Check them credit cards

Abbeysdad · 02-05-10, 10:55 PM

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'?

bassinbob · 02-05-10, 10:59 PM

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%.

Embrey · 02-05-10, 11:00 PM

wow. i canceled all mine years ago...whats in my wallet is cash. if i cant afford it,i dont buy it.

carolina-rig-01 · 02-06-10, 12:42 AM

Yeah Britney and I are seeing the same thing. Just another way Obama is helping us out. Is that even legal?

nofearengineer · 02-06-10, 12:57 AM

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.

screwballl · 02-06-10, 01:12 AM

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.

Abbeysdad · 02-06-10, 07:03 AM

Quote:

Originally Posted by nofearengineer

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.

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.

BigBassin144 · 02-06-10, 09:09 AM

I don't have a credit card, and probably won't be getting one anytine soon. There's no interest on cash.

BB

nofearengineer · 02-06-10, 11:28 AM

Quote:

Originally Posted by Abbeysdad

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.

The important phrase here is "revolving credit." You're right...if you keep using the card, the bank will just pay down your "old", lower interest portion, and start charging you on the new purchases.

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.

Abbeysdad · 02-06-10, 11:33 AM

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.

bonsaibp · 02-06-10, 01:06 PM

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.

Abbeysdad · 02-06-10, 10:33 PM

Quote:

Originally Posted by bonsaibp

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.

My plan as well, sort of, except I think it would be poetic if I robbed a bank instead of 'robbing' my 401k!

02-05-10, 10:55 PM	#1
Abbeysdad BassFishin.Com Super Veteran Join Date: Jul 2008 Location: Central NY - Finger Lakes Posts: 1,307	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'? __________________ Fish now, work later

02-05-10, 10:59 PM	#2
bassinbob BassFishin.Com Super Veteran Join Date: Nov 2004 Location: Pitts. Pa. Posts: 3,801	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%. __________________ you can have my fishin rod when ya take it from my cold dead hands

02-06-10, 12:42 AM	#4
carolina-rig-01 BassFishin.Com Premier Elite Join Date: Feb 2006 Location: Webb City, MO Posts: 6,387	Yeah Britney and I are seeing the same thing. Just another way Obama is helping us out. Is that even legal? __________________ You only live once. But if you do it right, once is enough.

02-06-10, 12:57 AM	#5
nofearengineer BassFishin.Com Premier Elite Join Date: Mar 2009 Location: Southwest IN Posts: 5,630	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. __________________ Many men go fishing all of their lives without knowing it is not fish they are after.

02-06-10, 09:09 AM	#8
BigBassin144 BassFishin.Com Premier Elite Join Date: Jul 2007 Location: Toledo, Ohio Posts: 9,463	I don't have a credit card, and probably won't be getting one anytine soon. There's no interest on cash. BB __________________ As of June 14, 2014 the members of the BF.com forum have moved to basschat.yuku.com!

02-05-10, 11:00 PM	#3
Embrey BassFishin.Com Veteran Member Join Date: Jan 2010 Posts: 505	wow. i canceled all mine years ago...whats in my wallet is cash. if i cant afford it,i dont buy it.

02-06-10, 01:12 AM	#6
screwballl BassFishin.Com Veteran Member Join Date: Feb 2010 Location: NWFL Posts: 654	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.

02-06-10, 11:33 AM	#10
Abbeysdad BassFishin.Com Super Veteran Join Date: Jul 2008 Location: Central NY - Finger Lakes Posts: 1,307	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. __________________ Fish now, work later

02-06-10, 01:06 PM	#11
bonsaibp BassFishin.Com Member Join Date: May 2009 Location: Northridge, CA Posts: 98	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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