ope:
Illini said:
Actually, credit cards have been stiffing people for years -- charging $39 for a payment late by 1 day, then charging another $39 because the late fee pushed the balance over the credit limit. Not to mention the fact that companies are overextending credit, and marketing to those who can't afford credit - go figure.
Listen, it's part of the business. Credit card companies must account for a certain expense related to chargebacks and settlements -- it's the norm in this industry. It's a variable operating expense, simple as that...
So, before everyone gives Brock a hard time for considering to not pay his balance, think about the business practices of these companies. There's a reason the government enacted an entire set of statutes (Truth-in-lending, etc.), so as to keep an eye out for these scrupulous practices.
While I myself pay my bills and have excellent credit (although I did have my share of credit card balances and late payments in college), I don't sympathize with the c.c. companies one bit.
Brock - you do what's best for YOU in the long run. For the record, I would suggest NOT ruining your credit. Anyway, just my 2 cents.
because he either check kited or has had many late payments, anyone in this worldwho thinks they can pick and choose when or what they will pay is a fuckin idiot..I'll tell yuo why...who is supposed to "eat" their debt they created?? people say "let the credit card company eat it"...well who do you think owns the credit card compnay?....the fucking employees and other stockholders...everyday people like you and me..so you are stiffing me, another reason why interest rate are so damn high is to offset the 6% chargeoff rate of credit cards..... that is why the government enacted the bankruptcy laws in october.. it is not the credit cards fault...they don't force you to open an account...they also don't force you to use the card after you have opened it either... people grow up... take resposibility for you actions and stop blaming everyone else... you wouldn't have half of the people stiffing their bills if we still had it like the old days where if you don't pay you go to jail.... yes people to have legit hardships and they should be allowed a pass...but because someone can't control their spending, doesn't mean you can say I'm not paying.. just my 2c
stuckinvegas said:
Sort of figured this out on accident..
With Capital one, and Bank Of America...when you pay online from your checking account...they credit you with that as if were paid the next day, less than 24 houors later...But it doesn;t hit your bank for at least a day past that...
So i used the funds in the meantime, and thus doubled my actual credit line...Didn't mean to NOT pay it back quickly, just sort of happened that way...nice loophole that can be exploited if you so choose.
This site is great to tell you when you can expect to be debt free, or you tell it when you want to be debt free and it tells you what that will require from you..
http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
http://cgi.money.cnn.com/tools/debtplanner/debtplanner.jsp
teamogf said:
As CF previously stated, all the losses that CC cockroaches incur due to chargeoffs and the like are taken into account when they set their rates; they know they're going to deal with a lot of those because, out of their own free will, they deliberately extend credit to people whom they damn well know won't be able to pay. And when you're talking about the old days remember that back then CC cockroaches didn't charge ridiculous fees for everything, didn't engage in the kind of marketing BS they do now and you could get 5% interest on a regular savings account.
I have some experience with this that you might find interesting.
In 1990 or so I was given a pre approved Citi Visa card. Used it, paid on time etc, got the limit up to about $10K by 1995 or so.
Moved out of the country in 1996 for a couple years and kept the card paid on time but had some NSFs and slow/missed monthly payments mainly because I found it hard to get money into my US acct to pay the bills with on time. In 1999 or so I sent the fuckers $3000, which bounced, and resent paying the card down to $7000 or so. Citi then cut off the card, presumably for the slo payment history, so I said "F U", tore the card up and never made another payment.
At roughly the same time my ex GF took out 3 cards in my name (she had my SSN) and racked up about another $10K in CC debt for a total of $20K or so (including interest and penalties). After I moved out I had a bunch of CC apps arrive in my mail, and you can guess the rest.
I never paid any of it and the debt has sat on my credit report for years. Last time I checked it had been sold and resold a couple of times. Got a lot of bill collector calls for a couple years but those stopped when I got a VOIP number.:smoker2:
I am now outside the 7 year limit and will probably hire a lawyer to clean up my credit and eliminate the mess on my CR. Have been living/operating mostly on cash for the last 10 years and not using credit
In 1990 or so I was given a pre approved Citi Visa card. Used it, paid on time etc, got the limit up to about $10K by 1995 or so.
Moved out of the country in 1996 for a couple years and kept the card paid on time but had some NSFs and slow/missed monthly payments mainly because I found it hard to get money into my US acct to pay the bills with on time. In 1999 or so I sent the fuckers $3000, which bounced, and resent paying the card down to $7000 or so. Citi then cut off the card, presumably for the slo payment history, so I said "F U", tore the card up and never made another payment.
At roughly the same time my ex GF took out 3 cards in my name (she had my SSN) and racked up about another $10K in CC debt for a total of $20K or so (including interest and penalties). After I moved out I had a bunch of CC apps arrive in my mail, and you can guess the rest.
I never paid any of it and the debt has sat on my credit report for years. Last time I checked it had been sold and resold a couple of times. Got a lot of bill collector calls for a couple years but those stopped when I got a VOIP number.:smoker2:
I am now outside the 7 year limit and will probably hire a lawyer to clean up my credit and eliminate the mess on my CR. Have been living/operating mostly on cash for the last 10 years and not using credit
If you are going to screw the CC companies, why not get them for alot? The more you use your card and pay them back on time, the more you can get them for much later down the road because they will keep upping your credit and you can keep getting approved for new cards. Why hit them for 3k now when you can do it for 100k in 5 or 6 years?
Some crooks can't see the forest for the trees.
Some crooks can't see the forest for the trees.
