"I have a credit card that I have had for 5 years, never late with a payment, I paid 16% interest last year which increased to 18.99% this year for no reason.
I received a letter yesterday that it is now being raised to 29%. These bankers are F...ing nuts...
Send these a-holes to prison where they belong. China does it why not us. A-men!!!"
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
25 comments:
Thanks Joe, Maybe someone else has a horror story like this. The name of the bank is Juniper which was bought out by Barclay's. Probably has ties to Islam.
Expect more of this kind of action as the Banks try to dump it in our as***. Their credibility is ruined so might as well penalize everyone else!!
I feel your pain...however you are buying things you cannot afford on a credit card. Not putting cash into circulation and this is a BIG part of the problem today. Now I may be all wet here but if you are paying off your card EVERY MONTH then there is no intrest payment due. If you are buying toys for yourself, paying tuitions that are out of your price range, supporting others on your dime, or just paying your bills then you are living to large. How much did you spend on your last vacation, how much do you owe on your car? Did you have a expensive wedding to pay for or a morgage on a house that is just way to big.. see the problem here. I am not busting your chops but just making a point on the current problem. Okay I am married for many years, my house is under 1500 square feet, my car has 190,000 miles on it, my vacation was done in a 200 mile radius from Salisbury. I pay for my meals with cash when I eat out, and I have no credit card debt. My savings acct is not flush but it is the results of saving over time, and I did not speculate in the stock market, but did save with CD's, I am not a hermit either, I enjoy low budget camping yes in a tent, i hunt and eat wild game and yes I raise some of my own veggies and a few free range chickens. This is not for everyone but then again we all may find ourselves living this lifestyle if we do not police ourselves and controll our spending.
Mcaine/Palin for me
ANON 2:29 On the contrary, I live within my means. I do have to say no, more often then yes. By the way your lifestyle sounds like paradise compared to many of us.
I would like to say I have the credit card for emergencies but it has expanded beyond that. I beleive part of the American dream
is for us to make a better life for our kids.
pay your card off at the end of the month and dont carry a float. you are stupid if you would carry a balance for even 16%.
Either that or dont buy more than you can afford.
If you are going to carry a balance, get a reputable credit card company. I might buy a large item on credit now and again, and spread out the payments so I don't have to use my own money all at once, and never pay more than 10%. Nothing is wrong with using other people's money wisely. Then again, a lot is wrong with what anon 2:29 pointed out. It's wrong to assume that the original poster is in that situation. (although easy, since the original post mentioned some bank I've never heard of)
Look,
Everyone is going to have to start looking at the reality of the future.
Interest rates are going to go through the roof, period. Sadly, our Government has trained younger Americans that using a Credit Card is a way of life. Fortunately for me, I grew up where we never had a Credit Card and we simply paid cash for everything.
Interest rates on mortgages and automobiles etc, are also going to rise and they're going to rise faster than anyone ever dreamed.
This Bailout is exactly that, a BAIL OUT. The money doesn't have to be returned and the $700 billion is what these companies used to be worth, not what they're worth right now, today.
That being said, it would be simple for many of these companies to simply walk away from these businesses and never pay back the Bailout money. It's kind of like buying a home today at $350,000.00 but in two years when everything drops it will only be worth $100,000.00, as an example. Would you be better off walking away from that home and mortgage or would you stick through the next 30 years paying it off and it still possibly not being worth the $350,000.00 in the end?
A smart business person would simply walk away and that's what fears me most about our future. Now, that being said, this is YOUR tax dollars bailing out these Wall Street Companies. Are we throwing OUR good money after bad money? Absolutely!
All the while, someone is going to have to pay for these losses and by the time they announce these companies didn't repay back this Bailout money, the original executives that got this Country into this trouble will be long forgotten. Our Government isn't stupid.
So Credit Card Interest Rates and every other Interest Rate will go up no matter what and YOU and I are going to pay the price. It's putting a small bandage on a major wound and it's just not going to heal.
So get used to it Folks because this is just the beginning.
Sorry, but "making a better life" for your kids doesn't mean you spend more money than what you have. I agree with 2:29 100%.
Whatever happened to "layaway" when you need to get something expensive? Then when you bring it home, it's PAID FOR and you aren't still paying for it years later.
We have learned to pay off credit cards at the end of each month. The only thing that we use credit cards for is on-line purchases. It takes self-discipline, but it can be done. We don't do without either. We pay for everything with cash. If we don't have the cash we don't buy it...simple as that. We even eat out a couple of times a week as a treat to ourselves. We don't skimp on food, heat/a/c, we have digital cable and computers with internet and we don't make six figures a year either. It just takes self-discipline. I refuse to pay interest rates like that when it's not necessary.
Most kids from generations past were always impulsive...then they invented Red Bull, "My Sweet Sixteen" (MTV), and desperate, speculative lenders who will give a credit line to a tree stump if it is naive enough to sign a credit agreement with interest rates that hit you like mob vig. The consumers aren't the true victims here....greed is considered a deadly/carnal sin-let the gov't/corporations "go to confession" for a change. I already gave at the office.
you probably shouldn't be carrying a balance on your card. If you can't afford it, don't buy it.
I go into alot of peoples house during my job. There are alot of people paying regular monthly bills on credit cards. Its not that they are stupid or abusive of the cards, they just dont have any other choice when it comes to getting by any more. The same banks with the same corporate power devils are at the root of these cards. Hell their even targeting the very young now. When you care more about massive profits then you do your own country doesnt that make you a "ECONOMICAL TERRORIST"??? You tell me.
Good Lord. How worthless is this person? They can't pay off their credit card each month?! DONT SPEND WHAT YOU DONT HAVE!!!!
16%? 18.99? Are you crazy? Why would you even take a card with those rates in the first place? GET RID OF IT! Shop around, find a card that carries an intiductory rate, say 2-7 %, call your present card company and give them a choice. "Match the rate or shove it up your ass".
3:31. This is why they don't keep Snicker Bar/Milky Way machines at "fat/big bones camp"...A smarter camp supervisory staff would stock their vending machines with long-term, although less flavorful, carrot and celery stocks, and only allow you a chocolate chip cookie dough sundae AFTER you have achieved a certain milestone. (AD)American-Dream=(AD)Attention Deficit= Economy AD (ALL DONE).
Alot of people just are not getting the work hours they used to get. Some have lost their jobs and had to find a job that pays less.
Anon 2:42 is very confused. The american dream is not to make a better life for your kids but instead give them the opportunity to make a better life for themselfs. Very few kids appreciate being given everything they want. Give them the necessities and let them earn the rest. It's very foolish to charge something just because your kid wants it, especially if you can't afford to pay for it in cash. Wise up.
That bank is the worst, I canned them.............. Unfortunatly, if your dealing with them you are a 2nd tier borrower, and at thier mercy, ie: no-one pays that rate if they could go elsewhere. Good luck getting out, you may have a deep hole. 2:02
2;29 very well said, and if the small guy (mainstreet) all the way to the federal government applied your principle, we would not be where we are now, PERIOD!
The credit card companies/banks made 12 billion in late charges last year off of the American people.
FOUR HUNDRED BILLION to go to foreign banks and investors.
Crybaby! If you can't afford something, don't buy it. If you want to use a credit card and the bank raises its rates, too bad for you. Get a new card or stop putting more money on it.
Do you people want a free market or don't you?Credit card rate=free market!Gas price =free market!Wages,union or not,=free market!This is still America,sorta.
I pay my credit card bills off every month when they come in, by reserving the money I spent through credit and then I pull it up and pay my bill. That way you don't have to worry about interests.
If everyone paid off their credit cards (and cancelled the ones with ridiculous interest rates), we would not be having a Wall Street bailout.
The reason there's a credit mess is that there's too much borrowing on credit.
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