02-05-10, 10:55 PM | #1 |
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Join Date: Jul 2008
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Check them credit cards
Obama had an idea ... lets get after the credit card companies and legislate restrictions. Anticipating regulations a couple of my cards went from 19.9% to 29.9% before any laws were passed!
I had one card I wasn't even using and even making the minimum payments on time, the balance increased $200-$500 each month. Vinnie the loan shark woulda treated me better. Instead of revolving credit, they outta be honest and call it revolver credit cause it sure feels like a stick up! Well "I'm mad as hell and not gonna take it any more". Lucky for me I have some funds I can tap, so I'm gonna pay off these criminal credit card sharks and they'll never see another dime from me! 'What's in yer wallet'?
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02-05-10, 10:59 PM | #2 |
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Ya my BPS and Cabelas card both went up to 24% and I always pay on time. Going to visit my credit union. They only charge 8.9%.
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02-05-10, 11:00 PM | #3 |
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wow. i canceled all mine years ago...whats in my wallet is cash. if i cant afford it,i dont buy it.
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02-06-10, 12:42 AM | #4 |
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Yeah Britney and I are seeing the same thing. Just another way Obama is helping us out. Is that even legal?
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02-06-10, 12:57 AM | #5 |
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Guys...don't panic. Even though your rate goes up, they can not increase the rate on the money you already owe. It is against the law for them to do so. They can only do that on new charges.
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02-06-10, 01:12 AM | #6 |
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the rates went up because the banks had so much debt, the gov't and their bailouts deregulated some of those rules that forced them to keep the lower rates... this is why we pretty much only pay a minimal number of things via credit and pay it off asap.. which also helps the credit score when it is needed.
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02-06-10, 07:03 AM | #7 |
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With a single balance on revolving credit, when the APR is jacked, I'm not convinced that old money is separated from new money - besides, clearly banks are above the law.
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02-06-10, 09:09 AM | #8 |
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I don't have a credit card, and probably won't be getting one anytine soon. There's no interest on cash.
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02-06-10, 11:28 AM | #9 | |
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Quote:
Simple answer....don't keep using the card. This isn't the bank being dishonest. This is the customer being foolish. Americans really need to learn how to live within their means (me too ....). Money in = money out works wonders, or (gasp!) dare I suggest actually not spending all we make?. Either that, or invest in some Chinese language courses for when the occupation begins.
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02-06-10, 11:33 AM | #10 |
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When the APR gets that high, the minimum payment doesn't even cover the interest so the account grows.
No worries, I'm paying them all off.
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02-06-10, 01:06 PM | #11 |
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I got into cc debt problems 12 years ago. I refinanced my mortage and paid them all off and if I use any now I pay the balance every month so there are no interest charges.
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02-06-10, 10:33 PM | #12 |
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My plan as well, sort of, except I think it would be poetic if I robbed a bank instead of 'robbing' my 401k!
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