numbers. She's had years and years of government assisted living, and she still, in her forties she remains single, govt. assisted everything, and yet she works as a mental health advocate. I work- and I pay bills. In the past three months, we've put out a years worth of mortgage payments in medical bills. I am grateful for the opportunity to work, work out my own problems and work some more. I don't want any one taking away my choices, so life is easier- because as you said, the unintended consequences are generally harmful! To protect one, they injure five or ten others.
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# 2. 1/9/10 8:27 AM by joe - roc
Take a deep breath ... there, now do not act impulsively. 1st instinct is to cancel. Don't. Believe it or not canceling a long time credit history will lower your credit score (which could raise you interest rates on future loans, raise your cost of home, car insurance, and even compromise your job marketability). IF there is NO annual fee simply let the card go dormant while you build up new credit histories.
The new laws may protect users in the near future but for now they have put providers on notice so they have reacted by changing all the terms they can BEFORE the new laws go into effect. (Well screw me very much :)
Look around for another card. There are still great deals out there. Find one and grab it.
Check out mint.com What you do is create online accounts for your bank, stocks, credit cards and point them all at mint.com
Mint then aggregates all your income and expenses instantly and on demand to provide you with current and historical financial snapshots, planning/budgeting tools, and trends. It even sends you notices if/when your credit company is changing your terms / interest rate / due dates. It sends payment reminders. It sends you alerts regarding "transactions".
And it's all FREE. They make money w/ ads. Useful ads. If they see you are paying 20% on your credit card they might display an ad for a credit card offering 6%. That's the kind of Ad I can use :-)
Good luck. Editor's Note: We have other cards, I guess since we were good long customers, I thought they'd want to do something of substance for us. Apparently not. Thanks for the tip about mint. I always told my kids, my job as a mom was to teach them how to handle disappointment. So, today I get to practice disappointment!
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# 3. 1/9/10 9:21 AM by albert 1
I also pay my bill in full each month.
I was charged a late payment a few moths ago on another card where I never received the billing for that month. I would have thought the bank would have had the courtesy of a phone call when they didnt receive my usual payment. I cancelled the card.
They are a necessary evil but they are evil. The amount people pay in interest on revolving billing is horrible especially when they make minimum payments.
I Am older than you and recall what things were prior to the mid 60s when credit cards were mainly for the rich like American Express and Diner's Club.
There were high interest store cards.
I also recall a lot of local businesses had charge accounts where my father would sign a store reseipt and pay his bill within 30 days with no credit card involved. Editor's Note: I never could understand why anyone would use AEX- because, their fees were so high, and you had to pay it off every month any way.
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# 4. 1/9/10 9:36 AM by Tom Dey - Springwater, NY
Yeah - they are snakes...with the health insurance companies a close 2nd. I use one MasterCard for convenience and always pay it off 1st statement so no interest. And I have one CapOne credit card transfer at 1.99% FIXED no gimmics provided I nerer ever use it for anything else. The moment I would foolishly "cash in" one of those stupid "convenience checks" they keep sending me, that would go to the front of the line at their regular super-high interest rate. So they're snakes too, but I know how to avoid the venom. I'm convinced you can avail a really good deal (like my 1.99% fixed) exactly once. When they realize you won't be fooled you probably get on a "don't offer anything good" list. Editor's Note: We get offers all the time, never use them, because we usually pay off the balance in full. Not this month- so of course, this is the month they changed the due date, and I didn't notice, which automatic sticks it to you. But- it's just money, and we can work. I am grateful we can work. That's and idea, charge it on one card and transfer it to another because I will be paying these bills for a few months.
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# 5. 1/9/10 2:36 PM by Sharon - Chili, NY
We only have 2 credit cards. We canceled the store cards years ago because we didn't need them. We pay them off every month; usually as soon as they come in the mail. Editor's Note: I opened a kohls because they built one by my house and I love it because of the sales and discounts, I can buy nice gifts very inexpensively. I plan and watch ahead, and I never buy anything I don't have money for already!
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# 6. 1/9/10 3:24 PM by Nick - Irondequoit, NY
Not too long ago we watched one of those news programs (like 60 minutes) that did a report on the credit card industry. According to the report folks that pay off their balances every month are considered deadbeats. Yes, you read that correctly. In the eyes of the credit card industry if you PAY your bill on time you're a deadbeat. Things sure are upside down. Editor's Note: yea, we are worse than that, I had an actual credit on my credit card for a few months, so they had to send me a statement every month!
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# 7. 1/9/10 9:32 PM by Albert 1
I hope Tom is still reading this thread. I got tired of those credit checks that they kept including with my monthly bills.
I discovered I could telephone the Bank Card company with a request to stop including those checks. I'm glad they never fell into the wrong hands.
The banks complied without a whimper and now I have one less worry of being a fraud victim.. Editor's Note: That's a good suggestion thanks for sharing. I think I'll do that soon!
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