Day 16 NaBloWriMo Trick or Treat
It's no trick and it sure isn't a treat.
There was all this talk about the Feds taking a swipe at the credit cards:
~~ The credit card companies can't raise the rates on existing account balances. They can only raise rates on new credit cards and future purchases or advances. It's supposed to be a "sweeping clampdown on the credit card industry in decades and aimed at protecting consumers." ~~
Oh what a treat you say?
Think again.
This takes affect when? July 1020. Time to give the credit card companies an "adjustment period" to make sure all the programs are corrected. Uh Huh... sell it to someone else. When I heard this on the news, I turned to Greg and said, "Just enough time for the credit cards to hurry up and put the screws to people."
What are the credit card companies doing RIGHT NOW?
Do NOT treat it as junk mail when you get stuff from your credit card. Read the fine print.
Greg and I have excellent credit. You know my line of business, so you know that I know what I'm talking about. Not only do we have excellent credit, the credit cards that we do have get paid out each month. Our credit card rates range from 4 percent up to 7 percent.
We'll use a credit card if the company gives an option of 0.0 APR for 18 months. Such offers by the credit card companies (zero interest) is all given in the hopes that the customer will be lulled into the safety of the "low monthly payment" and forget about the looming interest after 18 months. Heck, I don't mind borrowing their money for zero percent interest when I know we'll pay it off long before the 18 months is up.
So, let me share with you the "tricks" in the mailbox. The credit card companies are sending "changes in your account" statements. They are sky rocketing the rates. From 7 percent to 21 percent! Yep, you read that correctly. On excellent customers who aren't keeping a balance with them, BAM! Let's slam a 14 percent hike in rates down our throats.
Oh, but OH - they are giving an "Opt Out" option. Why yes they are! Look how grand these companies are to give an "Opt Out" option - if I don't want them to INCREASE MY RATE, all I have to do is send a written letter that I want to Opt Out of the Credit Card Rape and Then, THEN... all that happens is that they close the account and the balance is DUE IN FULL.
For me, no biggie. I don't carry a balance, but for other folks. I'm thinking I should be an attorney right now, because they are going to get filthy rich filing bankruptcies for people loaded to bear with credit card balances.
If you have a credit card, do yourself a favor - get out from under it. Halloween isn't the scariest part about it. The credit card companies are sneaking in the changes right before Christmas time, when people are known for spending more, using the credit card to buy online and shop all those great sales on credit. (Already the stores are putting out Christmas displays..)
Tighten the belt, lock the credit card in a safe, do whatever it takes. Let's get back to basics - if you can't afford it, don't buy it.
There was all this talk about the Feds taking a swipe at the credit cards:
~~ The credit card companies can't raise the rates on existing account balances. They can only raise rates on new credit cards and future purchases or advances. It's supposed to be a "sweeping clampdown on the credit card industry in decades and aimed at protecting consumers." ~~
Oh what a treat you say?
Think again.
This takes affect when? July 1020. Time to give the credit card companies an "adjustment period" to make sure all the programs are corrected. Uh Huh... sell it to someone else. When I heard this on the news, I turned to Greg and said, "Just enough time for the credit cards to hurry up and put the screws to people."
What are the credit card companies doing RIGHT NOW?
Do NOT treat it as junk mail when you get stuff from your credit card. Read the fine print.
Greg and I have excellent credit. You know my line of business, so you know that I know what I'm talking about. Not only do we have excellent credit, the credit cards that we do have get paid out each month. Our credit card rates range from 4 percent up to 7 percent.
We'll use a credit card if the company gives an option of 0.0 APR for 18 months. Such offers by the credit card companies (zero interest) is all given in the hopes that the customer will be lulled into the safety of the "low monthly payment" and forget about the looming interest after 18 months. Heck, I don't mind borrowing their money for zero percent interest when I know we'll pay it off long before the 18 months is up.
So, let me share with you the "tricks" in the mailbox. The credit card companies are sending "changes in your account" statements. They are sky rocketing the rates. From 7 percent to 21 percent! Yep, you read that correctly. On excellent customers who aren't keeping a balance with them, BAM! Let's slam a 14 percent hike in rates down our throats.
Oh, but OH - they are giving an "Opt Out" option. Why yes they are! Look how grand these companies are to give an "Opt Out" option - if I don't want them to INCREASE MY RATE, all I have to do is send a written letter that I want to Opt Out of the Credit Card Rape and Then, THEN... all that happens is that they close the account and the balance is DUE IN FULL.
For me, no biggie. I don't carry a balance, but for other folks. I'm thinking I should be an attorney right now, because they are going to get filthy rich filing bankruptcies for people loaded to bear with credit card balances.
If you have a credit card, do yourself a favor - get out from under it. Halloween isn't the scariest part about it. The credit card companies are sneaking in the changes right before Christmas time, when people are known for spending more, using the credit card to buy online and shop all those great sales on credit. (Already the stores are putting out Christmas displays..)
Tighten the belt, lock the credit card in a safe, do whatever it takes. Let's get back to basics - if you can't afford it, don't buy it.
Comments
We did/do have one balance left from the shop. We will pay it off out of savings. The budget cc payments then will go back into savings. Ahhhh, no credit card card company to deal with after that!
I hope the majority of credit card debt gets knocked out quickly and the companys feel some pain for what they are pulling.
Helen
Straight From Hel
The credit card companies view those of us who pay in full each month as "deadbeats" and are going to go out of their way to try to trip us up somehow!
I seem to remember the credit industry doing the same thing in the late 70s and early 80s when the gas shortage was upon us.
So he returns to work, calls them, and all they will say is that a letter is in the mail cancelling the card. WTF?
Thinking there is some weird thing going on with his credit he doesn't know about, he researches it through the credit bureaus, and finds his credit score is almost 800, and that EVERY. SINGLE. ACCOUNT. has a "GOOD" and "CURRENT" rating for the past 24 months (history only goes back 24 months, not like it was bad before that - just sayin').
The only thing we can figure out is that the gas company is trying to do away with the 5% gas discount, so is cancelling all the cards that were issued with that offer. Pisses us off to the max. We'll never use that gas company again. Ever. We'll get a different credit card from a different gas company and THAT gas company can get all our gas money. Go suck ass Shell.