I'm mad as heck, and I'm not gonna pay it anymore!!

[Darky]

http://blogs.moneycentral.msn.com/smartspending/archive/2009/09/15/woman-revolts-won-t-pay-credit-card-bill.aspx

Ann Minch is mad as hell and she's not going to take it anymore.
Like many, she has seen the interest rate on her credit card jacked up (in her case, to 30%), even though she made all the payments on time, wasn't over her limit and didn't in any way violate Bank of America's rules. She had been making the minimum payment on her account for years, about $130 a month.
After trying, and failing, to get the interest rate reduced, she has, in her words "fired the first shot in the debtors' revolution" by refusing to pay another cent of her $5,943.34 debt unless Bank of America returns the interest rate to its previous level, 12.99%. She has staked out her position in this YouTube video (http://www.youtube.com/watch?v=jGC1mCS4OVo), which has circulated widely on the Internet and has been viewed more than 150,000 times.
Minch calls the credit card companies "evil, thieving bastards," which, she says, "have reaped ungodly profits in your behemoth casino scams, then lost -- only to turn around and usurp the wealth of this great nation by the outright rape and pillage of middle-class Americans whose sweat and toil built it." She adds, "Every last one of you should be rotting in prison."
Arthur Delaney of The Huffington Post (http://www.huffingtonpost.com/) did an interview with Minch (http://www.huffingtonpost.com/2009/09/14/debtors-revolt-woman-refu_n_285394.html), who is 46 and lives in Red Bluff, Calif. She recently lost her job as a mental health case manager. She notes in her video that she has nothing to lose, since she doesn't own a home and has no assets, but a plunge in her credit score (http://blogs.moneycentral.msn.com/smartspending/archive/2009/08/21/11-steps-to-improve-your-credit-score.aspx) could hurt her job search.
Ed Mierzwinski, program director of the U.S. Public Interest Research Group (http://www.uspirg.org/), told Delany that credit card lenders had better be paying attention.
"Historically, powerful and arrogant corporations, often protected by lazy regulators, have ignored consumer complaints -- now social media tools are leveling the playing field for victimized consumers," Mierzwinski wrote in an email to the Huffington Post. "The old web 1.0 mybanksucks.com sites that no one found are being replaced with real-time viral outrage that will require big business to start treating consumers more fairly or pay the price."
We can only hope.
Jason Steele at Ask Mr. Credit Card (http://www.askmrcreditcard.com/creditcardblog/) applauds Minch's decision to close her accounts at Bank of America. He also likes her use of social media to plead her case with the company's executives once appealing through normal channels failed.
But, he thinks she is misguided (http://www.askmrcreditcard.com/creditcardblog/a-misguided-stand/) and that her viral protest will have no impact. Using some of the $5,000 in savings she withdrew from her account to pay off the debt, or doing a balance transfer, would have been much more responsible, he says.
"Acting in an irresponsible and financially self-destructive way is a terrible strategy," he said. "Encouraging others to follow her is morally wrong. The bank will survive her default, but she will be financially ruined."
What do you think? Is Minch engaging in a courageous act of civil disobedience or is she just being foolish? What should consumers do about credit card company practices they consider unfair, especially if they can't pay off their debt immediately?

[wolfpackjeeper]

so basically she is going to have $10000 in debt and relentless phone calls soon.

and it will not hurt the card company one bit. When my wifes CC got rate hiked we just paid them off and closed them. Some of the operators could not understand why though. Mine are all protected by the SCRA Credit act. If you are active military check that out.

[Ecomike]

One strategy that sometimes works is to call them and ask them to reduce the interest rate to zero, in return for closing the account and putting it in a fixed payment sort of forbearance status. As long as you make timely payments you get to keep the zero interest rate. The bait you use to get them to do this, is that if they don't work with you, you simply threaten to file bankruptcy, or walk and not pay anything. That usually gets their attention.

There are some local credit counseling centers that will help you do this too. Be careful who you use or trust, their are credit scam artists out there, but their are non-profit centers funded by retail credit companies whos job it is to act as an intermediary between the CCCs and the customers to help the CCCs get some of the debt back while helping the consumer avoid bankruptcy or default. They act as intermediate negotiators between you and the CCCs, and frequently can negotiate removal of interest and fees if you close your account and make regular payments, thus fixing, repairing your credit in a mutually agreeable fashion.

I did this in 1992 with some success all by myself.

[IslanderOffRoad]

That woman is an idiot.

[ehall]

she is going to be economically ruined for a minimum of 7 years ... hope her addiction to credit card debt was worth it

[Ecomike]

she is going to be economically ruined for a minimum of 7 years ... hope her addiction to credit card debt was worth it
Not if she uses the internet to start a non-profit group to fight big bad banks and takes donations via Paypal, names herself CEO to run it and collects enough donations for a paycheck and sticks it to the banks via the internet. I suspect the times are right for just such a coup. Or, since she is a woman, if she is cute she can just marry some rich city slicker.

But in general I agree, she could have handled it much better.

[NW-ZJ-SCOTT]

didnt watch the video. She Fu**ed herself. Deal with it.
dont like the game. dont participate in it.

[old_man]

Stupid question......Why does everybody think you have to use credit and without it you are screwed? I haven't borrowed a dime in almost 4 years. If we don't have the money we simply don't buy it. If you don't have money for gas, you walk or stay home. Budgeting and planning works. You would be surprised how much you really pay for that car by the time all the interest and charges are applied. Instead of a car payment, buy a cheap clunker or keep the one you have, save the difference until you can buy the car. Then instead of a payment, you have an asset.

This is how thing always were up until the 60's.

A house is about the only thing to borrow money for, but what happens when your $525k house drops to $212K like ours did?

[WrenchMonkey]

...what happens when your $525k house drops to $212K like ours did?

You just keep making the same payments as before.

Dropping home values really aren't that big a deal. You just have to accept that this is the house you bought, and this is the house you're committed to.

That when you bought it, it was worth 500k to you. And since the house hasn't really changed, there's no reason it shouldn't still be worth that 500k, to you anyway.

Even if it ain't worth that much to anybody else any more...

The only people that really got burnt are (a) the wanna-be investors, who assumed that real estate was a guaranteed profit cow, and (b) people who bought way more house than they could afford, assuming that the value would rise and they could refi the equity out of it.

If you bought the house at 123 Main Street, and you were willing and able to pay $4000 a month for it, you're fine.

You're still living in the same house, you're still making the same payment. What's the problem?

Robert

(All of my "you"s and "your"s are generalities, not you yourself, Tom! :D)

[Phil]

Stupid question......Why does everybody think you have to use credit and without it you are screwed? I haven't borrowed a dime in almost 4 years. If we don't have the money we simply don't buy it. If you don't have money for gas, you walk or stay home. Budgeting and planning works. You would be surprised how much you really pay for that car by the time all the interest and charges are applied. Instead of a car payment, buy a cheap clunker or keep the one you have, save the difference until you can buy the car. Then instead of a payment, you have an asset.

This is how thing always were up until the 60's.

A house is about the only thing to borrow money for, but what happens when your $525k house drops to $212K like ours did?


What about, why does everybody assume that if you use a credit card, you carry a balance and don't pay it off in full every month?

I love my credit card. It's quick, it's convenient, it has (some) consumer protection, and it'll let me buy stuff in an emergency even if I'll need a few days to transfer cash out of savings.

[old_man]

What about, why does everybody assume that if you use a credit card, you carry a balance and don't pay it off in full every month?

I love my credit card. It's quick, it's convenient, it has (some) consumer protection, and it'll let me buy stuff in an emergency even if I'll need a few days to transfer cash out of savings.


I use a debit card. Works just a well. Mine has all the protections of a credit card. I set it up that incase of an overdrawl, it automatically takes it from savings. No annual fees, no interest charges.

[IslanderOffRoad]

I'm curious how much of a balance some of these people are carrying that their rates are jumping that much.

I occasionally carry a small balance and my rate on one of my cards went up 1-2%. Another one went up 8%... I closed that card.

[bigalpha]

Stupid question......Why does everybody think you have to use credit and without it you are screwed? I haven't borrowed a dime in almost 4 years. If we don't have the money we simply don't buy it. If you don't have money for gas, you walk or stay home. Budgeting and planning works. You would be surprised how much you really pay for that car by the time all the interest and charges are applied. Instead of a car payment, buy a cheap clunker or keep the one you have, save the difference until you can buy the car. Then instead of a payment, you have an asset.

This is how thing always were up until the 60's.

A house is about the only thing to borrow money for, but what happens when your $525k house drops to $212K like ours did?

I know that w/o the one I had in college, I would not have made it.
Also, my girl had a clunker of a car. I thought it unacceptable that it was a POS and not-reliable so we bought a new one. It's under warranty and is reliable.

You just keep making the same payments as before.

Dropping home values really aren't that big a deal. You just have to accept that this is the house you bought, and this is the house you're committed to.

Well, home owners who are trying to move right now are getting burned hard. The house prices will go back up - they always do.

I'm curious how much of a balance some of these people are carrying that their rates are jumping that much.

I occasionally carry a small balance and my rate on one of my cards went up 1-2%. Another one went up 8%... I closed that card.

I have 2600 on one card and that's it. Can't afford to pay it all off, though. Else I would.

[kastein]

housing and school loans are the only ones I'll take... never have had a credit card, never will use one.

just need to find the right house... with enough land to build a 2-3 bay garage!

EDIT: hey, just noticed this is my 666th post. Rather fitting that it's in a thread about credit card companies.

[IslanderOffRoad]

housing and school loans are the only ones I'll take... never have had a credit card, never will use one.

just need to find the right house... with enough land to build a 2-3 bay garage!

EDIT: hey, just noticed this is my 666th post. Rather fitting that it's in a thread about credit card companies.

My credit card was essential for me twice this year

First my Accord's tire developed a huge sidewall bulge. Took it in, all 4 tires needed replacing due to dry rot (I rarely look at the parts on that car). Without a credit card would have been hard to buy them as I didn't have cash sitting around at the time.

Then I moved to go to grad school. Furnishing an apartment, buying a computer and all without much income, and paying the school bills before the student loans got in.

Cards are useful, you just gotta know when to use them, or pay them off in full each month.

[msrorysddad]

I was laid off after 9/11, the construction industry I was in just dried up. I did all I could to find suitable work, Had a newborn child, you see the story. I was basically out of work for 5 years. I built up $60k in credit card debt, I had to use them, or go on welfare. I've had steady jobs for a while now, and have payed back all but $10k, it will be payed off within the next few months. We drive beaters, do not have cable, live in a tiny home, we do not spend money on much that is non essential, the xj is a must. I get sick of hearing people complain about the credit card companies, or any other lender. If ya don't wanna play the game, don't. If you play, don't bitch about the rules. I find it odd, that most of the individuals I personally hear and speak to about the predatory creditors trip out when I tell them to cut their cable off, downsize, and pay the debt. We as a society have been duped into thinking we "deserve" luxuries. A friend of mine whom is married, and just got a new 4x4 four door duramax, his wife has an excursion, was complaining about bills the other day. Am I supposed to feel sorry for him, or for the people he borrowed from and now feels he should not have to pay them back, as he watches cable tv on a plasma? If you borrow it, you pay it back, that is the rules that most of us live by. As for buying a home, and the value drops, did the creditor force you to buy it? Or, should everyone that buys something get to renegotiate because stuff looses value? I bought a head of lettuce the other day, it went bad, I can't get my money back, nor can I renegotiate the price of produce. Welcome to the world MOST grown ups live in. If ya don't like it, there is an alternative.

[bigalpha]

A friend of mine whom is married, and just got a new 4x4 four door duramax, his wife has an excursion, was complaining about bills the other day. Am I supposed to feel sorry for him, or for the people he borrowed from and now feels he should not have to pay them back, as he watches cable tv on a plasma?

No. My personal philosophy is: if you are bitching about something and you have the ability to make it right, either quit bitching or make it right.

Similar to going out for dinner and they undercook your steak. Either eat it and shut your mouth or send it back. Don't keep it and bitch.

[90Blue_XJ]

Went through the 7 years of bad credit about 20 years ago. Lived from paycheck to paycheck and survived OK. I hate credit cards and will never have another. Bankruptcy is a viable alternative if you can weather the 7 years and have no tangible saleable assets.

[old_man]

My credit card was essential for me twice this year

First my Accord's tire developed a huge sidewall bulge. Took it in, all 4 tires needed replacing due to dry rot (I rarely look at the parts on that car). Without a credit card would have been hard to buy them as I didn't have cash sitting around at the time.

Then I moved to go to grad school. Furnishing an apartment, buying a computer and all without much income, and paying the school bills before the student loans got in.

Cards are useful, you just gotta know when to use them, or pay them off in full each month.

My answer to that is unpopular these days. You should have a savings account. Especially in todays economy, you should have at least 6 months of income saved back in case of emergencies.

[NW-ZJ-SCOTT]

Went through the 7 years of bad credit about 20 years ago. Lived from paycheck to paycheck and survived OK. I hate credit cards and will never have another. Bankruptcy is a viable alternative if you can weather the 7 years and have no tangible saleable assets.
Agreed. im currently 35k in the hole. I Co-signed on a few things when i was 18, at 19 my credit score was 730.. (thats great for a 19yo!)
I went balistic with it. in a matter of two days i had 2 credit cards, a $5000 Non-secured loan, and a 19k Car loan. ALL IN 2 DAYS..

needless to say, 7mo later. the car was gone. and i had to change my number.

it sucks having your check garnished. but its nobodys fault but my own.

I am glad it happened when i was very young. i know what i did wrong, and now as a more mature adult, i dont see myself repeating the cycle. I could of easily filed Chapter.7 and called it a day. but i would rather deal with it, Chapter 7. would just clear the runway for me to pick up more debt.

no thanks!

[wheelinscott]

My answer to that is unpopular these days. You should have a savings account. Especially in todays economy, you should have at least 6 months of income saved back in case of emergencies.


X2 I think that or saving 10% from each pay check is also a good way to go about it. (now i need to go practice what i preach :rolleyes:)

[Rob Mayercik]

My answer to that is unpopular these days. You should have a savings account. Especially in todays economy, you should have at least 6 months of income saved back in case of emergencies.

Some places won't always take cash or check.

A jeep dealer near me won't take cash for amounts over $500, no checks over $1500. The dealer I bought my VW from won't take a check at all (don't think they take money orders either).

I have that reserve savings, but I use my CC as a cash equivalency - it gets paid off every month, and I don't consider the limit on it as "in addition" to my savings but rather as an expression of part of it.

Oh, and to debit cards? Sorry, but I don't trust them yet - I have no issue with Direct Deposit (though I make the Fed/State mail me a check at tax time, seems like paying 1st class postage is the least they can do), but there's no way on this Earth I'm going to let anyone but myself have withdrawl access to my bank account.

Now, I've heard that with BofA you can create "virtual" credit cards with custom limits and timeouts - sounds really interesting for PayPal and such. Have to read up on that...

[Ecomike]

I have heard that American Express has the ultimate credit card now, it is black, solid metal, and heavy like gold or lead. It has NO, I said NO, credit limit! Sounds like what the US Treasury needs these days, LOL.

I also refuse to allow, or use debit cards or debit payments. I don't let any of my suppliers go straight to my checking or savings to collect monthly amounts. I do however have some set up to collect for services like monthly internet services directly to one of my credit cards as a matter of convience. That way I pay just one bill for many each month. Big time saver for me. And that way I get to verify the bill before I pay it. If the billed amount it is wrong, or fraudulent I can have the CC company help me fight them by reversing the charges.

[heyhar]

I use a CC only for Internet purchases. Never put the debit card number out there. We have some sort of protection on the cards. My wife got a call last month asking if she'd been in Australia lately, as her credit card number was being used there. She said no, and they immediately shut it down, and gave her a new card. Between the three of us at home, we get about a dozen applications a month, all promising 0% on transfers. Find a new card at a lower rate, and give them your business. Or go to a branch office, and talk to the manager. They have great flexibility when it comes to rates and other financial products, especially when it comes to keeping an active customer from walking. Or did we hear all the details?

[sullysxj]

My wife and i are well on our way on paying down over 12k in cc and student loan debt. We will never borrow again other than a house. Been working on Dave Ramsey's plan for a bit but just started to kick it in high gear. If anyone is in debt and tired of paying 24% int. and living paycheck to paycheck and stressing over bills and fighting over money i can't say enough about what he teaches. "your greatest money maker is your income" but not when you are paying out more than what is coming in. "What if you made 12% to 18% interest on your money instead of paying 18% on what you owe." I can't wait until we are debt free! and i can start SAVING for my projects. I also got mad as heck, but I am going to pay it. But that will be it, forever. There is no alternative, no chapter 7 for someone with the ability to pay, who realizes that we just have to suck it up for the next year. 1-Budget 2-small emergency fund 3-Start paying off each CC, one at a time. "If i will live like no one else, Later i can live like no one else."

[BruceB83]

First of all, that lady in the article is a fool.

Second, if you don't like paying those ridiculous interest rates, it's very simple....don't play their game! Don't want a snake bite? Stay away from the snake. Credit cards are not a necessity to a normal life, they are quite the opposite. It's called a savings account!

If you can have 3-6 months expenses sitting in a money market account, you do not need a credit card and then you will never find yourself in the situation that she and so many other people are in. People who argue they are better off using a credit card rather than their own savings as a back-up plan only do so because they choose not to have the self-control in order to create your own savings account.

[Darky]

First of all, that lady in the article is a fool.

Second, if you don't like paying those ridiculous interest rates, it's very simple....don't play their game! Don't want a snake bite? Stay away from the snake. Credit cards are not a necessity to a normal life, they are quite the opposite. It's called a savings account!

If you can have 3-6 months expenses sitting in a money market account, you do not need a credit card and then you will never find yourself in the situation that she and so many other people are in. People who argue they are better off using a credit card rather than their own savings as a back-up plan only do so because they choose not to have the self-control in order to create your own savings account.
What about the people who choose the have a savings account and use their credit card for it's built in protections? You pay cash and get screwed, there is no recourse. You can't call your cash back into your pocket (although that would be cool), but you can dispute a charge and get it taken off your credit card.

[BruceB83]

What about the people who choose the have a savings account and use their credit card for it's built in protections? You pay cash and get screwed, there is no recourse. You can't call your cash back into your pocket (although that would be cool), but you can dispute a charge and get it taken off your credit card.

Debit card. Offers same protections as credit cards. If it doesn't, leave your crappy bank and go to one that does. If you're talking about consumables, it doesn't matter because the purchase is consumed and it's gone. You can't return it, there's no reason to need protection.

What type of purchases are you concerned about enough to make you feel "protected" because you used a credit card? And if you're talking online purchases, well that's a gamble no matter what you use. But if I make an online purchase, I don't use the debit card linked to my daily living account.

[PhotographerMike]

I'll throw in a few random observations in no particular order.

Savings; Every week $100- gets automatically deducted from my wife's pay check and deposited into savings. Since both our incomes can vary there are times when some of the savings is needed to pay bills. BUT, over the years we did manage to save enough for a down on a house.

Paying CASH for cars or not buying because of the interest; Our daughter and husband bought a new Honda Fit a year and a half ago. I had her ask the dealer "what could they do about the interest rate?" They ended up with a 0% 60 month loan @ $160- a month (after down pmt.) which is less than their monthly repair bills on the old 130k+ mile Golf. Any spare money goes into their savings.

Credit Card benefits; My cards (business + home) double the manufactures warranty up to an additional year and pay car rental "LDW" fees. When my computers hard drive decided to forget where everything was stored after 20 months of ownership (with a 12 mo. factory warranty), I called the C.C. warranty people with an estimate, got it authorized and had a check for $400- within 2 weeks.

[Darky]

Debit card. Offers same protections as credit cards. If it doesn't, leave your crappy bank and go to one that does. If you're talking about consumables, it doesn't matter because the purchase is consumed and it's gone. You can't return it, there's no reason to need protection.

What type of purchases are you concerned about enough to make you feel "protected" because you used a credit card? And if you're talking online purchases, well that's a gamble no matter what you use. But if I make an online purchase, I don't use the debit card linked to my daily living account.
So basically you're just playing semantics now. You use a debit card for purchases online or otherwise via card. It sounds like a lot of the people here use a credit card for those purposes. So, where's the downside to the credit card if you use it like many seem to, and only spend what you actually have available and pay it off each month. Then it functions, debt-wise, just like a debit card, but with the extra benefits of being able to dispute as well as the benefits listed by PhotographerMike above me. Also, when renting a car, many rental places will place a hold on the card for the amount of the rental plus an extra $100-150 security deposit. I used to work for one, and that's what they did. If you know you have the cash for your rental but kinda would like to have access to that $150 extra while on vacation, a credit card is great. You put it on the card, have your fun, come back when you're supposed to and then pay cash or by debit card at the end if you really don't want to have even a momentary balance on the card.

[TekkaMaki]

Bank of America is the world leader in scumbag banking practices...IMHO.

I didn't read the story and don't know anything about this lady or whatever, she may be an idiot I don't know, but I do know that BoA does those types of things such as raising interest rates without provacation and lowering credit limits under current balances with no or very little warning then immediately charging exorbitant service fees etc.

[5-90]

The basic problem is that these issuers can go about changing the terms of the contract at will - and the only real recourse you have is to stop using the card.

Yeah, cards are typically a trap - but they can come in handy. I don't like them, and I'd prefer a debit card (with overdraught protection - those fees are exhorbitant as well.)

But, when they can change the interest rate by multiplying it three- to five-fold, or otherwise randomly change things about to their advantage and the first notice you get is when the next bill comes in (early) - there's something significantly wrong. And, since it's either "my way or the highway," there's something seriously wrong with the system.

When they can put your overlimit with interest charges, and then charge you for being overlimit (despite your not making purchases that put you over the limit yourself,) or - worse yet! - they don't block a purchase that would put you overlimit because that nets them an extra thirty to forty dollars - there's a problem there as well.

What she's doing isn't terribly bright, but maybe it's the cause celebre that is needed to show that the issuers are out of hand, and that the new credit card law just isn't enough. After all, these things have to start somewhere, no?

[wolfpackjeeper]

My credit cards all have to issue a cardholder statement when a change is made, and it is required to be in my hands a certain number of days before the change can be enacted. If you read the agreement it states that if I disagree with the changes, I send a letter and they will close the account and put me on a payment plan at the current interest. rate. I was pretty sure that this was an industry standard. So all this lady had to do was send a letter, and her rates would have stayed the same. She just would lose the use of the card.

I keep a credit card in my glove box, and if I travel I carry one. I will not carry one otherwise, or keep one in my wallet, other than my Government Travel/Expense Card. Of course now all my cards are covered by the SCRA Credit act, and we just finished off my wifes Credit Cards, so now it is moot.

[BruceB83]

So basically you're just playing semantics now. You use a debit card for purchases online or otherwise via card. It sounds like a lot of the people here use a credit card for those purposes. So, where's the downside to the credit card if you use it like many seem to, and only spend what you actually have available and pay it off each month. Then it functions, debt-wise, just like a debit card, but with the extra benefits of being able to dispute as well as the benefits listed by PhotographerMike above me. Also, when renting a car, many rental places will place a hold on the card for the amount of the rental plus an extra $100-150 security deposit. I used to work for one, and that's what they did. If you know you have the cash for your rental but kinda would like to have access to that $150 extra while on vacation, a credit card is great. You put it on the card, have your fun, come back when you're supposed to and then pay cash or by debit card at the end if you really don't want to have even a momentary balance on the card.

To use another analogy, play with fire long enough and you get burned. But, it sounds like you have it all figured out so keep playing the banks games, doesn't hurt me. I just choose not to even deal with these people and I suffer ZERO negative consequences therefore I see absolutely no reason to use them. You think the credit card was created because it's beneficial to you? :roflmao: They, being the creditor, wins when you use their card otherwise they wouldn't be in the business.

See, even if you pay it every month you are still supporting these scumbags. And, it's there as a temptation. Cash/debit is smarter. Period. I'll have to find the exact number, but I just read in a book that something like 80% of millionaires don't use credit cards. Sorry but I'll take their advice over what you believe to be best any day, unless you're one of them. And by millionaire I mean people with a net worth of over a million, not people who appear to be living the millionaire lifestyle, most of them are not worth squat.

[Ecomike]

My credit cards all have to issue a cardholder statement when a change is made, and it is required to be in my hands a certain number of days before the change can be enacted. If you read the agreement it states that if I disagree with the changes, I send a letter and they will close the account and put me on a payment plan at the current interest. rate. I was pretty sure that this was an industry standard. So all this lady had to do was send a letter, and her rates would have stayed the same. She just would lose the use of the card.

I keep a credit card in my glove box, and if I travel I carry one. I will not carry one otherwise, or keep one in my wallet, other than my Government Travel/Expense Card. Of course now all my cards are covered by the SCRA Credit act, and we just finished off my wifes Credit Cards, so now it is moot.

Unfortunately the "standard practice" was rapidly changing the last 2 years, to a one where the CC companies could "make any changes, at any time, for any reason, or no reason, with no advanced warning". I was starting to get some of these updated policies in the mail last year.

[IslanderOffRoad]

My answer to that is unpopular these days. You should have a savings account. Especially in todays economy, you should have at least 6 months of income saved back in case of emergencies.


I have one, plus investments.

However that money is making me more where it is than the interest cost me.

[old_man]

You are correct. I should have said funds you can lay your hands on if needed, such as investments, etc. A savings account pays crappy interest. The bottom line is not to have to rely on credit every time something goes bump.

[95' heep]

You are correct. I should have said funds you can lay your hands on if needed, such as investments, etc. A savings account pays crappy interest. The bottom line is not to have to rely on credit every time something goes bump.

you sir, are just as wise as my economic teacher in high school

save!
save!
save!

i need to do same thing, i dont know why i didnt hasta

i need to at least get started and control the expenses to start a saving plan and get the # up to a certain level and KEEP it there just be in case that i go over a bump down the road

great read here! LOT good points

myself i dont have a creditcard (im just 19 yr old) and i hasnt decided if i should get one yet. if i get one, i might mostly will use it for secure reasons and back-up $ (if either i dont have any saving or the saving ran dry). however i am not sure how they work about if i have a account but i dont buy ANYTHING?