Re: Credit card interest

Posted by Jade (216.130.15.9) on May 13, 2002 at 03:27:05:

In Reply to: Re: Credit card interest posted by Linda on May 12, 2002 at 22:09:40:

The credit cards are rarely used anymore and right now, the interest rate on 2 of them is low. One of them is low enough that with just the minimum payment, around $90 a month actually goes towards the balance. But Citibank has taken over this card and their notice about it said that if you're late on a payment with them or any other creditor, they'll raise the rates to 30%! We already have one that's at 21% and with everything else, we can't afford to pay more than the minimum, which really sucks. I'm hoping that the rate stays the same on the lowest one so we can get that balance down and then tranfer part of the balance from the highest card to the lowest one. Of course, the way these people work, they'll raise the rate just because they can, based on collection accounts and charge-offs, even though we always make our payments on time with them and the other couple of cards. I just don't understand how they expect people to ever be able to dig themselves out and get debts paid when they make it hard or impossible to do. Whoever makes these decisions to raise the rates must not know how to think logically.....you don't take someone who had some financial problems and might still, and make it harder for them to pay by raising rates and, therefore, minimum payments. If someone is having problems paying what they already have, how in the hell can these creditors expect you to be able to pay if they increase what you have to pay?

And the fact that the government allows companies to check your CR and not hire you if they don't like what they see. Your company can't fire you the first time your wages get garnished, but if it happens a second time, they are permitted to fire you. So, if your credit is bad and you can't find a job because of it, or you lose your job because of garnishment, what are you supposed to do? You sure can't pay your debts with no money and you end up on welfare....makes a lot sense.......sorry, had to vent.....this is just getting so frustrating, trying to get things straightened out and running into brick walls. Every time I come up with a plan to get things paid down and fixed, etc, they always screw something up. I'm about ready to look for a deserted island to live on.

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