Arrogant Creditors

[Furious1Auto]

Has anyone noticed that Credit card companies have become arrogant, and refuse to offer low interest rates after the bankruptcy laws have changed! Every card offer has something sneaky in the terms! I'm finally getting low interest offers with no set up fees. Then you look at what the call a default rate and it's obnoxiously high! I didn't think much of it because I always pay on time! Until I saw how they use them! I had no balance on my HSBC Discover card for 8 months! The card has a 8.99% fixed APR. Then I made a $170 purchase, and they neglected to send me a billing statement till the second month. Then they considered the account delinquent and, charged me a $30 late fee and jacked my interest rate to 19.9% I called the immediately and demanded that they waive the charge and reset my APR. ad remove it from my credit report! They told me that the only way they could rest my APR was for me to make 5 payments good! I told them they will fix the situation now or else, I will cancel the account, file a dispute the the credit agencies, and contact the BBB. At looking at other solicitations these default rates now seem to be a common practice, charging up to 32% interest. What do you do when they cause you to default by neglecting to send you a bill? I composed this document to send to lenders with their invitations for credit! Let them rotten bastards keep the postman working! I sent out 11 of them today at the Creditors expense!

This is a standardized letter that goes to all creditors wishing to do business with me. If your institution does not meet or exceed these requirements than you are wasting postage by sending me solicitations, because you will continue to receive this form in response to your applications! I don’t mind if you don’t. due to the decrease in 1st class mail, the postman can use the extra volume to secure his job! I will except no less than: ________________________________________________________________________________

_____8.99% fixed APR after any introductory offer period ________________________________________________________________________________

_____ No changes to my APR in the event of default! ________________________________________________________________________________

_____ 25 day grace period ________________________________________________________________________________

_____No annual fee,, no account maintenance fee, and no setup fee ________________________________________________________________________________

_____ $1.00 minimum for purchases

Edited August 31, 2007 by Furious1Auto

[Jimmy G]

Watch this: http://www.pbs.org/wgbh/pages/frontline/shows/credit/

It will open your eyes

[OAC_Sparky]

Sorry, no offense, but your problem is indicative of a lot of consumers today.

 

First off, let me qualify that credit card companies suck. Thier only goal is to extract as much money from your pocket as possible. You should be going into every transaction realizing that, because the arrogance is not something new, they've been that way for at least the last 22 years I've had credit cards in my name.

 

But the consumer has to be responsible as well. You made a $170 purchase. Well, no, not really. You incurred a $170 debt. Technically you haven't purchased anything until it's paid for.

 

So, you're $170 in debt. You have to wait for 2 months to be reminded you have to pay your debt? Why wait for the bill? C'mon. You, as a responsible person, should know that each and every month that you have certain bills to pay. Power, gas, water, housing, car note, insurance, etc. etc. And your credit cards. Simple.

 

It's not like a sudden bill that comes up, like little Auto Jr. breaks the neighbour's window with a baseball and it has to get fixed right away. This is a debt that you made; once it got over 45 days with no bill an alarm bell should have gone off that maybe you should have made a payment.

 

It's not just you that has this problem; not trying to ride you about it. But this is the problem that the economy is facing as we speak. Cheap credit has made us all lazy and impatient. (Yes, even me.) Buy now, pay later. If it's a low interest rate, pay much later. Our parents would have done without rather than get into debt. The problem is not a lot of people have control nowadays. And now it's catching up with them.

[ebritt]

I recently got rid of ALL my credit cards. One was really sneaky,HSBC from China. I bought a 4 wheeler 2 years ago on Yamaha's "Introductory offer" only to find out it was not an installment loan but a revolving credit card account. After the 2 years my rate went to 22.99% and my balance started going UP! Went to the credit union and transfered that and it will be gone in 3 years, not 27! The lady on the phone from HSBC/Yamaha was really quite arrogant..... "You'll never pay this off honey!!". She was pissed when I called back and told I sent off check for payment in full and cancelled account.

People have to wise up and watch what they are doing.

[ebritt]

Has anyone noticed that Credit card companies have become arrogant, and refuse to offer low interest rates after the bankruptcy laws have changed! Every card offer has something sneaky in the terms! I'm finally getting low interest offers with no set up fees. Then you look at what the call a default rate and it's obnoxiously high! I didn't think much of it because I always pay on time! Until I saw how they use them! I had no balance on my HSBC Discover card for 8 months! The card has a 8.99% fixed APR. Then I made a $170 purchase, and they neglected to send me a billing statement till the second month. Then they considered the account delinquent and, charged me a $30 late fee and jacked my interest rate to 19.9% I called the immediately and demanded that they waive the charge and reset my APR. ad remove it from my credit report! They told me that the only way they could rest my APR was for me to make 5 payments good! I told them they will fix the situation now or else, I will cancel the account, file a dispute the the credit agencies, and contact the BBB. At looking at other solicitations these default rates now seem to be a common practice, charging up to 32% interest. What do you do when they cause you to default by neglecting to send you a bill? I composed this document to send to lenders with their invitations for credit! Let them rotten bastards keep the postman working! I sent out 11 of them today at the Creditors expense!

This is a standardized letter that goes to all creditors wishing to do business with me. If your institution does not meet or exceed these requirements than you are wasting postage by sending me solicitations, because you will continue to receive this form in response to your applications! I don’t mind if you don’t. due to the decrease in 1st class mail, the postman can use the extra volume to secure his job! I will except no less than: ________________________________________________________________________________

_____8.99% fixed APR after any introductory offer period ________________________________________________________________________________

_____ No changes to my APR in the event of default! ________________________________________________________________________________

_____ 25 day grace period ________________________________________________________________________________

_____No annual fee,, no account maintenance fee, and no setup fee ________________________________________________________________________________

_____ $1.00 minimum for purchases

 

http://www.daveramsey.com/

Give this guy a try and get rid of the credit cards forever! Im on my way to be debt free in about 5 years, farm, cars allaccounts ....everything paid off. Then use CASH!

Edited September 1, 2007 by ebritt

[fmccap]

http://www.daveramsey.com/

Give this guy a try and get rid of the credit cards forever! Im on my way to be debt free in about 5 years, farm, cars allaccounts ....everything paid off. Then use CASH!

I've recently done this, not with that link but by myself. The best thing about it is how much better you feel when you don't own anybody anything. I believe that little plastic card is one of there tricks. It's easy to rack up debt when you are not actually seeing that cash come out of your hands. Now that is all I use (not even debit card), and when you see your hard earned money in your hand you find out that there is alot of shit that you don't actually need.

[OAC_Sparky]

when you see your hard earned money in your hand you find out that there is alot of shit that you don't actually need.

Bingo.

[Racin' Rick]

...now explain that to the wife...! :huh:

[A Nony Mous]

Has anyone noticed that Credit card companies have become arrogant, and refuse to offer low interest rates after the bankruptcy laws have changed! Every card offer has something sneaky in the terms! I'm finally getting low interest offers with no set up fees. Then you look at what the call a default rate and it's obnoxiously high! I didn't think much of it because I always pay on time! Until I saw how they use them! I had no balance on my HSBC Discover card for 8 months! The card has a 8.99% fixed APR. Then I made a $170 purchase, and they neglected to send me a billing statement till the second month. Then they considered the account delinquent and, charged me a $30 late fee and jacked my interest rate to 19.9% I called the immediately and demanded that they waive the charge and reset my APR. ad remove it from my credit report! They told me that the only way they could rest my APR was for me to make 5 payments good! I told them they will fix the situation now or else, I will cancel the account, file a dispute the the credit agencies, and contact the BBB. At looking at other solicitations these default rates now seem to be a common practice, charging up to 32% interest. What do you do when they cause you to default by neglecting to send you a bill? I composed this document to send to lenders with their invitations for credit! Let them rotten bastards keep the postman working! I sent out 11 of them today at the Creditors expense!

This is a standardized letter that goes to all creditors wishing to do business with me. If your institution does not meet or exceed these requirements than you are wasting postage by sending me solicitations, because you will continue to receive this form in response to your applications! I don’t mind if you don’t. due to the decrease in 1st class mail, the postman can use the extra volume to secure his job! I will except no less than: ________________________________________________________________________________

_____8.99% fixed APR after any introductory offer period ________________________________________________________________________________

_____ No changes to my APR in the event of default! ________________________________________________________________________________

_____ 25 day grace period ________________________________________________________________________________

_____No annual fee,, no account maintenance fee, and no setup fee ________________________________________________________________________________

_____ $1.00 minimum for purchases

 

 

It's all common sense. You either have it or you don't.

[CSMJ]

Call me stupid but I have an idea

PAY YOUR BILLS!!!!! I pay mine u pay yours and if you cannot pay then do not buy the crap!!!

Im sick and tired od people charging all there shit and then crying to the media when they cannot pay it , it's nobody's fault but your own!! Don't blame the credit card companies look in the mirror.

People that file bankruptcy and default on there home loans are the ones SOLEY RESPONSIBLE for the mess the economy is in now. Our kids are gonna have to pay for these bankruptcy bills$$$!!!

I had $40K count em $40K in credit card bills and I paid mine off, so I think everyone should have to pay there's also, I don't care if it takes them 40 years to pay it they should pay there OWN DAMN BILLS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[96 Pony]

I gotta comment on this one and I usually don't in this forum because I am not a Ford worker but -

 

I am so sick of these people who claim to be "victims" because of their own stupidity!

 

Every single month, without fail, I go online and check all my creditors to see what is owed. Mostly because I discovered the hard way that HSBC is the biggest group of cocksuckers that ever existed on this earth! They are notorious for sending out bills at the last minute so you will, if you don't stay on top of things, incur a late charge. That and they will not immediatly credit your account when they receive your paymet. They wait until the payment clears the bank. EVEN IF YOU PAY ELECTRONICALLY. And that period can mean the difference between an on time payment and incurring a $30 late charge.

 

My credit sucks now because of my own stupidity but I am fixing it. I could have cried "victim" but in the end, it was my own damn fault. I closed all my credit accounts and live off my debit card and in the case of emergencies, my corporate American Express. And I have never been happier.

[beatdown]

Hey I got a idea lets use the Bankruptcy laws Like the Big Corprations do to screw their workers to demand pay cuts and give backs. I would say that a union contract is kinda like a loan once you agree to the terms the Credit card company isnt going to give you back any of your money they screwed you out of. If its good for old Corprate America its gotta be good for us. Oh I forgot Bush and the Repubs already changed the bankruptcy laws to screw the Consumers and not the Corprations. It was a good thought though. Ha HA

[kcsuperduty]

It is called self discipline and you can see who has it and who does not. My wife and I use our own Bank's credit card only, to pay for everything. We pay our balance off every month and have done so for the last 3 to 4 years and enjoy a 1.5% (rebate) payback at the end of my cycle. It is calculated monthly and due noted on my bill ( which I check every month). That is a nice little savings. Talking about self discipline I hope all UAW brother and sisters have set money back in case of a strike because one thing that is different during this negotiations is that we have a past Airline Exec at the helm at Ford and they have experience in strikes. They know that most people do not have a ready fund available if a strike does happen and they believe that they (Company-Ford) can hold out longer than the hourly workers. We have less than 2 weeks till the contract ends. If and I state IF we strike and it goes for a month or two you will really be seeing some people crying over finances.

[Atlas]

I recently got rid of ALL my credit cards.

 

How far did your credit score drop after you did that?

[ebritt]

How far did your credit score drop after you did that?

 

 

Actually it went up , but thats beside thepoint.

[96 Pony]

How far did your credit score drop after you did that?

 

In my case it initially dropped considerably but is now back up above where it was after 6 months.

[Atlas]

In my case it initially dropped considerably but is now back up above where it was after 6 months.

It's great that your credit scores went up for what ever reason but you have still reduced your available credit. A big part of the credit score is the ratio of debt to available credit.

[Twincam Harley]

It's great that your credit scores went up for what ever reason but you have still reduced your available credit. A big part of the credit score is the ratio of debt to available credit.

 

That is correct. It would be best to pay off the card, cut it up but leave the credit line open. That would keep you from using the account but still show you have the available credit.

[Atlas]

That is correct. It would be best to pay off the card, cut it up but leave the credit line open. That would keep you from using the account but still show you have the available credit.

 

To help prevent the creditor from closing an inactive account I have a utility charge the card then pay the card in full every month just as I would if the utility sent me the bill. (They still send me the bill but it shows that it has been payed.) The phone company, DTE, etc. like this form of payment because they know they will get their money and the credit card company takes the risk that you won't pay.

[Trimdingman]

If you get a letter in the mail from a credit card company offering to give you a lower interest rate if you transfer your debt to them, tear it up and throw it in the garbage. You have a credit rating. They know what it is. You will get a cheaper rate for a few months, and then a higher one after that. If you are dealing with one of the big banks, then you can't go wrong, especially if you are a long time customer who always pays his bills on time. I would steer clear of credit unions and unstable lending institutions. Credit union tellers are unionized. They don't have to be courteous because their jobs are protected. Credit unions charge yearly fees on their credit cards, even if you don't use them, and they charge higher interest rates on loans than big banks. I have horror stories from dealing with Twin Oaks. I now use Scotiabank.

[ebritt]

If you get a letter in the mail from a credit card company offering to give you a lower interest rate if you transfer your debt to them, tear it up and throw it in the garbage. You have a credit rating. They know what it is. You will get a cheaper rate for a few months, and then a higher one after that. If you are dealing with one of the big banks, then you can't go wrong, especially if you are a long time customer who always pays his bills on time. I would steer clear of credit unions and unstable lending institutions. Credit union tellers are unionized. They don't have to be courteous because their jobs are protected. Credit unions charge yearly fees on their credit cards, even if you don't use them, and they charge higher interest rates on loans than big banks. I have horror stories from dealing with Twin Oaks. I now use Scotiabank.

 

I have been with a credit union for 20 years and have had absolutely no problems.

[Furious1Auto]

Sorry, no offense, but your problem is indicative of a lot of consumers today.

 

First off, let me qualify that credit card companies suck. Thier only goal is to extract as much money from your pocket as possible. You should be going into every transaction realizing that, because the arrogance is not something new, they've been that way for at least the last 22 years I've had credit cards in my name.

 

But the consumer has to be responsible as well. You made a $170 purchase. Well, no, not really. You incurred a $170 debt. Technically you haven't purchased anything until it's paid for.

 

So, you're $170 in debt. You have to wait for 2 months to be reminded you have to pay your debt? Why wait for the bill? C'mon. You, as a responsible person, should know that each and every month that you have certain bills to pay. Power, gas, water, housing, car note, insurance, etc. etc. And your credit cards. Simple.

 

It's not like a sudden bill that comes up, like little Auto Jr. breaks the neighbour's window with a baseball and it has to get fixed right away. This is a debt that you made; once it got over 45 days with no bill an alarm bell should have gone off that maybe you should have made a payment.

 

It's not just you that has this problem; not trying to ride you about it. But this is the problem that the economy is facing as we speak. Cheap credit has made us all lazy and impatient. (Yes, even me.) Buy now, pay later. If it's a low interest rate, pay much later. Our parents would have done without rather than get into debt. The problem is not a lot of people have control nowadays. And now it's catching up with them.

That was the assertion they made, but being I had no previous balance I didn't know when or how much to send! If you dealt with as many creditor's and vender's as I do than you would think differently! I have already paid $100 and the balance will be paid next week! If I had charged more than I could pay off it could have been worse, then they would have me on the hook! I had the cash to cover the purchase but put it on the card so that I wouldn't have to use my money. It also gave my wife the flexibility to pay it off after selling some inventory to pay it with, off of selling her products! She was just starting up her business!

Edited September 4, 2007 by Furious1Auto

[Furious1Auto]

http://www.daveramsey.com/

Give this guy a try and get rid of the credit cards forever! Im on my way to be debt free in about 5 years, farm, cars allaccounts ....everything paid off. Then use CASH!

I don't need help, I just want to expose these practices! I have less than $2,000 in credit card debt! I only carry balances to improve my credit score!

Edited September 3, 2007 by Furious1Auto

[OAC_Sparky]

That was the assertion they made, but being I had no previous balance I didn't know when or how much to send!

If you have no previous balance, it's simple. At most it's the purchase ($170) + one month's interest.

 

You handle your finances as you see fit. Don't get me wrong. But I've dealt with plenty of creditors. I pay off my credit cards monthly.

 

We can blame the credit card companies all we want but the reality is that we all have to be responsible for our own debts; the onus is on you to control where your money goes because you're the only one who can.

Edited September 3, 2007 by OAC_Sparky

[Furious1Auto]

If you have no previous balance, it's simple. At most it's the purchase ($170) + one month's interest.

 

You handle your finances as you see fit. Don't get me wrong. But I've dealt with plenty of creditors. I pay off my credit cards monthly.

 

We can blame the credit card companies all we want but the reality is that we all have to be responsible for our own debts; the onus is on you to control where your money goes because you're the only one who can.

Send me a bill and I'll pay it period! I never had a problem paying on a bill that was sent to me! I'm not going to spend the time every month to go on to the sights of every creditors account to find out if I owe them! The fact is HSBC does shady business and I don't need to do any with them! I have plenty of other good low interest credit cards that are sponsored by bank's that know how to bill their customers promptly!