Budget management

I am confused

I am confused. I thought it was illegal to raise an interest rate this high??? This is highway robbery. I noticed a couple of mine went a little higher as well and it has really pissed me off but I would die if it went to 32%. There has to be a legal issue with this. I would dig deep. I also start thinking payday loans (from reputable providers like LendUp or KeeLoans ) are much better than credit cards. If you are just a user on his CC account then it shouldn’t show up on your credit report. You are only a “user” and not and not a co-signer on the account so I would look into getting that removed from your credit report. I think it will show up because if someone adds another person as an authorized user, it helps the authorized user’s credit score. That is why many…

Credit card accounts

We don’t qualify for any more credit accounts

Because our credit is so maxed out now, we don’t qualify for any more credit accounts. We tried to get one, but were unable to. They said I can write to learn the “reason” they jacked up the rate, but I pulled the applicable credit report and there is nothing new on it. All payments are on time. Also our credit rating has been stable for 3 or 4 months, so it doesn’t make sense. What I’m thinking is if I can find other money, like borrow from my 401k for a year, I could maybe pay 1/2 of the account down, which looks a lot better. Then, I can ask my hubby to call and request an interest rate reduction. I’d rather borrow my own money than keep paying these idiots. I’d need to work the 401k loan so that the payments would be similar to what they would…

Interest rates

Credit Card rate jumping by 9%

I handle all our finances, including credit card payments each month, and yesterday, we got a notice on a joint credit card that the interest will be going from 22.9% to 32.9% in April. They gave us the option of closing the account to keep the current terms. We are close to maxed out on the account. This extra interest will amount to $610 a year, or about $50 more per month. We are overextended on our credit cards and other credit, but we have no adverse accounts on the credit report, all accounts are paid properly. The credit rating is not the best, but it is currently 630. Questions: Is it better to close the account and keep the current terms, or keep it open and pay more, but focus on paying extra to get the balance down faster? What would it do to our credit rating to close…

Budget planning

Budget planning service?

Hi all; Trying to get my finances in order, and a bit overwhelmed by the number of our bills currently. Is there a service similar to a credit counseling service, where you can send them the money for your bills and they disperse it? (Including house payments, etc). Just need some professional help getting on track. Don’t want a service to negotiate with the companies, just to help get things in order and out the door on time.

Interest rates

I am finally able to save some money

This imperfect sucker is going to be 60 years old this year. I am finally able to save some money. Who knows where social security will be? After plodding along for over a decade paying ,and paying ,and paying the last straw came when my business went downhill and I was three months behind with Citibank. All that was left of the debt was interest and fees. They sold it to a debt buyer who intimidated me and added their own interst, yet kept me in the dark about that. Almost $2000 later I find out the debt I thought I was paying was only getting larger! I thought interest was only to be charged on money borrowed. I didn’t borrow any from these crooks at that agency! If debt buyers are legally allowed to charge interest, it should ONLY be allowed for the amount they purchased the debt for…

Bankruptcy

The bill collectors have to get paid

Some people obviously think no matter what, the bill collectors have to get paid. One of the books my bankruptcy lawyer gave me to read said that certain things ALWAYS come before the damn bill collector. Those few things include rent, utilities, car payment & insurance, student loan(s), medications and other things that are considered more important than adding to the bill collectors’ commission. I believe under certain circumstances such as your roommates, there should be some slack to allow for one to get back on their feet (if at all possible). Not everyone can live up to Arts idea of perfection when it comes to finances. After all, this is an imperfect world, which is why bankruptcy was invented – for the rest of us imperfect suckers. Also, you can become a vegetarian — that’ll cut the grocery bill in half! I think that some people file bankruptcy just…

Bankruptcy

Bankruptcy isn’t discussed here very often

Bankruptcy isn’t discussed here very often, but I am glad that it was. Almost everyone I have corresponded with online who has gone thru BK say the same thing you do.. that they wish they had filed sooner. Amazing how these predators don’t even wait til one has their discharge papers before they start stuffing the mailboxes full of offers for credit. Some of them are just dreadful with fee after fee. I guess they are hoping some people are desperate. Of course one of Capital Ones Vice President said the “newly bankrupt are itching to get their mitts on plastic and would swallow high interest to get it. Ha! Capital One is itching to get THEIR mitts on everyone’s money. They are not in my wallet! None of them are. I don’t trust them. I was listening to a financial expert on the radio yesterday. She talked about credit…

Bankruptcy

Bankruptcy isn’t called “protection” for nothing!

Bankruptcy isn’t called “protection” for nothing! Have you ever noticed on a newscast if they annouce a big co has filed bankruptcy? They always say “Delta Airlines filed for BANKRUPTCY PROTECTION today”. Can you imagine some CEO sitting at his desk crying and beating himself / herself up as a “terrible” person because they are in the hole ! Do they start eating a diet of beans and rice to save the business? Do they hold a yard sale and start selling on ebay? Do they go out and deliver pizzas? Hey, I don’t think so!!! They look at the numbers and do what they have to do to protect their business and that is exactly what people need to do. Protect themselves and their family and consider filing bankruptcy if they can’t pay off debt in a timely manner. That’s really a bummer the way you were treated. I…

Debt collectors

Credit companies write/off your debt plus interest in 180 days

Just to let you know the credit companies write/off your debt plus interest in 180 days. thats i believe thats the law. if they dont get a payment. then they sell to a collector. this stays on your credit report for seven years and then it has to come off. but if the collection agency can get you to pay even 10.00 the seven years starts over again. just alittle info. My mantra (keeping it as clean as possible) these days is “To hell with the bill collectors!” As I’ve mentioned a number of times, despite my writing to these crooks, they continue to harass me regarding my mother’s debts even though she died four months ago. Cuss at them on the phone, hang up when a recording tells you to wait, hang up when you hear silence after answering the phone, ask them who they are. These folks calling…

Bankruptcy

Just a little personal note here

Just a little personal note here…. Several years ago I was looking at in the ball park of $30,000 in debt (credit cards, personal loans, medical bills,etc) because of no one’s fault but my own. I built of the bills and lived a very free spending life style. Well then I lost my job and was suddenly without any way of making my minimums or paying anything else. I tried very hard to, I went and talked to a lawyer about bankruptcy and was going to file for it, just to get a clean start and turn my life around (I was only 24). Well unfortunately my father suddenly passed away and I came into enough money to pay off all my debts, and I did. I called each creditor explained that I could pay them off, got current balances, did check by phones and mailed checks. What ever they…