Posted on 02/13/2008 7:59:39 AM PST by Alex Murphy
Simple answer...don’t use CCs.
Get a low fixed rate....payable until the loan is paid off. It means you can’t use the card until it’s all paid...but a little planning and you save a ton of interest.
Even with a perfect record, they are starting to lower credit limits for cards in certain categories. ie. Financial, RE.
I don’t know anyone with a 16% loan at this time. The lady is doing something we’re not seeing.
Some laws need to be passed against usury. Read your bill from the credit card office. I saw a credit card with a
54% interest rate, so look out!
BINGO!!! The borrower is always subject to the whims of the lender.
At which point you switch to another 0 % interest card.
After all PAYING OFF YOUR CREDIT card and living WITHIN your means is not something that is expected. No, spend, spend, spend even when you can’t afford it and then get all mad when the INTEREST RATE on your credit cards is more than you can afford ... Maybe another welfare check is needed from the GOVERNMENT so that you can SPEND SOME MORE?
Or maybe a 30 day moratorium will help so that they can delay paying for what they can’t afford? ANYTHING to keep people irresponsible.
Just don’t make those tax cuts permanent so people have their OWN money - nope dole it out when the GOVERNMENT decided it’s okay and cheat those that earn the most.
Help, I have trouble with LIBERAL LOGIC and HYPOCRISY!
Why would the monthly payment “jump”? (/facetious comment)
My “monthly payment” is whatever is in the “current balance” column.
It's a little hard to do that retroactively. Think before you post.
That’s right!
The dirty little secret that is not politically correct is to ONLY spend what you can afford. That goes for mortgages and credit card debt. Are people so pathetic that they can’t figure that out?
Best answer.
Her monthly income of $1,100 has taken a huge hit now that her credit card bill has increased more than $400.
"I worry that she's not going to make it or she's going to have to sell her home. And we've looked into that," said Gamble's daughter Carita Marie Gamble.
The elder Gamble said she has always paid her Chase bank bill on time, even if it was just the minimum amount. The Gambles were shocked to learn the interest had increased because the mother had opened a new credit card. The bank told Gamble the new rate was permanent.
Her rate jumped from about 16 percent to more than 26 percent - which resulted in her monthly payment increasing by $400 or more. What kind of balance is she carrying on that card, which resulted in a $400 increase in interest alone? What is she doing running up that kind of balance, when she's living on a fixed income? And perhaps most importantly, why was she applying for a new credit card, prior to the rate jump?
My guess is that she'd maxed out the credit limit on the existing card, meaning she's been using her credit card(s) to live beyond her fixed income, and since she's age 75 she's past the ability to ever pay off the existing balances (except possibly via life insurance).
Ah yea I remember the hassle and stress of credit cards. Those sucked.
Debt free since 2003(?), besides my house payment but my house is worth more then my loan (currently) so that’s not so bad.
No, just follow Biblical advice and don’t borrow money at interet “it makes you a slave.”
Sorry, I feel bad for people with credit card debt, as I had some when I was an E-1 starting out in the Army.
I sucked it up, lived on base, sold my car, and gradually got out of debt. Paid for college with cash/GI benefits. I did buy a house with a 20/80 15 year mortgage -— and paid it off in 8.
People live above their means. I live below and have way north of a million dollars (almost two) in the bank/stocks/bonds -— and I don’t have some high income, either.
Yes, probably owes about 20,000 on the cards.
So you buy plane tickets, rent cars, purchase items online with what? Cash? Cashier’s check? A debit card?
“It’s a little hard to do that retroactively. Think before you post.”
I guess you missed my point. She wouldn’t be in that position if she paid off her balances or simply didn’t use them at all.
Unless you live in a cave, everyone knows CC companies just itch to jack up your rates, which is why I avoid them in the first place.
Must’ve sailed over your head.
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