Credit Card Companies: Dumb, crazy or what?

[whyverne]

Maybe they just don't care cause the feds will bail them out.
I sent them the minimum plus 10% every month.
They push up the date.
I'm a day late so they fine me and raise my rates and the minimum.
The funny thing is, I already lost everything to divorce and my work hours were cut in half due to the Republican recession.
I don't have to pay them anything, I could just say "Eat it, I'm bankrupt".
Yet I still paid them every month, trying to do the right thing.
But they keep screwing with me. They know I lost my house and half my income. This loan is now unsecured.
In these hard times, if someone owed me money and paid every month; I'd say thanks. But noooo. Not these guys.
Crazy, man.

[Warpy]

1. If they changed the date without notice, complain

A phone call isn't going to break the bank and will likely result in getting that ridiculous rate lowered, especially when you tell them the choice is between paying the minimum plus 10% and paying nothing because they're being dicks.

[Riley18]

2. I feel your pain because after decades of paying and trying to do the "right"

thing I realize it is not worth it. The credit card companies are completely out of line and what they are doing used to be considered a crime in this country. They are nothing more than legalized loan sharks.

[Pale Blue Dot]

3. Neither.

They are trying to make as much money as they can, as quickly as they can, before this whole thing collapses. They want to be sure they get your money before you give it to anyone else.

Frankly, they know there's not much time left. They're hoping to be one of the survivors.

[phantom power]

6. You might be right. Harvest time.

[notesdev]

4. They are forcing defaults

trying to squeeze every last dime out of people... pay off your cards and get out.

[able1]

5. C.C. interest rates should be capped at 10%

Bring back usury laws now.

[Turbineguy]

7. They are still operating in the Bush Economic Paradise

So right now your only recourse is the "Free Market" recourse, which is to take you business elsewhere. And if they don't get paid, then that is merely an unintended consequence of what they wanted.

Eventually we will come out of this economic mess and when we do, "Fuck the Customer" will no longer be a metric for success.

[javelin]

8. If at all possible you should cut up your credit cards.

Shred them and throw them away. Pay cash or do without until you have the cash. It is the only way to go. If you can save up the money to pay cash for your cars and homes do that too. People who pay cash are way ahead of the game. So that gives you bad credit, so what, you have the money and the lenders don't that is what counts. Rich people don't make car payments, that is how they got rich.

If you loose everything and have to start over you've learned a valuable lesson, I am an old senior citizen and STILL learning these things. I've lost everything I've owned before too. I've thrown a lot of money down the sewer in the past.

Politicians can't be trusted Democrat or Republican, look out for yourself.

[CoffeeCat]

9. We have no credit cards or car payments...

We save and pay cash for the things we want and for our cars too.

The result is that we pay less for everything--because we're not paying interest.

When we come to a dealership with cash in hand--we get amazing deals. Outrageous deals.

Instead of sending money to finance companies and credit-card companies and retail stores---we save that money.

I like keeping our paycheck and not giving it away to these big corporations.

[snappyturtle]

10. I'm glad for you but not everyone can do this. There's a commercial on teevee

recently that explains that many used credit cards when their salaries didn't keep up the pace,,,I could add, pay outrageous medical bills, etc. I think what cc companies are doing is criminal and our representatives sided with the banking industry long ago hence deregulation, loss of Glass Stegal, much tougher bankruptcy hoops, ad infinitum. Criminal.

[barb162]

14. I certainly think the 29.99% interest rates border on criminal.

Congress never should have allowed that. They'll tell you, though, they were doing us a favor by not allowing 50% interest rates. Big business owns Congress IMO.

[AnneD]

11. We discovered the same thing.....

It is amazing the deals and service you get when you fan out some Franklins.

[barb162]

13. I agree about going to car dealers with cash; I think you get better deals

However I always use credit cards and just pay the full balance each month and pay no interest.

[barb162]

12. Greedy bastards, neither dumb nor crazy....

They sent a late fee to me the week of 9-11 when all airliners were grounded and not much mail was moving across the country. Luckily I called them and they rescinded the late fee. Another game of theirs is posting late a few days when they got your mail early and then they get to apply a late fee and more interest. I think they do that whenever their monthly cash flow is looking a bit dreary. It's easy and free money. Whenever they need some quick cash they say you sent it late even though you sent it early. I screw them back by always paying the full balance and they can't charge me interest. They hate people who pay the full balance every month.

[snappyturtle]

15. And they also screw people for using the credit lines they've given

because the bills were consistently paid in full! THEN, if the credit line has to be used, as Mr. Snappy and I had to do, they tack on higher interest because ALL OF A SUDDEN we're a bigger risk even though we always paid more than the minimum and on time. Go figure.

edit: At one time I tried to get them to lower the credit line because I didn't want all that unsecured credit showing up at property purchasing time. I know the banks don't like it. AND, they would not do it!!!!!!