Red Bluff woman launches credit card revolt (Enjoy the chargin' but not the payin'? Join.)

Redding.com ^ | 9/17/09 | David Benda

[Right Wing Assault]

There should be predatory lending laws that cap credit card rates.

There are. But in some states the cap is 29.99%.

[OCC]

Her reply was, “Eventually most customers will overdraw, or make some error, and the fees for doing so are criminal.”

I don't disagree. That is why I use a debit card and have an "emergency" credit card with zero balance. Loosing a well paying job in 2001 brought me back to revolving credit reality.

[Saltmeat]

BoA is offering a “high Yield” (their words not mine) CD requiring a minimum investment of $5000 at the whopping fixed rate of 1.4% for 12 months. They are charging this poor woman 30% on $6000 balance. This is a predatory difference of 28.6%. And they are doing it legally. Al Capone would roll over in his grave if he knew that what he did ilegally would now be legal.

Banks should be limited to a maximum rate of no more than 5% above prime. Then they would be much more particular about who got a credit card, and they would reasonable limits on the maximum balance. Then people would not be using so much of the “imaginary money” that some of you are referring to.

[TNdandelion]

My neighbor did this (went to a credit counselor) and they told her this. What they do is have them stop paying and after a certain amount of time, they settle with the credit card company for a portion of their balance. They don’t pay off the entire amount and I believe that it does go on their credit report. The neighbor lady didn’t like the idea so she’s now filing bankruptcy for the 3rd time because....I don’t know...I guess she thinks that’s better???

[veryconernedamerican]

With credit cards it's usually pretty simple, don't pay, wait a year or two while saving the money you would have paid them, then settle for pennies on the dollars with the collection companies that have bought the bad debt. People think they have good credit because of a score and that's a crock. Good credit means you can borrow at a good rate but don't owe anything. If you have to pay every month that's bad credit.

[FLAMING DEATH]

A year ago, my wife and I paid off most of our credit card debts. The ones remaining we consolidated when we refinanced our house. We got a better rate and a shorter term. We're actually out of credit card debt and paying our house off at a faster rate now.

I'm hoping, with the money we're saving, we can buy our next vehicle outright and not finance. That'll save us even more money.

I was inspired by this:

http://www.daveramsey.com/etc/lms/drive_free/player.cfm

[veryconernedamerican]

It shows as a charge off that is settled and drastically affects their credit score for several years. Most lending insitutions don’t care about charge-offs that are settled after four years including the major home loan lenders fannie mae and freddie mac along with FHA as long as credit is re-established.

[Freedom Dignity n Honor]

I agree.

I've had interest rates go up even though I pay on time and have good credit.

Credit cards shouldn't be able to get a wild hair up you know what and charge usury rates.

[The Comedian]

I have a moral problem with not living up to a contract one enters of one's own free will.

I also have a moral problem with every credit card company and issuing bank in America for being deceptive, usurious, governmentally monopolistic and parasitic.

In this case, I hope the woman does well, many people follow her example, the banks ALL go under, and we re-institute Constitutional money.

Failing that happy-happy joy-joy outcome, I hope the woman isn't bankrupted, and the banks still ALL go under.

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[TNdandelion]

Ah....so what you are saying is that my husband and I are idiots for paying off our debt according to the standards that we originally agreed? lol

[dalereed]

Throw that bitch in prison!!!!

[dalereed]

“I agree with her. Credit cards companies are downright criminal in their acts.”

The people that charge and don’t pay their bill are criminals!

This broad and anyone like her belong in prison!!!!

[dalereed]

“Tell me why they have the right to do that to her? “

Because she’s a dead beat and a bad risk.

[dalereed]

“banks charging 30% for someone who have never been late tick me off.”

If they are never late you shouldn’t care if they charge 100%.

Pay you bill in full every month or quit bitching!

If anyone charges and doesn’t have the money to pay the bill is a criminal!

[ScottinVA]

Red Bluff — my hometown from 1972-1976. I knew the Minch family when I was in high school.

[terry0211]

I have read all of your comments, and I can not believe you all have forgotten how the Credit Managers of the world have decided that we do not count, I have had interest rates doubled on accounts that I do not use anymore and have zero balance, at which time I have cancelled. I am completely support this women in here response to the Creditor and before we all lose our right to disagree, we should review who we support and who we attack.

[ScottinVA]

And, by the way, she should pay her bill like everyone else.

[dragnet2]

I agree with her. Credit cards companies are downright criminal in their acts.

They're not much different than those selling drugs, as they try to get the young hooked into debt early on..

[CapnJack]

Most likely the bank did inform her about the higher rate.
You know ... those annoying little pamphlets that they stuff in the envelope along with your statement that you automatically throw away along with those glossy offers for some garbage you would never buy in a store.

She needs to first pay attention to her mail, then pay off her card as soon as possible and cut it up.