Today I received my 4th notice from a credit card (all separate cards), notifying me that, because of the economy and no fault of my own, my interest rate is increasing on my balances. How am I supposed to get out of debt? Today was a doozy, because this card had a fixed rate of 8.7 percent when I opened it. In December of 08, they said my payment was late (I did it online, but it didn't go through for whatever reason) and increased my interest rate to 12.24. I'm within $500 of paying it off. So now, they send me a letter, saying that my VARIABLE rate is increasing to 16.99% through no fault of my own, and I can contest, but they'll close my account. Does this make sense to anyone else? I haven't received anything that says I don't have a fixed rate anymore. Last month I got a letter on my 6.5% interest card saying they will no longer extend me any credit, but I can keep paying, though my account will be closed. WHY SHOULD I? You guys keep screwing me over! So now, my "low" interest rate cards are closed, and my revolving balances are all increasing their interes rate. Because of the economy. The fact that my credit score is over 700 makes it easy for them to mess with me. They think I'll just pay it, because no one else is in this economy. HEY, CREDIT CARD BUSINESSES, HERE'S AN IDEA: How about less commercials, and keeping the people who owe you money able to pay it back? I think Capital One can afford to air only 4 commercials a day, instead of 12. Why am I paying for your bad economy and all the people who aren't paying their bills? I don't have a job!
I don't use my cards anyway. I don't care if they close. I'm just trying to get out from the ones with balances (which is 5 now, instead of 11...that's better, but still hard to squirm under their greed). Does anyone have any tips for me? I know to pay minimums on all but one, and try to pay off one at a time, but right now with my circumstances, I'm paying minimum anyway, on everything!
What this means is that between all my credit cards, I'm paying 95 dollars a month TO BE IN DEBT. Are you kidding me with this? I'm paying 95 bucks a month to OWE someone. How depressing is that!?!?!?!
I'm looking for help. Grants, free money, etc :) I hear the government has a certain amount of money each year they have to give away...how do I find these bubbling springs of cash? I just don't know what to do now. I have to get out of debt! I would go to a place to do that, but I haven't found a free financial service yet, or one that is reasonable.
What happens if I just give up and don't pay it? I'm reminded of a song, "The Night I Punched Russell Crowe" by Gaelic Storm. In the second verse, after he punches Russell, Russell's bodyguard runs up and says, "run boy, Chuckie run and don't stop until you get to Mexico." Is that the answer? Am I forced to become an ExPat because greedy American Credit Cards are running me into the ground? What is the equivalent of punching a credit card company in the nose?
I'm just talking out my rear, but seriously, a girl just CAN'T catch a break! If anyone out there wants to loan me 10,000 at 8%, I could pay it off in 3 years....300 bucks a month (800 profit for you!), at 10%, 305 a month (1000 profit for you!). Hey, it's about what I am paying now :) Let me know! :P Right now, 55% of my monthly payments are going to debt! That's just WRONG! :P
I wasn't going to write about finance today, I was going to tell a funny story about how I applied for a job today and they gave me a 5x7 index card as an application, and then I went to the store to buy Turtle food, and realized in line that I didn't have my wallet. But I've been totally sideswiped by credit. Sorry, people that read my blog (both of you! just kidding!). I will be funny again, or at least ridiculous. Jeopardy is on. Then Cash Cab is calling. I'm GOING to be on that show someday. Maybe trivia shows are my ticket to debt free! :) Or, I could have a TV show; "How to be Unrealistic." "Dream Talk" or "Fantasy Island".....oh wait, there's already a TV show called that :) Well, I'll just keep pressing on, as I do :)
Wow, I find this VERY wrong and VERY frustrating. When we choose our lender we do so with much thought and deliberation to what we can pay back according to our resources. We have no intentions to be delinquent people. What CAN the CC companies be thinking? It is as if they have decided to destroy a people / a country, our country, one person at a time. This kind of act attacks the heart and core of a person and is very destructive. We have been moved towards a cashless society AND from those TV ads that they pay mega bucks for we are shamed into thinking that we wouldn’t want to hold up any lines at the store because we took longer to pay with cash than to swipe a card.
ReplyDeleteWhen we sign for a credit card we are signing a contract that says we will borrow / use their money at a certain interest and pay it back at that rate. We choose them / that company and that offer because that is what we were willing or able to pay. We would NOT have signed up or committed at a higher rate. This seems so illegal, but hey this IS America right? Freedom. Freedom to spend comes at a cost too. For “Freedom” to abuse and take advantage of and destroy is alive and well. What we thought was an ally has becomes a foe. So foe(r) now the battle is on. What troops / help do we have to come to OUR aid?
There is an Indian saying that goes something like this: A nation is not defeated until the heart of the women is on the ground. Don’t let go of your heart. Hang in there, there has got to be help on the way.