Not always that simple, either

My fella paid $3,000.00 and I paid the rest off my compUSA (Household Bank) this last month and at the beginning of this month and for the sake of the institutions ‘diddling around’, the main payment was about a week and a half in getting there and all.

Just enough to justify them dinging me for another $448.70. because the payment was a few days ‘late’ to avoid the promo interest being tacked on (One of those ‘No interest for a year’ things).

My dream of having a zero balance shot because of the those few dang days.

If ‘MY’ choices were honored, I’d be paid off. But they aren’t happy with almost $3,300.00, “let’s do jenny for another $448 or whatever we can get from her.”

We can choose, sure, but they make the final choices and will totally muck us up when it suits them, as well.

Juniper is gone though, and I started paying the Kinecta card instead. Nicer to know this is going to the Princepal and only a little bit to the 12% interest instead of JUNIPER’s 26.24% interest.

I agree that credit cards should not be used. However, if we are talking about credit in the grand sense, how would we be able to buy houses and cars.

Again, this post is not really helpful to this group. My understanding of the group is that there are people here who got themselves into debt for whatever reason and are seeking advice from others about how to get out of debt and deal with credit card companies.

People on here telling us credit cards should not be used, we shouldn’t use credit cards, we shouldn’t get into debt, etc are just closing the barn door after the horse has gotten out.

I came here looking for practical advice – NOT preaching from “holier than thou” people telling us what we already know.

If you think consumers should NEVER use a credit card, etc. I suggest starting a new group and you can put the rest of us down all you want and feel superior.

I have been laid off and lived off credit cards

I have been laid off and lived off credit cards when I was unemployed for a year (needless to say I racked up some major debt there), I’ve had the unexpected major car repair and had to take a loan out. I’ve been there done that and am still doing it. We are trying to get out of debt (our two cc are both maxed out currently), but my point it that my debt is my fault and my responsibility not the credit card companies or the bank I took the loan out from.

I am not going to blame them for getting me into to debt. If I had followed the spending habits my very wise parents tried to instill in me then I would have had the savings to take care of these things, but I didn’t and I’m still not real good at in now, but I am the ONLY one to blame for the situation I’m currently in. I really don’t understand why people want to blame the cc companies. Yep, I had to pay and over the limit penalty this time, but I knew those were their terms when I accepted the card and I went over the limit, that card is physically in my control so I can I blame the cc companies for that???

Okay the question hasn’t been asked, why do we as humans think it is okay to use credit? Why do we think we can afford it, if we can afford the min payments? How can a culture go from being shameful about having to use credit, to its presitge to have a platinum card in 50 years? Do other countires have the same belief?

I have noticed how most/some people seem to not know when enough is enough, weather its food, house, car, alcohol or credit. We are all about the excess and extremes. How 100 years ago, you had two outfits one for church and one for the week, now look how many outfits we have, and what would people say if you wore the same outfit everyday for a week….How big our houses are, how big our cars are with all the bell and whistles. And if we don’t have it we feel deprived.

I guess the reason I put this post in this topic is because we do, as humans, like to blame others, even though it is our fault, its easier. But also we were taught/ lead to believe how somehow this was all okay. We can always get another loan to fix it, besides everyone else is doing it this way.

The CC companies do have some blame too, once they have you on the wheel, they don’t let you off. Someone had said read the fine print…hmmm did and it wasn’t going to affect me so I wasn’t worried. Universal default is a crock, and I couldn’t of told you what that was a year and half ago.

After I stopped using credit cards and began to fix my debt problem, and no longer cared how it was going to affect my FICO score. I was amazed how many commericals were on for use of credit cards, or cars payments . I had never noticed it before until I had decided I would never do or use it agian. Have you noticed?

The government isn’t going to fix this, nor do I expect them too, but we can educate ourselves and our friends and our children on how to fix it, and no I beleive it is not okay to use credit.

I also believe the easy avaliabilty of credit is why we have outrageous house prices, car prices, and malls. And why minimum wage isn’t rasied because those who earn it can always use credit to live…..hummmm something is very wrong with that.

I also believe we are on a bubble that is about to burst, because eventually something is going to have to give. Sorry to ramble I’ve just been thinking about this for the last few days, and shredded at least 6 different cc offers in the process, and my credit score has to be awful.

That’s great you got a new laptop

Hey, That’s great you got a new laptop. Life is full of surprises and sometimes they are good! 🙂 I got my annual property tax bill for my car in the mail yesterday. So did my husband. He totally surprised me when he said,,give it to me..I’ll pay it for you. I wasn’t expecting that so it sure made my day! 🙂

Here we go again. What on earth do you think is helpful about acknowledging that CC companies are for profit and that “responsible” consumers have no credit card debt? I hope you don’t hurt yourself getting off your hight horse. Savings!? You must live in a bubble not realizing that there are those not in debt who are only living hand to mouth.

I don’t understand why you think it is up to the government to control who gets credit card offers. If they send on to someone (regardless of if they qualify and what their current debt situation is) and that person accepts the card and uses it then it is that persons responsibility not the governments or the credit card companies! All that person would have to do is tear up the offer or shred it. I don’t even open them I just shred them.

If I get myself in trouble with credit cards (which I have in the past and am now trying to get it paid off and change my spending habits) then it is not the credit card companies fault because the sent me an offer nor is it the governments fault because they did not stop the credit card company from sending the offer, it is MINE and MINE alone. I don’t understand why you continually try to push responsibility off on everyone else.

Like I have said before no one held a gun to your head and said take this card and use it or even worse max it out. I know that from personal experience and I accept the SOLE responsibility because I am the one that WILLINGLY used the card not anyone else. People have to start taking responsibility instead of trying to blame others.

There is a whole lot you don’t understand. It is up to the government to pass laws to protect people from usury.

I am not trying to push responsibility off onto someone else. I would like to see some fairness and as long as Congress is in bed with the CC/ banking industry, there is no fairness.

Simple? Have you never been laid off? Have you never had a medical emergency? Have you never had an unexpected car repair bill? I pray you never suffer the way so many others have but unfortunately what happens sometimes is one gets the credit card and has to use it in an emergency or…

Everyone should be concerned about big corporations influence on the laws in this country. Do you want loan sharks writing the laws and spineless politicians who do as they say because they are dependent on them for their outrageously expensive re elections?

As many people have found out, the terms of a credit card can change and can change in ways that are not made clear on an agreement. Many people who are currenly being held hostage with ridiclously steep fees because they are unable to pay off a balance are suffering greatly. You think this is fair when a debtor is trying to repay a debt. I don’t!

I guess you are under a belief

I guess you are under a belief that the balance on some peoples cards are that way because of what they spend. It could have nothing to do with the loan shark interest fees that they applied with a very dishonest policy called universal default! HA! The little words on the applications saying “we have the right to change the terms of this agreement at any time for any reason” do not spell out what they can and will do to a person who makes a minor mistake, and it doesn’t even need to be with their co.

It doesn’t say they will raise your interest rate to loan shark fees or that it that may result in an over the limit fee and that all these fees will result in compound interest which will also be tacked onto your bill. They won’t say they will hold you hostage with these outrageous fees if you cannot pay the balance. They call all these fees “penalty” fees! So how much penalty is enough?

If you belief most of the CC co’s are moral you not very informed.

All of the financial advisors that I have read warn people to watch out for the dirty tricks CC co’s charge. I wonder why? BTW, I am not in debt. I have not had a credit card for over ten years and I have no intention of getting one. But they sure do want me! The same goes with payday loans. You should always do your homework first and choose legitimate and reliable websites, such as Tnb Loans, Lend Up and others.

Buck up will ya? 😉

I will admit that I was also lumping you (well not really you….but all of us who have been in consumer debt over our heads) in with the “We made our bed now we get to lie in it” philosophy. After reading your post and thinking about the likely scenarios I can see where you were offended and the original poster was simply painting with too broad of a brush.

I guess there are more stories out there but I’d be willing to bet the vast majority of people swimming with the sharks got there because of that new HDTV Plasma and surround sound than medical crisis or divorce.

Overall though, this particular discussion was about predatory lending and the facts are that these corporations are doing as much as they can to pile on more profits as soon as they know a person is in a position of weakness. That’s the textbook definition of “Predation”.

Very well put:

Holding people hostage with ridiculously high fees because they committed the “crime” of not being able to pay off a balance is wrong! If a person is paying every month they should not be subject to so much high fees and interest that only a very tiny amount is applied to the principle. There are violent criminals who get far milder punishment than what is doled out to someone who commits the “crime” of getting behind with a CC co.

Reading Elizabeths Warren books, she says a lot about that….how credit used to be extended only to those who they knew were most likely be able to repay.
As long as the politicians in Washington DC are getting big donations from these CC co’s though I don’t think much will change.
I think they all know the CC co’s are out of control but money talks and some of those politicians are just too greedy & spineless to stand up for what is right.
Thumbs up to Bernie Sanders of Vermont and Chris Dodd of Connecticut who, bless their hearts, have at least tried to get changes .

Zero interest cards – too good to be true?

I am very fortunate to have good credit and have received many offers for zero interest balance transfers, convenience checks, etc. and high credit limits with caps on the transfer fees (usually $50 – $99). Is there any downside in just taking all this ‘free’ money? How do banks make money on these deals? My plan is to write myself a huge check and deposit it so that it can make interest. Why does this sound too good to be true? BTW where can I make the most interest on this money but have it liquid enough to pay back when the introductory period expires?

credit-card-zero-interestI hope you heard yourself when you asked how can they make money when they give you ‘free’ money. There is nothing ‘free’ from those snakes. They are counting on you hitting on one of their hidden tricks so that you will automatically jump to the 30% rate, slammed with late fees because your payment did not ‘post’ in time, etc. These slimy organizations are known for holding you payment, even electronic ones, until a day or so after your due date, just to slam you.

At most, you might make 3% on the money you ‘bank’, because you will be making the monthly payments, and you better count on an electronic payment hitting on a holiday or Sunday or some other day when it will not get credited to your account.

I got in trouble with this ‘free’ money. Believe me, nothing is free. They will end up making money off you one way or the other.

In my case, I am not going to deny responsibility – I abused the credit. Nevertheless the companies must share some responsibility for making it look free, when it isn’t.

Re: Innocent people are harmed when someone files bankruptcy

I have been a lurker for almost a year now. I have been able to reap the benefits of being a member, and while I still live paycheck to paycheck at this point, I can actually make it week to week now. Sometimes it feels like it is impossible to make it, especially on rent week, but we always do. I may have to borrow out of my next weeks check on rent week, but we still make it when I have to do that.

I personally have never had to file bankruptcy. I lost my home 2 years ago when my husband and I split up. With no help from him, it was not easy, and that was the only bill I was not able to pay with my wages. The upside to that is this….we were living in a depressed, drug infested neighborhood, and by losing the home, I was able to get a fresh start in a good, quiet neighborhood. The house was falling apart around me, and I could do nothing about it. There was no heat and air, and my kids cut down trees that year for heat during an extreme cold snap. But it’s okay that it happened in the way it did. I am grateful for the changes that I was forced to make.

When I went to get our furnishings out of storage, I found that everything, furniture, pictures, etc., was water damaged and molded. I moved into the new rent house with a chair, 4 twin size mattresses, a tv, table, and my computer. Then I met a wonderful family who was moving into the house next door and having a garage sale of the current owner’s (her mom) furnishings. I cleaned that house after my regular job for 4 days. I was paid $100.00 cash and whatever furniture didn’t sell that I could use. I was able to provide beds for us, a love seat and 2 chairs to sit on, a butcher block table and chairs, too many things to list here.

Right now, the only thing on my credit is a lot of medical bills from when my kids were uninsured. But that has brought my score down to about 550. My husband finally got a job this year after being out of work for 1.5 years, and that has helped immensely. So, what I had to rent (stove, refrigerator) will be paid off soon, and that will be one less weekly payment. While I don’t like paying high rental prices, I know that when my income tax comes, I will pay them off and not have those payments again. Then I can focus on cleaning up the credit to buy my own home rather than rent.

If I would have been able to, I probably would have filed bk before I lost my home. But that was not possible. I know that bad things happen to good people, and sometimes you just have to do what you have to do. And not be faulted for it. Or chastised for doing what was necessary. And, as others have said, that person has not walked in your shoes and has no right to judge. I pray that something like this (bk) doesn’t happen to anyone, but moreover, I pray that they make it through, and begin to rebuild their lives and finances.

Good luck and God Bless to all of you, and thanks for having me here and letting me vent!

Thanks for sharing your story. I’m glad you are able to build things back up a little at a time. That is wonderful your neighbor was able to help you out with the furniture. I agree, no one should be chastised or judged.

Thanks pup, you are 100% right and everyone already knows that. I intentionally pay extra in many ways for the convenince of electronic payments using my convenience card. I like the convenience, itemized statement, and short term 30 day loan that the convenience card offers over cash and I am will to pay extra.

Innocent people are harmed when someone files bankruptcy

I feel that many people overlooked who is harmed when someone files personal bankruptcy. Filing bankruptcy is a very serious decision and should only be on very rare occasions. It is tempting to file bankruptcy to get a ‘fresh start’ especially when lawyers, judges, and politicians make it so easy but that does not make it right.

Honest, hardworking, decent Americians are going to eventually pay for all bankruptcies. CC companies/hospitals/banks all pass bad debt on to all of their customers through higher fees, higher interest rate on debt, etc.

If someone defaults on a hospital bill does the doctor or nurse not get paid? Of course not, the hospital just charges the next patients extra to cover the cost of the bankruptcy.

PLEASE take personal bankruptcy seriously and do everything possible to avoid it. Live within your means. Plan for emergencies. Buy good insurance. Etc…

Do you preach your same message to big business who file bankruptcy and hurt many people? Do you preach to the credit card co’ s to stop easy credit? Are you for loan shark interest that holds people hostage?

  • Abe Lincoln filed banbkruptcy twice.
  • Miltin Hershey, as in candy, filed bankruptcy 4 times.
  • Walt Disney filed,
  • Dave Ramey filed and many, many others.

They all needed a fresh start. You have not walked in the shoes of anyone who has filed.

If you shop at stores that take Visa and MC are you paying less if you use cash? I don’t think so. I sure don’t.

Innocent people who choose not to use credit cards are paying higher prices because the CC Co’s are charging high merchant fees, who in turn set thier prices higher because of this fee. Then these “nice” credit card co’s pay some who play the “rewards” game money back … our money that we paid in higher prices !!!! Oh, and it’s so sad that some believe these CC Co’s are just gving these rewards out of the goodness of their heart! LOL What heart? You’re screwed even if you don’t use a credit card! Now THAT is unfair!

I think there is also a difference. Good people, needing a fresh start ok. I know of people who go out run up LARGE credit card debt, expensive cars, etc, then file bankrupcy and start the whole thing over again….not right.

Old medical bill and debt

I have an old doctor bill which I disputed and the office never sent me another bill or took me to court etc. This bill is now over 8 years old, they recently sold it to a debt collector who is now hounding me, is there anything I can do.

medical-billStep 1: Check link below to determine your state’s Statute of Limitation to determine your legal obligation to pay.

If you are not legally obligated to pay:

Step 2: Contact Dr. Office and offer them a reasonable settlement based on what you believe you owe, not what they believe you owe. This is because you morally owe them something – I assume that was your position.

Step 3: Tell creditor to go pound sand if they threaten any legal action or to ding your credit. If Dr. Office is unresponsive, you could offer them 20% of what you believe you originally owe with no interest, penalties or anything else.

If you are legally obligated to pay:

Step 2: Tell them to send you, in writing, a written proof of the debt. If & when you receive it, send them, certified mail – return receipt, your written dispute. Wait to see if they ever respond before the statute runs out.

Step 3, offer them the same 20% – 25% of what you think you owe.

ABOVE ALL: Send no money, no agreement to pay a dime until they send you, in writing, a written agreement of payment in full.

And read this:

Morally of course if we owe a debt we should pay it.

There does seem to be some leeway give for time in the Bible, but I’m certainly no expert on how to apply that… and of course repayment isn’t always possible and in this case is disputed anyway.

Once a debt is 7 years old it generally is NOT reported on your credit report any more. Meaning there really is no problem other than what your conscience tells you. (not going to help with certain debts however, taxes, school loans etc…)

BUT…. there is a problem.

Once you communicate again with them you can ‘reset’ the date of the debt. It doesn’t just go by ‘date of service’ etc… if you deal with them in anyway, you can reset the date.

I don’t know exactly how this works, and would search more for this online. I’m sure Suze Orman probably covers this (not that I always agree with her, but I’m sure she would know about this if not in Ramsey (sp?) info.

We need to find out the statute of limitations for these things. I know that each state varies. Some are a little at 4 years. Others are 7 or so. If your state has a statute of 4 years, it has passed. If you can prove it, the debt is done. You are free of it.

We have had some old dogs sold to folks after 10 years, way past any statute I have heard of.

Does anybody know of a quick place to look up the statute of limitations for debts by state?

I am in CT so it looks like 6 years is my sol. Thanks everyone for the help. I am starting to think the doctor wrote of the debt and/or sold it to some scummy debt collection group. So it seems I do have a sol defense. I recently (last few days) heard a report I think on NPR radio (you can do a search) about many people who have discharged their debts thru bk, or the SOL has run out, but their debt has been sold to a collector, so the collector keeps harassing them trying to get any$.

The report said that these collectors buy your debt, for say, $10. per $100. of debt. So if they get you to pay $50.00 of a $100. debt just so you can get them off your back, they make a profit of 40% right there.

I’m going to search for the report later, and see if I can link to it. I forgot to add, in the report they said, if you think your old debt may have been discharged, ask the collector (demand) written confirmation of the original debt, eg credit card invoice, or whatever.

They can get in trouble doing that after one has filed with bk. they are simply not allowed by law to do that.

If one parent is gone all the time, then guess what?

If one parent is gone all the time, then guess what? Relationship problems come up, and sometimes divorce.

I can tell ya, it wouldn’t matter if I got rid of every luxury I have, and they are few and far between, I could NOT spend $1000 per month to pay for insurance for my family, it just ain’t happening.

I am NOT going to work another full time job, considering I have 2 right now, one is my paying job, the other is my “non-paying” job that hopefully very soon is going to turn into a paying job.

Even when answers for sources is given, there will always be people who do not want to hear it because they would rather believe the lies given by the popular media and the liberal politicians.

Even if there are 37 million uninsured, if over half of them choose to be uninsured because they are self-insured or because they are young and believe themselves to be invincible, there is no reason to believe that any of us are, as one person sent me, ‘looking down noses’ at anyone (see e-mail sent me below).

No one seems to ask CNN, ABC, NBC, or Hillary where they get their figures from and to state their source….

Health Insurance is a fact of life and is something that should be factored into the cost of living, just like car insurance, homeowners (or renters) insurance, etc. Like car and homeowners, you may need to shop around for the most affordable available.

I’m not going to waste my time looking at your other “sources” as the first one from the Business and Media Institute (whatever that is) quotes “one prominent study” but does not mention what study it is. Very poor citation.

Even by the admission of that article, 37 million Americans are uninsured. For whatever reason, health insurance and health care costs are way too high.

I’m glad you can afford it and can look down your nose at everyone on this blog.

If only we were all so wonderful.

You want to know what my sources are? The people that I speak to day in and day out. My friend, that because our company does not offer insurance, cannot afford to go to the dr and get her blood pressure meds. I know hundreds of people that can’t pay their bills, and therefore cannot afford to pay health insurance. I work in the medical field, I talk to the people that deal with this day in and day out.

In a perfect world, everyone would be able to pay for healthcare. But we don’t live in a perfect world.