SS MAYFLOAT
Admiral
- Joined
- May 17, 2001
- Messages
- 6,372
Re: Got a Bank of America credit card do ya??
I have about another year to pay off my 12 CC's that my wife and I had going on. We were never late on sending in our payments. However our intrest rates were defaulted by them due to them posting the payment late. When you default on one card, the rest (lenders) have the right and ability to adjust their defaults from another lender as well. (its in the fine print at the reporting agencies) That is why I say that the post mark on the payment envelope should be a mandatory date that the CC companies should use. Its good enough for the IRS, it should be good for the CC's also. Several cards that we paid off took time due to the process of the mailing. It seemed there was going to be a balance due to intrest on the money while it is enroute thru the mail.
After our cards are paid off, only one will be kept for emergencies only. From now on, my wife and I have concluded it will be cheaper for us to save the cash for major purchases than to pay twice or more than what the product cost.
It was our mistake in using the cards and we accept it. It is just ashame that millions of us are in the same boat without anyone looking out for us.
To me, it makes no sense to keep raising intrest due to risk factors in paying. It seems to me that common sense would point out that the more someone raises their payment, the harder and more risky it is going to be for them to get their money.
The got to have it now attitude is what threw us over the edge. Never again will we fall into this trap. If anyone else is in this mess like my wife and I, I suggest getting into a credit counseling service. It is a pain in the rear because your credit is locked. You cannot apply or use credit while in this service. The odd thing is that we don't miss the ability to use credit.
I have about another year to pay off my 12 CC's that my wife and I had going on. We were never late on sending in our payments. However our intrest rates were defaulted by them due to them posting the payment late. When you default on one card, the rest (lenders) have the right and ability to adjust their defaults from another lender as well. (its in the fine print at the reporting agencies) That is why I say that the post mark on the payment envelope should be a mandatory date that the CC companies should use. Its good enough for the IRS, it should be good for the CC's also. Several cards that we paid off took time due to the process of the mailing. It seemed there was going to be a balance due to intrest on the money while it is enroute thru the mail.
After our cards are paid off, only one will be kept for emergencies only. From now on, my wife and I have concluded it will be cheaper for us to save the cash for major purchases than to pay twice or more than what the product cost.
It was our mistake in using the cards and we accept it. It is just ashame that millions of us are in the same boat without anyone looking out for us.
To me, it makes no sense to keep raising intrest due to risk factors in paying. It seems to me that common sense would point out that the more someone raises their payment, the harder and more risky it is going to be for them to get their money.
The got to have it now attitude is what threw us over the edge. Never again will we fall into this trap. If anyone else is in this mess like my wife and I, I suggest getting into a credit counseling service. It is a pain in the rear because your credit is locked. You cannot apply or use credit while in this service. The odd thing is that we don't miss the ability to use credit.
