Credit Card Company Tactics

[ks-waterbug]

This is a interesting article about what to look for and where to look for it... I don't have any credit card debt, but did many moons ago. Learned my lesson the hard way and now I tell them to get bent!

http://money.cnn.com/galleri....ex.html

 

[Mr Bogus]

CC debt free here too.... but could sure have some fun fixing up the busa

 

[heavybusa]

working in the industry I can say that all of you guys should read that info on every solicitation.

BUT keep in mind that the man always has the small print regarding a term called "repricing" that is not driven by something you've done. Basically the bank can change your terms when ever they want.

 

[skoti]

Never had CC debt. I have one visa and only use it to buy stuff online or travel. They are such a rip-off and I am always shocked when I hear one of my friends say they have x thousands of dollars of cc debt.

 

[WWJD]

another zero debt here. life is easier. I have a card of online purchases, but it gets paid immediately

 

[pbghost]

currently being sued by american bank because of it...they apparently don't deal with consoladation services.

haven't used a c.c. in 3 years since I entered the program. a tough lesson, but a worthwhile one... don't get stuff we don't need or have the cash onhand.

 

[ks-waterbug]

currently being sued by american bank because of it...they apparently don't deal with consoladation services.

haven't used a c.c. in 3 years since I entered the program. a tough lesson, but a worthwhile one... don't get stuff we don't need or have the cash onhand.

Brother this is a lesson lots have learned and many more are still learning... I think it would come as no surprise that MOST Americans in trouble with Credit are in denial! Just my experience... We teach English, Math, Science, but forgo the things that could help ground our younger generation in matters that matter most!

 

[smonroe86]

haha tell me about it I got one and only one I used and maxed it out one time $5,000.
I paid it off and will never do it again.

 

[AZIROC]

thankfully after prob 6 years of cc debt... ive been debit free for 4 or so months.. its so nice. unfortunatly i canceled my "best" credit card. it had a 20k limit and a lower % rate. when i called back to get it, they wanted 2 start me off at a $2500 credit limit, so i said nvr mind.

 

[heavybusa]

currently being sued by american bank because of it...they apparently don't deal with consoladation services.

haven't used a c.c. in 3 years since I entered the program. a tough lesson, but a worthwhile one... don't get stuff we don't need or have the cash onhand.

Guys I will warn you right now that most (if not ALL) of those consultation services NEVER negotiate with the finance company.

They will take your money and they do not align your payments with your due dates and they definetly DO NOT have permission to speak or negotiate the terms on your behalf unless you've given them power of attorney or account privileges.

So even if they do call and there is no account documentation they will get no service.

Just an FYI. This is one thing I hate to see but it happens a lot.

 

[Ranger]

I have a shameful amount of cc debt, If I was to ever lose my job I would be screwed big time. We are tackling it and are starting to be behaved spenders. Guess I was trying to do my part in stimulating the economy.

 

[AZIROC]

currently being sued by american bank because of it...they apparently don't deal with consoladation services.

haven't used a c.c. in 3 years since I entered the program. a tough lesson, but a worthwhile one... don't get stuff we don't need or have the cash onhand.

Guys I will warn you right now that most (if not ALL) of those consultation services NEVER negotiate with the finance company.

They will take your money and they do not align your payments with your due dates and they definetly DO NOT have permission to speak or negotiate the terms on your behalf unless you've given them power of attorney or account privileges.

So even if they do call and there is no account documentation they will get no service.

Just an FYI. This is one thing I hate to see but it happens a lot.

+1 on this. i did this and they basically took $3k of my money and said "they got in under control" 2 months later, i have 3 cc companies sueing me. i called he collection place and they said.. oh..well, ur in a state they can do it, so there is nothen we cn do. but then when ia sk 4 a refund..they say "no refunds r in the contract u signed" but i called the CC sompanies, told them what happened and they worked with me.

 

[heavybusa]

Yes sir, any CC company will "work" to get some of that money back. Its called settling or liquidating depending on how far you are behind.

The sad part is that these people at the agencies basically take your money and get you no where.

 

[Over_Easy]

I have some CC debt but it revolves at 0% and I make damn sure not to be late to keep it that way. I get 0% offers constantly for a year at a time. I slowly pay them off but at 0% I don't stress over it. It's all a big game you just have to know how to play, but all in all I don't recommend anyone to play it.

 

[Wag]

I use a credit card only because it gives me a 5% discount on gas purchases. In the time I've had it (three years?), I've gotten nearly $3,000 in gas discounts.

I can live with that!

We pay that thing off every month, in full and we don't use it unless we have the cash to pay for whatever it is we're buying. That card company recently lowered the interest rate on it (not that it matters) and gave us a limit increase just because. I can live with that, too!

The only place I would go if I were ever in credit trouble is Consumer Credit Counseling or whatever they are called these days. It's free, they DO work with and are supported by credit card companies and you can do yourself a huge favor using them.

--Wag--

 

[ks-waterbug]

Lots of good advice...

 

[heavybusa]

I use a credit card only because it gives me a 5% discount on gas purchases. In the time I've had it (three years?), I've gotten nearly $3,000 in gas discounts.

I can live with that!

We pay that thing off every month, in full and we don't use it unless we have the cash to pay for whatever it is we're buying. That card company recently lowered the interest rate on it (not that it matters) and gave us a limit increase just because. I can live with that, too!

The only place I would go if I were ever in credit trouble is Consumer Credit Counseling or whatever they are called these days. It's free, they DO work with and are supported by credit card companies and you can do yourself a huge favor using them.

--Wag--

Wag is using the system, paying in full and milking the benefits is the way to do it.

The people that use their card as cash, every transaction including monthly bills, and then pay it off can really benefit from rewards.

The double edge sword here is that rewards are usually only beneficial for high balance customers that pay in full. Also known as SuperPrime.

The subprime or mainstreet market, limits less than 5000 dollars in most cases, get the short stick because even if they maxed out and paid off the card every few months they would only get a few hundred dollars and that barely counter balances their interest.

On a side note Wag, IF you (or anyone else) ever go to a CCC please make sure that you confirm they are sending the payments on time and that they have documentation on file. Dont take their word for it.

 

[pbghost]

a little over 2 years ago I enrolled with a debt consoladation firm as a last resort trying to avoid bankruptcy due to loss of job and snowball effect of interest jacking on accounts that I was current (no late payments) already paid in $31k @$1240/mo, supposed to be finished this Dec. BofA and Citi refuse to deal w/the consoladation firm... thus the suit. good thing is that in Texas, they can't garnish my wages for this. I have nothing of value in my name, so all they might get is the finger if they don't want to play nice like everyone else. spooky on how many people are in the same shape or worse. I hope my kids learn from our mistakes... can't wait 'till Dec

 

[ks-waterbug]

On a down note..... IF you do sign up with a reputable CCC service your credit score WILL take a dive! But, given that most don't seek help until its almost to late this shouldn't be a problem.

 

[heavybusa]

Good call water bug, that sits on your bureaus for 7-10 years