Well, got in trouble with my credit card.

[InvisibleTouch]

I have a minimum payment due today, and not enough money in my checking account to cover it. I've transferred some money from another account, but it won't show up until early next week. No cash around the house to run to the ATM (I put in what I had yesterday), last night's Pick-3 lottery ticket didn't pan out, and no nearby friend/relative whom I would crawl to to borrow $40. It seems my only option is to try and pay the minimum, and let the bank hit me with an overdraft fee (and hope it's not too drastic). I think it would be worse to be late on my payment. My own fault for not keeping up on it.

Hmm. Maybe I can pawn a piece of jewelry, if I can find a shop open today?

Any other option that anyone can think of?

Why is it, anyway, that you can transfer funds over the net, which is instant, but it doesn't "register" until 3 days later? That seems so 20th-Century, somehow.

[hiaasenrocks]

1. I don't understand the transfer delay, either.

And I am sick of business that say a refund will take "up to 10 business days" to post.

10 days? For what? Everything else in this society is pretty much instantaneous. Well, mostly when business are receiving money (ie, taking it out of your account). THAT is done immediately. But when THEY owe YOU money, it can take a while...

BS.

[Hugin]

2. I agree... It's odd charges register at the speed of light...

But, deposits are still on a geological time scale.

Best of luck sorting this out.

My 'Bad Internet Lounge Advice' (BILA) is to let the CC company levy their late payment charge.
1) It's cost is probably lower than those associated with a bouncing ISF charge. 2) Floating
a check is illegal.

[S n o w b a l l]

3. Can you take out a cash advance on your credit card?

Do you have a pin # to do that? Then deposit the money, pay the minimum on the card and pay the cash advance when your money arrives.

[wakemeupwhenitsover]

4. Cash advances are usually at 3 times the interest

rate of purchases. That could get scary.

[InvisibleTouch]

6. Yeah, but that may be an option.

I'm also thinking I could take an advance from another card - except that the other card is almost maxed. I'm only $40 short. It sucks, but I'm just going to have to find a way to juggle.

[S n o w b a l l]

11. That's true...

but late charges are about $40 now and I had an overdraft fee from my bank for $66. I raised holy hell with them cause I've never bounced a check but forgot about an automatic deduction I didn't account for and they reversed the charge. But $66 for an overdraft fee????? I couldn't believe it. That's robbery.

[skygazer]

5. Bummer.

I have no advice on what to do for this time but I track all my financial stuff with software (I use Quicken - there are others out there). It really helps me keep track of what is due when and exactly how much money I have (or don't). It's inexpensive, easy to use and has helped me tremendously. It's easy to lose track when we all have so many different accounts and payments to juggle.

edited to add - late payments on a credit card only show up on your credit report if they're more than 30 days late. They may cause an increase in your APR, though.

[InvisibleTouch]

7. Don't think I can handle an interest rate increase.

Might be better to do the one-time cash advance thing.

I've actually got Quicken around here somewhere ... I'm just terrible about keeping track of that stuff. Maybe this is the kick I need. :)

[skygazer]

12. Well, it does sound like you need some discipline

I see in one of your other posts you have another card that is nearly maxed out. My rule on credit card use - if you don't have the money to pay for something with cash, you can't afford it on a credit card. Credit cards are not additional funds - they're a convenience.

I'm not trying to lecture you at all - it's a common thing and I just dragged my SO out of credit card debt by instilling some discipline in him.

I got my first credit card when I was 42 years old. Prior to that, I didn't feel I could afford one. I do my finances every day - takes about 10 minutes to just enter my receipts, check to see if anything is due soon and make sure my balances are sound. Give it a shot - it really does help.

Good luck to you. :hi:

[wakemeupwhenitsover]

16. If you've got the agreement around (you should have it)

check & see what cash advances are charged at. Look at your balance. Check to see what the interest rate will go up to if you're late (& it's not a given that they'll increase your rate). You might be better off doing the cash advance or even floating a check.

You don't want a lecture from me, so I'll just say to cut yourself some slack this time & work on improving your finances from this time forward. :hug:

[datasuspect]

8. it's not the end of the world

but then again it isn't 15 years ago either.

bad credit marginalizes people a lot more now than it did in the past.

i remember the days of regional credit bureaus. if you had bad credit at one time, you could just move to another state and sometimes start over.

this is no longer the case.

if it gets too bad, there's always texas. they have some of the strongest pro-consumer laws in the US.

in fact, affixing "GTT" (gone to texas) to your door was once considered a de facto form of declaring bankruptcy.

this is a bustout's paradise.

[InvisibleTouch]

9. GTT - that's great! :)

And east Texas, at least, is a pretty nice place, climate- and vegetation-wise.

[Hugin]

10. You'd have to check your Credit Card Agreement, but, most cards...

offer a one time grace on late payments (usually one every six months or a year).

So, call them up begging a pleading and they may remove the charge after you've
explained your situation.

[Wcross]

13. Make that payment however you are able.

If you are late even one time they will bump your rate up to the default rate. I would rather pay 27% on a 40 dollar cash advance than 27% on the entire balance owed on the card!!!!!!!

Time to cut the card in half. You are in trouble. I hate to be so blunt about it and all but you need to stop borrowing money.

I am saying this from experience. It is so easy to buy stuff you really don't need if you have that "magic money" in your wallet. I didn't get in too deep myself but when I hit 4000.00 I decided to stop. It has been a long year of self denial but I have one more payment to make and I will be free.
I have a friend who got in to the tune of 25,000 on his cards buying stuff. He only makes 30,000 a year. It took him less than a year to run it up but it will take 5-7 years to pay it off. He thought he could play the "0%" offer game and as long as he could afford the minimum monthly payment he was "OK". Funny thing is the offers stopped coming in the mail when the balance grew. Now he can barely make the minimums at the rates they charge. He has had to cut back on basic living expenses in order to make his credit card payments.

Credit card companies are evil. Get them out of your life!

(I realize this is unwanted advice and you probably think poorly of me for offering it. I just hate to see another good person suffer at the hands of the credit industry)

[Hugin]

15. That is very wise and sage advice...

It's always best to stay out of debt.

[pagerbear]

14. How would it be to pay what you can now?

...and pay the rest when you have it? Call them and see if there's a grace period, especially since you're making a partial payment. In general, it's better to try to work these things out with creditors than to try to improvise a solution that hurts you more in the end.

[Kali]

17. Its sunday - even if you pay today it won't register until tomorrow

you are going to get jammed for the late fee (and other assholish penalties like raised interest rate, probably) anyway so I would say don't bounce a check on top of that to pay it.

If it were during the week I would risk the bounce because in the long run it would probably be cheaper but these freaking credit card bills that have sunday due dates are fucked! I speak from experience. And when you are paying on due dates also be sure to check any receipts so you can prove you paid it on the day. If you go too late in the afternoon it may not post until the next day.

[InvisibleTouch]

18. Update:

Okay, I talked to the CC company, and apparently even though my due date is today, I'm told that if I get the payment in tomorrow before 5, it's still considered on time (maybe because today is Sunday). That means it's a toss-up as to whether my PayPal transfer will have registered by then. If not, the representative said since this will be my first-ever late payment, I can "probably" get the late fee and increased interest removed if I call back & explain the situation.

Still too many "ifs" and "probablies" for my comfort, but at least I have a bit of breathing space.

To those who said "you need some discipline" and similar advice, yes, that's true. No, I'm not annoyed at you. :) And while some of this is little expenses and indulgences, most of it is from plain old living expenses. Yeah, I need to work on some new options. Mostly I got in trouble this time because I lost track of the time and didn't transfer the money early enough, but I do need to start ridding myself of the CC burden. Not to worry, I always find a way. Thanks to everyone who replied!

[wakemeupwhenitsover]

19. I'm glad to hear it.

You were proactive in calling & asking for advice. That's waaay ahead of what a lot of people do. :thumbsup: