With the possible, but not definite, exception of a mortgage — I’ll never borrow another nickel. It is somewhat freeing ... and I couldn’t care less what my credit report says.
I am as anti-regulation as any conservative — but it is truly time to crack down on credit card companies. I fail to see how it is legal to unilaterally alter the contractual terms on money already lent. Once the money is lent and the purchase is made, the contract should be locked — no changing limits, repayment terms, interest rates, etc. without the written authorization of the borrower.
SnakeDoc
What is this "balance amount"?
American Express and Citi may be the worse card companies to deal with.
Years ago I conducted focus groups in the meeting rooms of nice restaurants 3-4 evenings a week. The monthly bills for the dinners were often in the 5 figure range which were paid in full each month when I received the bill.
One time I had refund from one of the restaurants for an error on their part re my billing, and they credited AMX. The credit was received by AMX a couple of weeks before my bill was sent out by AMX.
I received the bill and the credit had not been applied. So I contacted them and subtracted the amount of the uncredited refund and paid the full bill, again over 5 figures.
AMX ended up charging me interest for the full amount as they said I hadn’t paid my bill in full. It took a couple of months for the credit to finally be entered by AMX. That cost me money that I didn’t owe them. My CPA said to over pay the next bill by 13.33 and never use the card again. She said that billing had to cost them a nice sum. That was my first experience dealing with someone in India on the phone. I never got an apology nor a refund for the insult and basic unarmed robbery on their part.
Someone called Rush last week and commented that his interest rates on his credit cards were jacked up even though he was paying his bills regularly (I presume not paying the whole amount but enough to cover the minimum).
Rush’s answer was that they were sending the caller a message to close the account.
I had two accounts with Citibank with rates of 7.9% and 4.9%. I was gradually transferring money from the higher card to the lower card when, suddenly in January, they rose each card by 9% while asking Congress for bailout money.
I was able to move the money I had in these accounts without a great deal of damage but I feel sorry for the people who had no fallback strategy. I’ve gradually pared down a $15,000 debt to below $6,000 and I hope to have it whittled down to zero within two years unless the Democrats further tank the economy.
He should have all of his credit cut off for having a hyphenated name.
Cut them up, cut them off....ASAP!!