Some credit card companies are raising interest rates on good customers even if they pay down their balances, on time, every month. The reason they cite is that the customer's credit rating has fallen elsewhere.
Personally I don't believe in Credit Cards, my motto is "if I can't buy it with cash, I don't need it".
2007-12-05 12:22:01 · 18 answers · asked by Bubba 6 in Politics & Government ➔ Politics
Mel Below:
You also have to be careful when using Debit Cards, especially if you are conducting transactions on-line. If someone steals your identity, you can't recover any of the funds that were lost.
2007-12-05 12:32:02 · update #1
Dawn below:
You need to read this story.
http://biz.yahoo.com/ap/071204/credit_cards.html?.v=2
2007-12-05 12:34:21 · update #2
Me! I called the service rep a thief when I called to inquire about my rate a few weeks ago. I was pissed. Live and learn.
2007-12-05 12:24:19 · answer #1 · answered by Chi Guy 5 · 5⤊ 0⤋
Not me, I had closed my credit accounts down after how I had saw what was being done with credit apps at a dept store. The apps where left out in the public where anybody can see /steal. They where not destroyed, just dumped into the dumpster.
The receipts of returns goods with the customer card number where being handled the same way.
That right there was the sign not to use my cards at any store or on-line transactions.
So I pay just with cold hard cash.
2007-12-05 12:42:28 · answer #2 · answered by bleacherbrat34 6 · 0⤊ 0⤋
Not me. If you can pay off any debt, pay off your credit card debt first, because it's just a big ripoff for many reasons. I only use the cards for convenience and for the frequent flyer miles. Other than that, I pay off the balance every month.
If you want to see a great movie about how well the credit card companies rip people off, see the movie "maxed out".
2007-12-05 12:34:35 · answer #3 · answered by Kal H 4 · 2⤊ 0⤋
I rotate my major credit cards each month so that the majority of purchases are on only one card. Then I pay off the balance when the bill arrives. This way I'm showing some usage on all of them throughout the year.
I have one credit card that is the lowest that I use for "loans" (9.4 percent for purchases & cash advances).
Everyone once in awhile I slip and don't pay them off and it kills me to see the interest rates kick in.
Just gotta keep the credit card spending under control so you can pay it off each month.
2007-12-05 12:30:24 · answer #4 · answered by Dawn 5 · 2⤊ 0⤋
I certainly have been in the past. I was even somewhat trapped, but luckily, through my company, I had an ability to use payroll-repaid interest-free 401K loans to kill off the card debt.
It's amazing how low they will put your interest when you don't use them anymore, and how high they put it when you need them.
I hope congress puts some regulations on the credit card companies - at least to keep the balance fixed on already-borrowed money and only allow increases on new charges. They prey on people who are in tight straits.
Just for clarities sake...are you saying then, if you can't pay for two sets of orthodontic braces and your husbands cardiac rehab your family doesn't need them?
2007-12-05 12:37:36 · answer #5 · answered by oohhbother 7 · 1⤊ 0⤋
Credit cards impose modern slavery on the people. To give people digits on their bank account and charge interest on something that is not real, backed up by nothing except debt, never had value, does not have value and will never have value.
Where does money come from? Where does it go? Who makes it? The money magicians' secrets are unveiled. get a close look at their mirrors and smoke machines, their pulleys, cogs, and wheels that create the grand illusion called money. A dry and boring subject?
2007-12-05 12:51:42 · answer #6 · answered by deesnuts 5 · 2⤊ 0⤋
Everybody across the board. Watched the three stooges from Discover, Bank of America and Capital One testify to Sen. Levin's panel on CSPAN this morning and was appalled.
Dirty rotten scoundrels! Get a rope!
More evidence of the dark Bush days. How many mortages did BOA foreclose today? Predatory lenders, duhhhhh.
2007-12-05 12:27:52 · answer #7 · answered by NYC Sewers 5 · 3⤊ 0⤋
It doesn't matter to me how high they raise the interest rates. Why you ask?
It's simple,don't spend more than you can afford to PAY IN FULL FROM MONTH TO MONTH!!!
That doesn't really take a genius to figure out,just common sense and self control. If you can't do that CUT THE CARD UP!!
When they find that their not making any money with high rates,they have a choice....
1] lower rates to sensable levels or....
2] Go broke.
2007-12-05 14:52:32 · answer #8 · answered by Anonymous · 1⤊ 1⤋
I just recently got one... I never liked them either. But I'm younger and everyone I talked to said you need it really helps build up your credit. I hardly ever use it... maybe $20 a month to keep it active...
but I don't really trust them... mainly for things like the reason you mention... and this isn't the first time they've screwed people...
2007-12-05 12:52:21 · answer #9 · answered by Anonymous · 1⤊ 0⤋
That's a good motto to have. I'm getting robbed on all 5 of my maxed out cards.. yes i'm screwed.
2007-12-05 12:25:06 · answer #10 · answered by Little Foot 3 · 3⤊ 0⤋
we all are being robbed! I think credit cards are a way for corporations to get rich from the working class. They love to see hard working people in debt.
2007-12-05 12:25:43 · answer #11 · answered by ? 3 · 6⤊ 0⤋