Quote:
Originally Posted by joesomebody
Man credit cards suck. Have you called the companies and tried to work with them? It seems to me you just decided fug it, and stopped even trying to pay the minimums...
I don't know a good solution, but the first step is calling them and working out a payment schedule!
I've never been late on my Credit cards, and haven't used one for over a year. I called when they tried to raise my interest rates from 9% to 18% just because of the economy, not because I had been late or delinquent.
I had been paying 50 dollars over the minimum, but the increase in interest rate caused the mins to jump over $100. I called, told them that I could not handle that big of an increase, and was their anyway we could talk it out.
They said no problem, we'll just agree that you won't ever use the card again until balance is zero. Also I can't apply for or get any more credit cards during this time. While we have this agreement, your interest rate will be a flat 4.97% and you will pay such and such payment every month until paid off.
Pretty sweet deal, and it keeps my credit clean. I only have two credit cards, one has a rate of 3.97% (American Express) and it is almost paid off. Didn't negotiate with them, it's just always had a low interest rate.
My other card (Visa) has a ways to go yet, but definitely going down every month.
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This. The CC companies can be pricks, but if you proactively call and work with them... they can be very good to you. Then, it's up to you to never use them again.
I don't use CC's anymore and I canceled my AMEX... we let our debt get a bit crazy and we're working to get it down and ultimately paid off. Budgets can be a pain in the butt, however it's amazing what you learn you can do with out and not miss.