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It's their fault because they don't tell you what the rate is... last time I refused a credit card I was well aware of what the rate was. So had I chose to accept their terms it's my fault I'm paying a high rate?
People bitch and moan about this shit and it's their own doing. STOP living outside your budget and you won't have to worry about the phone ringing because you haven't paid your bills. Simple right?
There's a big difference between someone struggling and someone that is stupid... don't be stupid.
Mr. TrulyCdn is right. The FF has arranged for the government to live far beyond their means and the majority of US voters voted for it, just like they vote to keep themselves in deep debt. Mr. President, China is calling about the bills you owe, should I tell then you are not home?
jumping someone rate from 14 to 30 without a good reason, just ain't cool.
Oh, they have a reason. A credit card reform bill was passed that is going to regulate a lot of this. So they are getting in all of their BS before the date it takes effect.
Provided the global economy doesn't collapse, in a few years as they desire more customers, they will have to compete on rates again and will be stuck without the ability to arbitrarily hike them.
That is why you hike it from 14 to 30. It is part of the reason for cutting her line of credit too, but they have another reason for that.
The banks printed too much money in the form of unsecured credit. Now they are having trouble getting loans due to the outstanding debt. They cut the credit lines of these people, and the minimum payment goes up. So they are effectively forcing these folks to pay off their bills faster.
I got one of my credit lines that had been pointlessly expanding for years cut. But I almost never carry a balance, so it really didn't bother me.
She will regret that decision! Especially after the collection agencies and lawyers get through with her! If she can declare bankruptcy she might not get hurt as bad, but since they changed the rules for the little guy a few years ago, she is not going to walk away clean!!
I have lived without credit for over 10 years. It can be done, but it does mean doing favors from time to time. Which is fine to keep things rolling without interest!
I never understood why people carry a balance on credit cards. If you need a loan, you can usually get better terms on a personal loan from a local credit union. She shouldn't have treated her spot rate of undefined duration as if it were a fixed interest rate. Credit cards are best used to float monthly expenses that you can expect to pay off at the end of the month.
Unfortunately, the bank will get the last laugh with her. Her credit will be ruined and she'll be taken to court on the defaulted loan, which will likely push her into bankruptcy. And thanks to Bush, she may not pass the means test for a chapter 7.
I think that Madville progressives oughta step to the plate and bail this lady out like they have the tens of thousands of brilliant homebuyers that took out interest only loans, share the wealth with them now, come on.
Most people who seek bankruptcy pass the means test. The reality is that the majority of people declaring bankruptcy wait far too long, contrary to the lobbyists and politicians reasoning.
the same thing happened to me and I agree with her no more money from me. If the people of this country take a stand we would stop these crooks and win back our country.
thebaron
I don't blame her at all even if having credit card is a bad idea in general.