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Posted: Wed Jan 30, 2008 8:50 am Post subject: Credit Card trouble...

I know people have issues with credit cards, but wow..some people dig a whole...

Check out this LA Times Article: Drowning in debt, he needs a life raft

LA Times wrote:
Nathan Drake, who owes $54,000, spends nearly $2,000 more than he earns each month. An advisor urges drastic changes.

simply amazing...

Toilet Drinker Joined: 05 Apr 2004 Posts: 316

Once you're in debt with credit cards, they have you by the short and curlies.. Ridiculously high interest rates, excessive penalties if you miss payment on any given month.. urgh.

Posted: Wed Jan 30, 2008 8:59 am Post subject:

I have one credit with a balance. It's 0% interest, and contains my eye surgery on it from...1.5 years ago now. I was going to move this to another 0% card...but, honestly, I should just pay it off. So, I'm going to do that.

I use another card I have that has 5% cash back for purchases (Food & Gas currently), and I pay its balance in full each month....

I've been down the credit card burying you road, and I choose to not do that again. I learned my lesson.

Toilet Drinker Joined: 05 Apr 2004 Posts: 316

Got 'stung' with my Goldfish credit card when I first started working in my current job - new smart outfits for work, and using the card every day on the train, the amount rose pretty quickly.
In the sudden busy-ness of being at work I missed one monthly payment.
Before my next statement had even arrived they sent me a snotty letter, fined me £20 and threatened administration fees on top, and dropped my credit limit to a pitiful £400 (my balance at this point was just over £400).

I paid off the amount within a few days, even though this left me very short of money (before I'd even gotten my first paycheck) and decided not to use it again (based on this crappy customer service, not due to thinking I'd get myself in trouble).
I told them I wanted to cancel my card - their response was that it couldn't be done !! so I bent, twisted and defaced the card, and filed it with all the household bills in a folder - ain't going to be used by anybody now Smile

Posted: Wed Jan 30, 2008 9:16 am Post subject:

got financial peace?

guess not!

woof!

that guy needs to take a class in spending 101... if you don't have the cash for it, you don't buy it!

Posted: Wed Jan 30, 2008 9:17 am Post subject:

Vavara wrote:
I told them I wanted to cancel my card - their response was that it couldn't be done !!

That is, in a word, bollocks.

Mutter the words "Consumer Credit Act 1974" at them and see how fast they change their tune.