Found Something That Concerns All Of Us

[funceca88]

i think this concerns ALL of us, just read it and you will understand

 

http://www.nytimes.com/2009/05/19/business/19credit.html

[slammedbowtie]

what is sterling? i have citibank better pay off my loan for my wheels and tires quick! my 0 percent is about to end!!!

[funceca88]

what is sterling? i have citibank better pay off my loan for my wheels and tires quick! my 0 percent is about to end!!!

 

 

i think sterling stands for 'good'

 

i have capitol one, 'whats in your wallet?' a pain in the ass, thats whats in my wallet you s.o.b

 

 

my o % just expired, now im in deep sh%t, i regret ever getting one

 

they are helpfull sometimes, you just have to control yourself

Edited May 19, 2009 by la poderosa (see edit history)

[Black2003SS]

I learned a long time ago to not have credit cards. Not having credit card debt saved my a$$ when I lost my job. I realize you need one to reserve rooms, flights, etc, but you really only need one, maybe two. Department store cards are designed for people to fail, they bank on it and they make a killing. I've been credit card free for over 3yrs now. Now, I also counsel people on their finances. Actually, I'm a bankruptcy counselor for a non-profit organization. It boggles the mind what people are thinking and doing out there. Making $35k per year and having $60-70, even $80-90k in credit card debt. How the hell does anyon even get that much credit with that salary. Its borderline criminal. And what the credit card companies are doing now, although completely legal, is the most dishonest practices I have ever seen from any industry, including the mortgage industry. Sure, when used "properly" credit cards are fine. But to be honest, even people who say they use their credit responsibly are probably lying. Less than 25% of credit card users use credit responsibly. People fear what others might think of them for buying all that new furniture or car parts on a credit card. The other big issue is that some people intend to use credit responsibly, but they dont prepare their finances to establish an emergency fund (kind of hard when living paycheck to paycheck). When something goes wrong, like a major car repair, medical bill, or other large unexpected debt they dont have the money in savings, so they resort to credit cards. Its a cruel cycle. I should note however, that the #1 reason why people file bankruptcy is not because of over spending or credit card debt, or even unemployment, its because of catostrophic medical expenses, usually as a result of no health care.

 

So on that note, if anyone is having financial trouble, there is help out there. But you have to be careful. There are FOR PROFIT debt consolidation companies that promise miracles, but are actually very dishonest. They will tell you that they will negotiate your balances down, your rates down, yada yada, and all you have to do is make one moderate monthly payment to them and they take care of the rest. Again, like criminals, they forget to tell you that your first 2 or even 3 payments of hundreds of dollars in most cases, goes to them, not your credit card debt. Then, all of a sudden, the cards you were struggling to pay to begin with are now 2-3 months further behind. In some cases, they go to collection, lawsuits, judgements, wage garnishments etc. Most of these for profit companies are fly by night, set up shop, take peoples money, do some work, get investigated or shut down and spring up under a new LLC.

 

You want to work with only non-profit organizations out there. Of course, being non-profit, these companies, like mine, do not advertise on the radio ro TV. Almost all of those that do are for-profit. Non-profit organizations like mine charge only a small $50 monthly fee for managing a debt management program and start sending your payments right away. In some rare cases, we have been able to reduce balances owed. However, its rare. The advantage is that we typically do get interest rates lowered from 20-30% to like 5-9%. We also get some over limit fees or late fees reduced or eliminated. We've been around since 1961.

 

www.greenpath.com

 

And if anyone is facing foreclosure or possible foreclosure in the near future, there is help for that as well. HOPE NOW is an alliance between HUD approved counseling agents, mortgage companies, investors and other mortgage market participants that provides free foreclosure prevention assistance. My organization participates in this as well.

 

www.hopenow.com

 

I would be happy to lead any one in the right direction if they need help. However, please realize I am not an attorney and can not give direct legal advice.

Edited May 20, 2009 by Black2003SS (see edit history)

[Eddie]

It is important to have a credit card to boost your credit score and in case of emergencies. Real emergencies. I don't have any credit card debt. I almost always pay cash, too. They do have some shady ways of making a profit. But they are in it for themself. I have Navy Federal and they always seem to take care of me.

[funceca88]

I learned a long time ago to not have credit cards. Not having credit card debt saved my a$$ when I lost my job. I realize you need one to reserve rooms, flights, etc, but you really only need one, maybe two. Department store cards are designed for people to fail, they bank on it and they make a killing. I've been credit card free for over 3yrs now. Now, I also counsel people on their finances. Actually, I'm a bankruptcy counselor for a non-profit organization. It boggles the mind what people are thinking and doing out there. Making $35k per year and having $60-70, even $80-90k in credit card debt. How the hell does anyon even get that much credit with that salary. Its borderline criminal. And what the credit card companies are doing now, although completely legal, is the most dishonest practices I have ever seen from any industry, including the mortgage industry. Sure, when used "properly" credit cards are fine. But to be honest, even people who say they use their credit responsibly are probably lying. Less than 25% of credit card users use credit responsibly. People fear what others might think of them for buying all that new furniture or car parts on a credit card. The other big issue is that some people intend to use credit responsibly, but they dont prepare their finances to establish an emergency fund (kind of hard when living paycheck to paycheck). When something goes wrong, like a major car repair, medical bill, or other large unexpected debt they dont have the money in savings, so they resort to credit cards. Its a cruel cycle. I should note however, that the #1 reason why people file bankruptcy is not because of over spending or credit card debt, or even unemployment, its because of catostrophic medical expenses, usually as a result of no health care.

 

So on that note, if anyone is having financial trouble, there is help out there. But you have to be careful. There are FOR PROFIT debt consolidation companies that promise miracles, but are actually very dishonest. They will tell you that they will negotiate your balances down, your rates down, yada yada, and all you have to do is make one moderate monthly payment to them and they take care of the rest. Again, like criminals, they forget to tell you that your first 2 or even 3 payments of hundreds of dollars in most cases, goes to them, not your credit card debt. Then, all of a sudden, the cards you were struggling to pay to begin with are now 2-3 months further behind. In some cases, they go to collection, lawsuits, judgements, wage garnishments etc. Most of these for profit companies are fly by night, set up shop, take peoples money, do some work, get investigated or shut down and spring up under a new LLC.

 

You want to work with only non-profit organizations out there. Of course, being non-profit, these companies, like mine, do not advertise on the radio ro TV. Almost all of those that do are for-profit. Non-profit organizations like mine charge only a small $50 monthly fee for managing a debt management program and start sending your payments right away. In some rare cases, we have been able to reduce balances owed. However, its rare. The advantage is that we typically do get interest rates lowered from 20-30% to like 5-9%. We also get some over limit fees or late fees reduced or eliminated. We've been around since 1961.

 

www.greenpath.com

 

And if anyone is facing foreclosure or possible foreclosure in the near future, there is help for that as well. HOPE NOW is an alliance between HUD approved counseling agents, mortgage companies, investors and other mortgage market participants that provides free foreclosure prevention assistance. My organization participates in this as well.

 

www.hopenow.com

 

I would be happy to lead any one in the right direction if they need help. However, please realize I am not an attorney and can not give direct legal advice.

 

 

im glad i posted this topic, thanks

[NashSS]

I got a credit card the day I got my truck with the auto loan and it was the biggest mistake of my life!

[CoolBlueSS]

Doesn't concern me. I don't have credit cards, and never will again. You really want to send these people a message? Pay them off, cut them up, and never use them again.

 

 

As far as car rentals, hotel rooms, ect they accept debit cards with the Visa/MC logo.

Edited May 20, 2009 by CoolBlueSS (see edit history)

[Black2003SS]

As far as car rentals, hotel rooms, ect they accept debit cards with the Visa/MC logo.

 

Very true, as long as you have the room for the hold on funds in your checking account. Many of them will place a monetary hold on the card and for someone who doesnt have thousands in their checking (a vast majority of citizens), it could spell disaster. I had friend who went on vacation and reserved a room with his debit card. The hotel placed a hold of $250 on his card. He only had a $1,000 in his checking account and ended up running out of money while on vacation thinking he had a 1,000, not $750 to work with. Yes, the hold was lifted and they didnt keep the money, but it made for a very inconvenient experience.

[CoolBlueSS]

Very true, as long as you have the room for the hold on funds in your checking account. Many of them will place a monetary hold on the card and for someone who doesnt have thousands in their checking (a vast majority of citizens), it could spell disaster. I had friend who went on vacation and reserved a room with his debit card. The hotel placed a hold of $250 on his card. He only had a $1,000 in his checking account and ended up running out of money while on vacation thinking he had a 1,000, not $750 to work with. Yes, the hold was lifted and they didnt keep the money, but it made for a very inconvenient experience.

We did experience that problem. Every since then we will pay for the room up front. That also make check out easier.

[IndySilveradoSS]

i got a cc right out of high school, figured, free cash, BIGGEST mistake i ever made. i was in college, no job, no money, so i didn't pay it, didn't really know th eramifacations of it, now i pay more for anything i finance! no more cc for us...ever...like dave ramsey says, " the borrower is slave to the lender"

[CoolBlueSS]

i got a cc right out of high school, figured, free cash, BIGGEST mistake i ever made. i was in college, no job, no money, so i didn't pay it, didn't really know th eramifacations of it, now i pay more for anything i finance! no more cc for us...ever...like dave ramsey says, " the borrower is slave to the lender"

We took FPU a year ago, and it's that quote that hit me like a ton of bricks. I don't want to be a slave any longer.

Avid Dave Ramsey fan/listener.

[Black2003SS]

Fortunately, our federal legislature just passed a law that will most likely hit Obamas desk in the next week or so. It will prohibit credit cards being issued to unemployed college students and place restrictions on just how much credit a student can get so they dont get out of control. Also, the universal default clause is being banned (where a cc company can raise your rates for being late on ANY other debt). Also, the new law regulates the industry alot in respects to billing, notifications, fine print, and when/how they can raise the rates and also deals with promotional offers as well. It has received little press recently, but it is the biggest reform to the credit industry in decades. Most people dont even have a clue how this law will help them.

[Jaymz]

don't have a credit card, and never will.

 

If you can't afford it in cash, you can't afford it. Period.