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Being a safe credit risk doesn't pay off with banks today Date published: 5/15/2009
TWO THINGS got First, let's talk about credit cards. I am not a fan of plastic money and use mine sparingly. Occasionally I buy gas with my card, and once in a while I use it to buy business supplies over the Internet. Whatever I buy, a pay for at the end of the month (my wife and son do occasionally create a small balance). If I had my way, I'd cut up the one credit card that I have and never use it again. Unfortunately, in this crazy world, it is hard to survive without one, especially when you have a child away from home in college. I was thrilled when President Obama announced that he was supporting legislation to crack down on high interest rates and unfair fees that credit card companies charge. It is action that was long overdue. Then just when I think there is hope, last week I get a letter from my credit card company saying that my interest rate is jumping to 19 point-something percent. I hit the ceiling! I never miss a payment and never send the check in late. And they're going to charge me almost 20 percent? This is the same bank that pays me less than 2 percent on my savings account and practically nothing on money-market accounts. This is also the same bank that got billions in federal bailout money--my tax dollars. Now they are going to charge me loan-shark interest rates? After several tries, we finally got a credit card representative on the line, and my wife told the woman that if we couldn't get a better interest rate we were canceling the card. The bank's response? "There is information in the letter telling you how In other words, the bank was telling me that it had me by the throat and I was powerless to do anything about it. My experience is not unique. There are millions
of using large amounts of credit. The real issue is the abuse the credit card companies,(especially those that got OUR bailout money)are heaping on their customers. Chase especially irks me. I've had a branded card with them foir years, typically with a small balance. Then they sent me an unsolicited card 10 years ago with a $50,000 limit. 2 months ago I received a letter cancelling the card. I called to complain, since it affects my credit score. Their rep denied that was abusive, argumentive and nasty.
and using it, you have to abide by their ridiculous terms--and I don't believe it's impossible at ALL to survive without a credit card. In fact, having zero debt frees you from the bonds of servitude to these people and allows you to live your own life. Mess with snakes and you're gonna get bitten. If people weren't so bent on having what they want RIGHT NOW, these banks and card companies would never have been in the position they were and are. Smarten up and dump your debt, people.
I had One CC for years that I never used, The CC companys kept making Big Offers then tried to charge me a Fee for not using it. So I Closed the Account .. I use My Debit Card in place of
a CC.... I Would rather Spend My Own Money. If I can't pay for something out right then I don't need it.
That is why ive not had a credit card in 3 yrs and gota love ya debit card !!!
I have no sympathy for CC companies. I remember when it was tough to get a CC and you had to start with a $500 line of credit. CC companies are modern loan sharks. Unfortunately many are too weak to avoid the temptation of easy credit. You need some sort of plastic nowadays, so use a VISA or MasterCard debit card instead. Works like a CC online or in a store and but takes money directly out of your account instead of putting it on a line of credit. When your account is out of money, it stops working.
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