Credit Card Company Tactics

[heavybusa]

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

Yeah man that sucks, some of the smaller credit lenders would rather sell your debt than invest money in helping you.

BofA being primarily a bank does not have a strong credit card footprint and Citi has ALWAYS been risky.

We have a department here with a little over 20 full time employees to manage our debt management groups that area alone is a multi million dollar operation to keep open on top of the basic collections and recoveries areas.

[heavybusa]

At the end of the day its all a business and some do it better than others.

Just like the feedback we get on vendors here, some hate shops and some love them.

[MPH 200]

I got hosed when I got divorced in 99. I have been cash only (debit card) until last year. I went to Cabellas to buy a ramp for my trailer. They had some $50 deal if you got their card. Did it & we only use it now. It is paid in full each month. I get points from them that are worth cash. I currently have $250 woth of free $.Finally works for me.

[Projekt]

Many people have stories like these.. Including me.

Welcome to modern (economic) slavery. Thankfully, I have been free of that type of servitude for several years.

[TXBusa05LE]

I've had 0% interest for over 20 yrs now...I pay in full every month...and the 'points' are cool to use too...

[pbghost]

just my luck... the 2 that are after me are CACH (currently sueing) and the infamous NCO. been reading alot about them, both are listed in the Americas worst section. hopefully that will work out in my favor. best thing is that we're weened off the c/c. cash only in the future.

[PocketRocket]

I'm guilty!! So I've been working 15 plus hours a day to get it paid.. I'm very close....I really think twice before using it.& I wont use it on junk and things I think I want.. Just on what I need ie rental cars etc..Its been a hard lesson hopefully I can get my new business started this month and that will really help...

[Wag]

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.

We use the card for everything because it's just easier to track ONE bill rather than 42 bills.

I'm hoping I never have to go to CCC but if I ever did, I'd definitely be following up with them EVERY month to make sure that payment went out and on time.

--Wag--

[Wag]

By the way, when I mention, "Consumer Credit Counseling," I'm referring to the non-profit organization which helps people for free.

Here's a link which, I must mention, was not easy to find, even with Google.

Do your due diligence no matter what and make sure you're getting what you really need.

--Wag--

[Narcissus]

Personally, I love credit card debt. If I want cash, I find 0%, break it down for the term and pay it off before the promotion expires. Mind you, they are getting tricky with their offers. It's hard to find deals with maximum balance transfer fee limits. They'll also make the 0% purchase deal IF you do a transfer at 9% and other catches like that.

Lots of good info here: http://creditboards.com/forums/index.php?act=idx


Debt is NOT a bad thing. Used for business opportunities, investing and wise purchases, it can be a very powerful tool. It's when people use it for everyday junk without regard to their cash flow that it gets messy.