That a little harsh,the the banks have been able to do everyone over.
No one expected the banks to charge $35.00 for a returned check.
No expected that if you pay by phone it a $10.00 charge,you have to
go to the store to pay free. With all Internet help you were expected
to have no deal.We all have been done over and what are we doing
about it.So we can't take it out on each person.We all have a stake in
the game. What about sugestions that will help all.The interest mountain
we have to climb together. Quit using the system for a month,pay cash
how many will try it and report how its affect you.Lets see if cash will work.
If you are on board post it,test the system. Report your savings of interest
we may find out how big the trap is.This is not about few good men,Its
about a lot helpless men.

 

As said before, pay the minimum on all cards but 1(The one with the highest interest), and max that payment till it's gone. Then pick the next highest and do the same. When you get cleared up, keep one or two cards and only use 'em if you can pay it off inside 30 days. Your credit score goes up, and so does your feeling of accomplishment. If you can't pay for it right now, you most likely don't need it right now. Credit card companies ane legalised loan sharks and should be treated as such.

 

You sound like we have the same plan,I have my kitty card for monthly.
If i need something I go here kitty,kitty and keep the kitty on a 30 day leash.

 

Pay what you can, when you can.

Talk to the folks that call. Dont lie.

If it comes down to rent or credit card bill, or food or credit card bill dont choose the credit card bill, but DO TALK TO THE CC companies.

Let them know whats up and they dont throw you in the shark tank.

If you are already sold off, meaning your credit card companies have sold your debt to another company, then go bankrupt.

Sold credit card debt collectors can and will call your employers, OVER report you to credit agencies which can kill your chances of true gainful employment.

Remember, you can still pay your debt after bankruptcy. It will stop the harassment so you can do what you can.

Ten years ago, I would be standing next to someonesdad, but after the "bank bailout" and the screwjob given out by creditors, I have changed my thoughts.

Credit companies SHOULD NOT offer credit over 20% of your income. If they do, you cannot afford it rationally, that is predatory.


so long and thanks for all the fish.

 

Pay off your damn loans. Don't use bankruptcy, as that's a completely amoral way out of the problem YOU caused (hopefully, the courts will see the real cause and refuse bankruptcy). Live with the consequences of your actions. Nobody forged your signature to your purchases just as no one put the bottle in my old man's mouth (he drank himself to death and I told him the same thing before he died 30 years ago).

Oh, my words are harsh and not politically-correct? Tough noogies. You can earn the respect of folks by getting yourself out of the mess you caused yourself (including the most important one -- the guy you see in the mirror when you shave). Alternatively, pursue bankruptcy or some other bail-out and you've elevated yourself to that Olympian ideal of moral rectitude occupied by that set of liver flukes we call Congress.

That was my sentiment before I got myself into this mess (notice I got myself into it). I didn't understand why people would think it's a good idea to get themselves in over their heads and then expect to be let out of it. Now I'm here and I have a different perspective. every month I pay 350$ per credit card and get another 200 tacked back on in interest. You miss a payment and they make your interest rate higher. higher and higher. I started myself in this direction but now I am trying to reverse and they are pushing me further and further. If I were to tough it out and "Live with the consequences of my actions" I would end up paying 5X what I borrowed. Whats moral about that? Like I said, I've already paid back what I borrowed in interest. I wouldn't feel bad about it.

As far as paying more on 1 credit card to get it payed off faster; I know about that. I have read dave ramsey's stuff and I get it. makes sense. But I don't have any extra to put towards it. I would have to pay off the 1st credit card making the minimum payment alone. That is projected to take >10 years.

Besides, my tax money was given to bail out several corporations which did the exact same thing I did. I feel a little guilty about saying this, but where's MY bailout? That feeling is the only one that affects me morally,as I fancy myself as being an opponent of the entitlement society; I guess I'm not.

 

Yes, I know my words were "harsh" -- intentionally so. I despise what our banking system and government have become. But that doesn't excuse anyone from excessive behavior and getting themselves into deep debt.

You don't like the banking fees? Go to another bank where things are better. Start using cash. Quit buying things you don't need.

In the 60's I worked for a while as a boat salesman. Interest rates were low -- in the 4-5% range. Seeing some company charge 8% or 10% interest would have seemed predatory. Everything's relative. Don't buy something if it's too expensive -- and that includes credit. What's that? You missed that day in grammar school where they discussed compound interest? Oh, now they don't even teach it in high school? Gee, that's too bad -- time for a little remedial work at the library or on the web.

A lot of the problem is the heavy marketing -- and young people have absolutely no clue how much they're marketed to. Oh, look at this cool new toy -- gotta have it. You're not cool if you don't have that. Guess who creates this "coolness" -- it's craftily set up by deep marketing strategies. Young people have never worked in or around a marketing department, so they don't know how this stuff is done. That doesn't excuse excessive behavior -- it just offers one explanation why. Often, you don't even learn about this marketing stuff until you're a parent -- and your kid wants some tennis shoes that cost $XXX, which is 10 to 50 times what you paid for them when you were young. Sadly, too many parents don't learn how to say "No!".

 

I was on the verge of filing bankruptcy myself, about 12 years ago. Went through 10 years of hell getting it clear up, without filing. You'd likely end up with a Chapter 13, which is to reorganize your debt. A judge determines how much you can afford to pay each creditor in 5 years (?), and that's what they'll get. You keep your home, car, and most everything else. It sounded kind of scary and time consuming, lot of missed work, which would likely have cost me my job.

So, I called each bank, explained the situation, and ask for some help, lower payments, lower interest, anything that could get me back on track. Most will tell you tough luck, this is what you currently owe, pay us. Those got stuck on the bottom, and got nothing. The two that were willing to work out a reasonably payment plan, got priority, and paid off. Had all kinds of harassing calls, family, even those out state. Eventually, ended up in civil court (several times). The first two, I settled with the collection agency, was scared and uncertain, and basically got a reasonable payment plan anyway. But that was kind stretching my paycheck a little thin, so I had to start fighting. Did a lot of research on the internet about Civil court, and credit cards. The little gem that saved me thousands, was the Statute of Limitations (4 years in Florida). There was also one dealing with Binding Arbitration, which I still don't know how exactly I won that one, when the sued me in civil court.

Figure I paid over half the debt, but considering a large portion was also interest and fees, don't feel too dishonest. They kept raising the interest, minimum payments, and messed with the billing cycle, all of which contributed to the problem of not being able to pay.

Haven't had a credit card since, don't care to have one now. I'm completely debt free, and intend to stay that way. House is paid of, and life is good.

 

Yes, I know my words were "harsh" -- intentionally so. I despise what our banking system and government have become. But that doesn't excuse anyone from excessive behavior and getting themselves into deep debt.

You don't like the banking fees? Go to another bank where things are better. Start using cash. Quit buying things you don't need.

In the 60's I worked for a while as a boat salesman. Interest rates were low -- in the 4-5% range. Seeing some company charge 8% or 10% interest would have seemed predatory. Everything's relative. Don't buy something if it's too expensive -- and that includes credit. What's that? You missed that day in grammar school where they discussed compound interest? Oh, now they don't even teach it in high school? Gee, that's too bad -- time for a little remedial work at the library or on the web.

A lot of the problem is the heavy marketing -- and young people have absolutely no clue how much they're marketed to. Oh, look at this cool new toy -- gotta have it. You're not cool if you don't have that. Guess who creates this "coolness" -- it's craftily set up by deep marketing strategies. Young people have never worked in or around a marketing department, so they don't know how this stuff is done. That doesn't excuse excessive behavior -- it just offers one explanation why. Often, you don't even learn about this marketing stuff until you're a parent -- and your kid wants some tennis shoes that cost $XXX, which is 10 to 50 times what you paid for them when you were young. Sadly, too many parents don't learn how to say "No!".

I'm not the demographic you are angry at. I don't have an Iphone. I drive a 1993 chevy pickup with a crushed front end because it still works. I dont have an xbox or psp or anything like that. I watch my 1 show on a 15 y/o 20" TV. You won't find me in a club any night of the week. I have been wearing the same shoes for a year and a half. This is not as a result of my debt; This is how I operated even before going into debt. This debt is a result of a 6 month period where I had quit my job to take care of my family through a unique & unforseen disaster; it was a judgement call and I made the right decision. I don't regret it.

 

I was on the verge of filing bankruptcy myself, about 12 years ago. Went through 10 years of hell getting it clear up, without filing. You'd likely end up with a Chapter 13, which is to reorganize your debt. A judge determines how much you can afford to pay each creditor in 5 years (?), and that's what they'll get. You keep your home, car, and most everything else. It sounded kind of scary and time consuming, lot of missed work, which would likely have cost me my job.

So, I called each bank, explained the situation, and ask for some help, lower payments, lower interest, anything that could get me back on track. Most will tell you tough luck, this is what you currently owe, pay us. Those got stuck on the bottom, and got nothing. The two that were willing to work out a reasonably payment plan, got priority, and paid off. Had all kinds of harassing calls, family, even those out state. Eventually, ended up in civil court (several times). The first two, I settled with the collection agency, was scared and uncertain, and basically got a reasonable payment plan anyway. But that was kind stretching my paycheck a little thin, so I had to start fighting. Did a lot of research on the internet about Civil court, and credit cards. The little gem that saved me thousands, was the Statute of Limitations (4 years in Florida). There was also one dealing with Binding Arbitration, which I still don't know how exactly I won that one, when the sued me in civil court.

Figure I paid over half the debt, but considering a large portion was also interest and fees, don't feel too dishonest. They kept raising the interest, minimum payments, and messed with the billing cycle, all of which contributed to the problem of not being able to pay.

Haven't had a credit card since, don't care to have one now. I'm completely debt free, and intend to stay that way. House is paid of, and life is good.

Well that puts things in perspective. I don't know if I could make it through the process with my job intact, as it is hard enough to get even a saturday off as it is. Maybe I will look into some kind of debt consolidation as while it maybe not a financially sound option for the long run, it might make my payments payable in the short term.

 

I agree. Creditors KNOW HOW MUCH YOU MAKE AND OWE TO OTHER CREDITORS WHEN THEY "OK" YOUR APPLICATION!

Their fault!

They would MUCH RATHER you pay $10,000 for $1000 in credit over 10 years rather than $1200 for $1000 in one year.

Have you read the lawsuits and law changes over predatory lending?

They DO change your due date, they DO record all late payments, and conversations had with the debtor and "adjust" their plan to get more from you.

If they know you get paid on the 1st and 15th of each month, they will make your bill due on the 14th.

A girlfriend of mine thought she was getting us a "deal" on a credit card. We both worked at the same place, lived together, both drove Saturns. Financially equal. Spent the same, made the same. Only our who-ha's were different.

So we both got the same cards.. Different accounts.

We started with the same 0% rate for 6 months, then 15% after that.

Our payments were always on time.

Our limits were advanced on the same days, to the same amounts.

So, as it would seem, they followed the same "rules" for everyone.

One month she received a letter stating she was overdue on a payment.

She wrote both of our payments out of her account. I gave her cash for mine and she wrote a check.

They went out the same day, every month.

"Apparently" her check was lost in the mail.

Even after her check was delivered, the postmark SHOWED it was send 10 days prior to due date, but they still jacked her to 29.99% AND they changed her due date from the 22nd of every month to the 15th.

So, because we were used to the due date being the same for 2 years, her next payment was late too.

$35 late fee that they would NOT reverse even after explaining she was not made aware of the change after 2 years, AND they increased her minimum payment from $15 a month to $45 a month.

Once you slip, they put a well thought-out plan into action onto your account.

She went down-hill from their with that card.

She would cry because they would call her saying they were going to report her to the credit agency and she would never be able to get a loan for a car, or home, or operation if she needed.

They really do "monitor" your spending, and if you are spending on medical bills and the such, then hit a late payment, "BAM" its commission time!

Back then, I told her "You should have looked at the due date on the bill."

I didn't even recognize what was being done to her until it happened to me.

Luckily, I had the ability to send them a fax of my butt-cheeks and transfer my balance to another card.

They actually faxed my butt fax to my employer and said they mixed up my home and work telephone numbers...even though I never had given them my work fax number

 

@ Strantor,ask all these guys the debt service companies make your credit
worst.You send them your money to pay your bills,they never pay your bills and put the money in there pocket. Pay directly a little every month credit card and medical bills. More guys are speaking out the banks have put it over on every one.

 

I'm not the demographic you are angry at. I don't have an Iphone. I drive a 1993 chevy pickup with a crushed front end because it still works. I dont have an xbox or psp or anything like that. I watch my 1 show on a 15 y/o 20" TV. You won't find me in a club any night of the week. I have been wearing the same shoes for a year and a half. This is not as a result of my debt; This is how I operated even before going into debt. This debt is a result of a 6 month period where I had quit my job to take care of my family through a unique & unforseen disaster; it was a judgement call and I made the right decision. I don't regret it.

Strantor, of course I'm not angry at you -- it's our weak-backboned society that has allowed things to get the way they are.

I was outlining my personal values. It sounds like you have some personal mitigating circumstances. From your description, the data I had when I wrote my diatribe was that you just ran up a bunch of bills and now want to get out of them. Taking care of family emergencies, health problems, etc. are certainly extenuating circumstances and would morally be valid reasons to think about bankruptcy. That's what the original intent was. It's the cheaters who use it to get out of a responsibility that bug me.

It's tough balancing life, work, emergencies, finances, etc. I hope you can find a good financial adviser who can help you get yourself out of the hole you're in.

 

I used to get calls for the auto parts store down the street. People wouldn't believe me when I told them they had the wrong number. Strange how determined people are to insist they are right and you are lying to them. After many weeks of this I went down to the auto parts store and thought I would talk to them about it. The manager basically told me to go pound sand-nothing they could do about it.

I started telling people who called looking for auto parts that, "YES, we have that in stock" and would give them ridicuously low prices on things like $40 for a new AC compressor and $5 for a set of spark plugs. The phone calls stopped about two weeks later.

Not sure how this applies to your situation, but maybe you can think of some way to 'reach' the people wanting money from you by giving them some reality. You KNOW your credit is going to be ruined by this-whether you pay it off slowly or take bankruptcy, so Mister credit collection man - Do you want any money, or will shooting more bullet holes into the already dead body that is my credit rating and writing off the dollar amount be enough to make you happy? I can go either way on this since I have nothing left to lose now. What will it be? Useless 'revenge' on my credit score or actual cash dollars for your business?

 

I am glad to hear the stories. I don't own a credit card but a debit.
I do not plan on getting a credit but it was rather tempting u know after reading the brochures.

 

It makes me sad to hear all of these stories of financial destruction. They fortify my opinion that the system we live in has the least intention to support us and let us live in it.
Simple co-existence will have to do for me. I 'm not ready to fight the system I live in yet.

 

It makes me sad to hear all of these stories of financial destruction. They fortify my opinion that the system we live in has the least intention to support us and let us live in it.
Simple co-existence will have to do for me. I 'm not ready to fight the system I live in yet.

Its a dog eat dog world and I've got a rack of lamb strapped to my ass

 

Take a stamped envelope and send that first $10.00, use credit card statement with all your information so it gets posted to the right account.

 

I also have debt to bank for house,and pay off some every month ,but as the inflation becomes more serious, we think debt is not a bad thing all time.

@strantor, can you borrow from your firends or relatives, and pay off bank first, when you get rich, you can give them slowly.I am not sure your custom

 

Happyganl,Smart lady with money.May your house give you home
for long time.I'm sure your have decorated your home with wise
choices. Vases and other wonderful things,art.

 

Another tale of woe thats all too familiar.
My brother died 11 years ago at age 50 with no will, no guardianship for his 15 year old daughter, no house and 9 credit cards, all with heavy balances. It took my wife and I several years to clear up all the debt, even though he was dead. Just to close the estate cost $ 4200 in estate taxes and there was no property to disburse. Just a reminder that your debts will follow you to your grave...and beyond.

Cheers, DPW [ Always remember that you are not going to live forever.]