Could I please ask a question about credit card debt doubling?

[onecent]

I don't have any credit card debt, my husband and I are 60 and 68, and we pay as we go...however we have 6 children between us who I don't believe have ANY idea that this law is going to be passed.

I'm almost sure all of them have credit card debt except 1...but I also know a few don't have the means to double these payments.

Where could I find more information about this? Thanks

[Why Syzygy]

1. what are you talking about?

Do you have links? I've never heard of this?

[acmejack]

4. Consumer affairs explains

http://www.consumeraffairs.com/news04/2005/credit_crunch.html

[Zenlitened]

2. Some info at this link:

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/09-21-2005/0004112421&EDATE=

It's a press release -- I'm not familiar with the group that issued it, but at first glance it seems to have some useful info.

:)

[Systematic Chaos]

3. Apparently, many (if not all) major credit card companies...

...are doubling their minimum payments, or have already. That is ostensibly to enable the consumer to pay their debts off more quickly, but given that the timing with this new bankruptcy bill is so close, I seriously have my doubts.

That's okay though. Every account I have went into default after I tried to do a debt consolidation through CCCS and the creditors still saw fit to send me bills with late payment and overlimit fees that wiped out several months worth of work. The excuse? The company didn't get CCCS's disbursement in time. A total crock of shit. I can have utterly destroyed credit, and they can all do without their money.

[liberalhistorian]

7. Thank GOD that I no longer

have credit cards, with the exception of a department store card I'm trying desperately to pay off in full soon. I never will have them again, they suck the life out of your budget and I will NEVER EVER again be subject to the whims, or under the control of, the bloodsucking credit card industry. I'm a paralegal who knows these laws inside and out and who knows the true way the industry operates; if people really understood it, no one would have any cards ever again.

I lost a job about five years ago, and couldn't find another one no matter how hard I tried for about ten months. I wasn't even getting child support, I had nothing. Thank God my son and I lived with my parents, or we'd have been living under a bridge. I had two credit cards I'd always made timely payments on, and I only owed about $400 on each one. But months of being unable to make any payments caused the balances to balloon to almost two THOUSAND dollars each card, what with their fucking late fees and penalties and charges and blahblahblah. I managed to pay them off when I got a small inheritance, and I will NEVER EVER have them again. That's the only way to be truly financially free, stay away from the credit cards.

[Why Syzygy]

8. . I have the totally

unpleasant task of weeding through the credit wasteland to "dispute" a bunch of junk. I'd rather go to the dentist.

Even when I pay all my bills on time, my credit still seems to suck.
WHAT DO THEY WANT? Whatever it is, I don't seem to have it, and I could really not care less. Screw 'em.

[tjdee]

10. So are you paying them, or...filing for bankruptcy, or...?

Just curious...don't mean to get nosy, but I have one or two ccs in default and I'm about to do credit counseling--trying to see what happens if it doesn't work out with these new laws.

I don't want to be forced into bankruptcy, but...

[sadiesworld]

12. You may want to consider consulting with an attorney before the

new bankruptcy laws go into effect next month.

[newscott]

5. I don't know what law you mean but

a lot of credit card companies are increasing the monthly minimum payment requirements which will be quite a hardship for a lot of people.

[stevedeshazer]

6. That's correct... on October 17, minimum payments double on most c cards

http://www.turnto10.com/consumerunit/4816373/detail.html

[Why Syzygy]

9. That means I will pay them double $0.00

mofo's. I warned my card, if you charge me $59.00 a year ON TOP OF the healthy interest rate you charge, I will default. I'm good for my word. The same company sent one card into over bill due to the charge. Oh they won't bother with that one. The other I go over $1.00 and, smack $29.00. And the department store snuck into my credit file and LOWERED my credit. Even though I just bought a new car less than a year ago. There is NO WAY to figure it out!

There is just no way to please some people. Thieves are an example.

edit: btw .. a few years ago when I got the cards and they were charging $29.00 per annum for "usage", I called customer service, they said, yes you pay on time, we will waive the fee. NOW, I can't speak to anyone who is native English speaking and "no can do". Does outsourcing cost THAT much?

[tjdee]

11. What do you mean "they won't bother with that one"?

Do you mean they won't bother to sue you, or that they won't bother to overcharge you?

[Why Syzygy]

13. No. They said

since the $59.00 charge put me into "over limit", they wouldn't bill me "overcharge" (another $29.00) for THAT MONTH. IOW, I have to pay the regular payment, PLUS the $59.00 "usage fee" to continue the privilege of using their card.

They can't "sue". This is unsecured debt. They can haunt your "credit record" for years upon years. That's about it.

edit:
check this out ~
https://www.annualcreditreport.com/cra/index.jsp

[tjdee]

14. They can't sue?

Are you sure? Because one of my cc's has a collection agency that loves to tell me how I should "seek an attorney" because they will probably garnish my pay or something...I usually end the call at that point, so I'm not sure exactly what the threat is.

[Why Syzygy]

15. They may be breaking the law at that point

check with your state's attorney general's office. Each state has their own credit laws. I have never heard of a cc being able to sue. And if they cannot in your state, that collection agency is BREAKING THE LAW by using that threat.

[tjdee]

16. I was advised by the credit counseling service I was going to use

that the collection agency might be breaking the law by doing that--but I haven't get them on tape or anything, so I have no evidence. The last time I talked to them they said that, actually.

And I don't want to have to talk to them again. :scared:

[Why Syzygy]

17. Take names and numbers.

Verification. Say, so you are saying, that "cc" will "sue" me?
In what court of law and under what jurisdiction?
Article number please? And what is your attorney's name so my attorney may contact them. etc. Don't be afraid.

They are a bunch of kids trying to make a buck in a boiler factory collection room. They are not the boogy man.