• Welcome to the new NAXJA Forum! If your password does not work, please use "Forgot your password?" link on the log-in page. Please feel free to reach out to [email protected] if we can provide any assistance.

Bad news for Credit card debt!

XJEEPER said:
You actually have more that one credit card? Do you carry balances on each?
Click to expand...

Doesn't everyone?

But yes, I have more than one. That way I can quite using any one one of them if they piss me off.

3 American Express
about 3 Visa
4-5 MCs
and about 9 gas cards, plus one WallyWorld CC, Office Depot, & Home Depot.

Half are in my company name.

I use to have a running balance on several. made my last house payment about 2 years ago, since then I have been able to pay off the remaining CC balances inspite of gas prices.

I like to use the free 30 day average interest free float and I rarely pay with or carry much cash. Hell I even use the CCs for Jack in the Box, Kroger, Burger King......
 
Dustin_Z said:
And what party is in charge of the House and Congress? You know, the orginizations that actually control laws in the US and not just a figurehead? Anyone know? DEMOCRATS!!!!!!
Click to expand...

If the last election was just about a figure head couldn't we have been able to elect someone better looking than Senator Obama? or Senator McCain?
 
I married into debt and quickly discovered that department store cards have some of the worse interest rates. I currently have one CC through my credit union. It's one card too many.
 
Ecomike said:
Back to the credit card topic. I already got one of those nasty notices from Citibank this week that says they are doubling my CC interest rate from about 11% to about 22%. In my case they had no good reason based on my credit score and credit to do this. In fact I still have an open offer from them to transfer up $6000 in other debt to that card at 0% interest for 12 months.

CC companies make most of their money off of people who buy a lot each month and pay it off each month on their CC. So I called them and told them I was not going to opt out of the changes, but that if they did raise my interest rate per the notice I was going to put their CC away, and use one of the 8 others I have (all with $0 balances) for all my future purchases, until they gave back the lower rate. I have not had a running balance on the card for several months.

Anyway, they caved in, and gave me a new rate very close to the old one.
Click to expand...

Funny I got the same notice and was going to post about it here today.

I called this morning. I've had my Citi card for a while but I never use it because they've never raised my limit; I've had the card since I was 18... so you can imagine how low it was.

I told them that with them doubling my interest rate I had no interest in having a card from them anymore, and I'd like to close it. They said we can give you a balance transfer of 3.99% for 15 months... I don't have cc debt, but if I did, the limit on that card wouldn't cover much of anything.

Goodbye to a place that never cared to give me any decent customer service; my only regret is I'm still giving them money through this stupid bailout.
 
I've played stack and roll with CC's in the past to eliminate consumer debt and interest payments, it's worked out well. Once the consumer debt was gone or the CC interest-free period expired, the account was closed.

I've banked with the local credit union since 89 and we just lowered our over-draft Visa debit card limit for temptation-prevention purposes. I also have a regular Visa that is used for business only. I pay cash for my fuel, using the Maverik 2 cent/gal discount card whenever possible. Albertson's has a similar program.

Buying stuff on 90-Day, same as cash is great. But only if you have cash on hand to pay it off early, and then do it.

We drive 2 paid-for cars by choice, a 98 Accord and a 2000 XJ. Do I want to order a new Camaro SS? Yes. Can I afford it? Sure. Will I be taking out a loan for one? NO! My next ride will be newer/used and I will pay cash for it. The Camaro will have to wait......

Personal finance should be a high school pre-requesite. Dave Ramsey's plan should be the cirriculum. Too bad government doesn't have a true interest in being debt-free......but we've allowed it to become a money laundering operation with next to Zero accountability, so those in power are in no rush to make things any different.

Our government isn't going to fix it's budget problems until we personally fix our own. Our population has been brainwashed into thinking that you're cool if you can get more credit and it's OK to go into dept for whatever you want......look where that's got us as a nation?

In general, wealth people pay cash, it should be simple math, folks. Anyone who tells you differently is profiting off of your interest payments.

My Hope is that the Change we have coming doesn't just make us more broke as a nation........

Society needs to learn this simple principle, living within your means (not how much you can borrow to buy stuff you really don't need) brings financial peace and happiness. Learning this sooner than later in life (took me a while) will put you ahead in no time, it just takes self-control and patience.
 
Absolutely...

Not to sound like a Clark Howard parrot, but work rapidly towards owing nobody anything. Beyond that, work towards saving for the rainy days.
 
XJEEPER said:
In general, wealth people pay cash, it should be simple math, folks. Anyone who tells you differently is profiting off of your interest payments.
Click to expand...

In my experience, wealthy people head to the mens room when the check comes, how you think they got wealthy :D :D :D :D
On my last job we went to a lunch meeting during another round of raising capital, 6 money people there, it's a wonder no one got hurt in the stampede..
 
Strange, but my experience has been the opposite, that truly wealthy people pick up the check and use it as a tax deduction, expense, and those who pretend to be wealthy dodge the bill.

I also noticed that many wealthy people dress down to where they look like the janitor, and the poor people are always dressed to kill.
 
I got a notice last night from my other credit card with US Bank stating that they are raising my interest rate .5%

I called them up to tell them I wasn't happy. I've been a long time customer, never had a late payment, always pay more than the minimums, and when I was unemployed for half of 2007 they made quite a bit of interest money off of me, and that this is not how you treat good customers.

They said there's nothing they can do to lower the rate at this time. I persisted, and got nothing other than "you can opt out and the rate remains but then the card closes at the expiration date." I told them I won't be opting out. Instead I'll be paying off whats on the card (had a crappy January) putting it in the back of my wallet and will not use it again until they drop the rate back down. I closed the call by telling them to ask the Obama administration for money, not their good customers.
 
I have found that if I give them an option of lowering the interest rate, or loosing the monthly charge business and interest when I move it to their competitors card, ( I have about 10 credit cards to chose from), they frequently cave in and give me back the better rate, or an even lower rate than I had. IF they don't, I simply pay that card off and don't use it much, if any, until the rate goes back down.

Having more CC's than I need makes it a buyers market for me.

I heard this week that American Express is trying something new. They are offering certain credit card customers a $300 cash out offer, to pay off their balance and close their accounts! Hit the news on Wall Street Monday.
 
Ecomike said:
I have found that if I give them an option of lowering the interest rate, or loosing the monthly charge business and interest when I move it to their competitors card, ( I have about 10 credit cards to chose from), they frequently cave in and give me back the better rate, or an even lower rate than I had. IF they don't, I simply pay that card off and don't use it much, if any, until the rate goes back down.

Having more CC's than I need makes it a buyers market for me.

I heard this week that American Express is trying something new. They are offering certain credit card customers a $300 cash out offer, to pay off their balance and close their accounts! Hit the news on Wall Street Monday.
Click to expand...

Yeah, they are only offering that to select customers that fall within a certain risk range that they think they can get the money from them before things "get worse". Those who are eligible will receive a letter in the mail from AMEX giving them more detail. Apparently they successfully did this in the past but for only $200.

Having NO CC's (other than company card) makes it a buyers market for me. I make my own rules and don't have to play games with anyone.
 
What no Games! That takes all the fun out of life!

CC's let me take advantage of unexpected huge price deals that have limited time spans. They also limit the cash I need to carry, and help me track spending.
 
You must log in or register to reply here.

Similar threads

macgyvr
IRON ROCK OFF ROAD sponsors Winterfest for the 7th year in a row!!!
Replies
0
Views
1K
macgyvr
macgyvr
N
2000 XJ, high miles, lots of new parts, still have vibration
Replies
10
Views
1K
N8N_99xj
N
N
Most extreme XJ hack jobs?
Replies
11
Views
2K
devildog0
D
FernGreen
Bad Brake Booster?
Replies
1
Views
495
Agreen
A
Anak
How bad is this likely to be? Engine oil situation
2
Replies
20
Views
2K
Anak
Anak
Back
Top