Credit card companies raping us! - NJFBOA - Home of New Jersey's Camaros and Firebirds

edpontiac91 · 08-26-2009, 11:50 PM

I am just started to receive my statements and guess what, I have a NEW higher % rate, some up as much 5%. It seems that there is a law going into effect next year that says you can OPT OUT of your credit card and pay off the amount at the current rate. You can't use the card, just make the payments and pay it off. Well now FU, ALL THE CREDIT CARD COMPANIES ARE RAISING THERE RATES so that when this kicks in, they will already have their rates higher before the law says they can't raise them if you decide to cancel your card

. I had a LOWE'S Visa card with a 4.99% rate for many years and it just went to over 10%! There is no notice in advance that you will be getting an increase, JUST A FACT THAT YOU NOW HAVE A NEW HIGHER RATE. Suck it in and pay it is what they are saying. In this economy when we are all on the balls of our ass, they decide to stick it up there BECAUSE THEY CAN

. I have written to Bill O'Reilly and Glenn Beck at Fox News and hope to bring this topic to the surface. If you people can also try calling or email these guys, maybe something will get noticed, but if we sit on our asses and do nothing, THE CREDIT CARD COMPANIES ARE REACHING INTO YOUR WALLET AND GRABBING YOUR HARD EARNED MONEY AND NOBODY IS TRYING TO STOP THEM

! Plain and simple.

LTb1ow · 08-26-2009, 11:51 PM

Don't get CC?

Don't spend more than you can pay off?

Pay it off at end of month?

Simple, no?

NastyEllEssWon · 08-26-2009, 11:54 PM

yeah dont use cc's

edpontiac91 · 08-27-2009, 12:00 AM

Quote:

Originally Posted by ShowSomePromise

Don't get CC?

Don't spend more than you can pay off?

Pay it off at end of month?

Simple, no?

When your young and look at it from that vantage point, YES it's SIMPLE. Now have a home mortgage (first or second) help put your kids thru collage, need home repairs because things start to go wrong when it's over 30 years old, have health problems, lose your job and can't find work that pays as well as your last job and it's not so EASY to pay off your bills.

V · 08-27-2009, 12:03 AM

AFAIK, this actually started many months back with cc companies and banks raising rates of all customers, good or bad. As of the spring, i had a very high credit card balance, still mainly due to my SS build, lol. but once i reviewed the rates and saw what was going on, i took steps to stop what i could. I managed to get the card payed off and now dont have to worry about finance charges. I saved thousands that way AND brought my credit score even higher. Credit cards can be very bad and dangerous to all income classes of people, and im thankful i got out quick.

Now i just buy stuff with my debit card, much safer, lol, and the only time i will use a credit card is if it is one of my store cards and the promotion rate is 0%, but even then, i sent up automatic payments to avoid missing just one or being late with a payment, and then getting nailed hard with finance charges.

I'll even be refinancing my car loan next month to save money. I checked with USAA and my credit score earns me their lowest possible rates so why not lower my monthly payments 20-30 bucks i figure.

Mike · 08-27-2009, 12:08 AM

its a business. they aren't just handing out money

Knipps · 08-27-2009, 12:35 AM

Quote:

Originally Posted by cbrrmike

its a business. they aren't just handing out money

what he said. You don't like the rate? bitch them out. Pay it off asap. They're not here to do you a favor and they could raise the rate 20% overnight if they wanted. It's all about reading the fine print.

Blacdout96 · 08-27-2009, 12:54 AM

You wrote to Glenn Beck, and Bill O Reilly? you actually watch those news clowns?

Crayface · 08-27-2009, 04:15 AM

lol credit cards are only good for one thing and thats only if you pay it off once you get the bill and that is to raise your credit score, my score is almost 800 and im 21

BonzoHansen · 08-27-2009, 07:51 AM

Ed, you are old enough to remember mortgages in the high teens and unsecured credit (like a CC) were routinely in the 25% range.

Don't run a balance and if you have to (I understand your reasoning why) it's time to shop around and maybe play the balance transfer game.

Savage_Messiah · 08-27-2009, 12:49 PM

Quote:

Originally Posted by edpontiac91

Fox News

lol

NastyEllEssWon · 08-27-2009, 02:37 PM

Quote:

Originally Posted by Savage_Messiah

lol

fox news is fair and balanced

WildBillyT · 08-27-2009, 02:52 PM

Quote:

Originally Posted by NastyEllEssWon

fox news is fair and balanced

ALL media outlets are a joke. Every one. It's a business first and foremost. Viewership and readership.

Tsar · 08-27-2009, 03:07 PM

Well what can I say... Welcome to last year?

Either transfer balances to CC's with lower APR or stop buying stuff you can't afford.

Blacdout96 · 08-27-2009, 03:24 PM

Quote:

Originally Posted by WildBillyT

ALL media outlets are a joke. Every one. It's a business first and foremost. Viewership and readership.

QFT

91chevywt · 08-27-2009, 03:39 PM

Think of your credit card as an adjustable rate loan. EXACTLY what put the economy in the deep recession its in now with the housing market. What it comes down to is good ol' American greed. The credit card companies wanting to make more money by giving everyone who can read/write a card with a $5000 limit, then playing with interest rates to maximize profit. When others can't pay their card off, NO PROBLEM! Just bump up the rates of those who do pay off their cards to make up for it.

I've never been a fan of credit, or spending money you don't have. I only have cards to boost up my credit rating. The good credit rating is the key to a lot of things in this country. A house will probably be the only thing I ever pay interest on.

chemicalstylez · 08-27-2009, 05:28 PM

Its gonna go even higher... the president is in bed with the CC companies to boot. I always pay mine off right away, but to others who can't it sucks.

Also our fearless leader wants to tax you on how much you put on your CC per month. Things will only get worse with him.

deadtrend1 · 08-27-2009, 08:08 PM

no major cards here. i got a best buy card that i shredded, vida debit and a AMEX that my work gave me.

//<86TA>\\ · 08-27-2009, 08:35 PM

Quote:

Originally Posted by ShowSomePromise

Don't get CC?

Don't spend more than you can pay off?

Pay it off at end of month?

Simple, no?

i agree 100% credit cards are great cause you dont have to carry large amounts of cash.

people who use creditcards as loans are idiots, and deserve to pay their 25%+ interest rates.

WildBillyT · 08-27-2009, 08:53 PM

Quote:

Originally Posted by //<86TA>\\

i agree 100% credit cards are great cause you dont have to carry large amounts of case.

people who use creditcards as loans are idiots, and deserve to pay their 25%+ interest rates.

I'm with Phil. I pay for damn near everything on a CC. I'm more irresponsible with a lot of cash in my pocket.

//<86TA>\\ · 08-27-2009, 08:56 PM

Quote:

Originally Posted by WildBillyT

I'm more irresponsible with a lot of cash in my pocket.

yea, i find that if i have money in my wallet, i spend it really fast.

Tsar · 08-27-2009, 09:08 PM

Quote:

Originally Posted by WildBillyT

I'm with Phil. I pay for damn near everything on a CC.

+1. I have yet to pay 1 cent for interest... so it works for me. I use CC's as a charge card so it makes no difference what the APR really is.

LS1Hawk · 08-28-2009, 06:09 AM

Quote:

Originally Posted by Tsar

+1. I have yet to pay 1 cent for interest... so it works for me. I use CC's as a charge card so it makes no difference what the APR really is.

Seriously, I couldn't tell you what my APRs are. I never carry a balance...always pay the amount in full. If you do that, no worries about the APR. If my situation ever got to where I couldn't pay a credit card bill, I simply would stop using them.

jims69camaro · 08-28-2009, 08:04 AM

Quote:

Originally Posted by //<86TA>\\

people who use creditcards as loans are idiots, and deserve to pay their 25%+ interest rates.

that's an unfair statement. there are people who need to use their CCs to survive. i'm not talking about spending on luxuries, i'm talking about those who have to use their CCs at the supermarket to buy food. this economy is much worse than most of you know. it's not so easy to get by without a little help from your friends.

what ed says is correct, and it's something many won't ever know about, especially those who pay off their balances every month. the banks are in high "put it in their (the customers) asses" mode. i thought the law was already in effect, as i received several letters recently from my institutions concerning the "opt out" issue. i guess some of them are trying to duck the new law early.