basically the same deal
Jim,
At a little over seven percent there was no reason to pay off that credit card so I had let the balance build although I paid several times the minimum payment most months and never paid minimum. What they were betting on when they squeezed me was the same thing they were betting on when they squeezed your friend, that neither of us could pay. I was lucky, I could pay but my money was earning more than I was giving the credit card company so I didn't want to until they jacked the rate. They should have been happy instead of trying to rape me. Had they raised the rate to the roughly 11% of my other cards I would have just paid it off and kept the card. Note the less than eight percent wasn't an introductory thing, it had been there for several years. They just figured the running balance meant I was in a bind and tried to squeeze me.
As for collection guru, sounds like he tried to do a good thing out of the goodness of his heart. I have to admit that if someone representing a credit card company told me they wanted to do something for me out of the goodness of their heart I would weld steel boiler plate into the seat of my longjohns. That sounds a lot like I'm from the IRS and I am here to help you!
Hu
av84fun said:All I am saying is that for the lender to jack someone's interest rate to 31% because they missed the due date by a few days on ONE payment is sickening.
And right, you and I would just pay it off and never use that bank again but the poor slob who just got laid off or is in the hospital (which is what happened to my friend) may not be able to pay off the card.
Regards,
Jim
Jim,
At a little over seven percent there was no reason to pay off that credit card so I had let the balance build although I paid several times the minimum payment most months and never paid minimum. What they were betting on when they squeezed me was the same thing they were betting on when they squeezed your friend, that neither of us could pay. I was lucky, I could pay but my money was earning more than I was giving the credit card company so I didn't want to until they jacked the rate. They should have been happy instead of trying to rape me. Had they raised the rate to the roughly 11% of my other cards I would have just paid it off and kept the card. Note the less than eight percent wasn't an introductory thing, it had been there for several years. They just figured the running balance meant I was in a bind and tried to squeeze me.
As for collection guru, sounds like he tried to do a good thing out of the goodness of his heart. I have to admit that if someone representing a credit card company told me they wanted to do something for me out of the goodness of their heart I would weld steel boiler plate into the seat of my longjohns. That sounds a lot like I'm from the IRS and I am here to help you!
Hu