Even if they have insurance, many people are plodding along, paying and paying high interest and the other penalty fees and being held hostage because they are unable to pay the balance of their accounts.
CC co’s are making BIG $$$ when they charge these loan shark fees and then add compound interest and keep you in a debtors prison until you can pay the balance. .
They aren’t making money from those who pay their balances off every month. In fact, insiders say some of these CC co’s refer to those people as “Deadbeats”
What is really sickening to me is a person can have their interest raised because they are considered a high risk. Then the co turns around in a month or so, and raise the persons spending limit! I know this from experience!
If they were concerned about a person being a high risk . they would not be offering more credit. That’s why I am sure bad credit loans with guaranteed approval are a much better alternative to high interest rate CCs.
I really don’t see that the subject is so off-topic for the blog. Debt and finances are such a broad range, and carry a lot of feelings, opinions and emotion.
And, you know, I agree with you that we should attempt to control our situation. The reason, in fact, I’m on the board and/or other boards is exactly that. I learned a hard, hard lesson about financial security by my experiences. Although my circumstance was out of my ablility to control, the experience catapulted me into a new awareness of the power of financial security and/or the lack of it. I sometimes feel like Scarlett O’Hara, shouting “As God is my witness, I’ll never go hungry again!”. From the day I faced BK, I vowed to never allow catasrophe to catch me unprepared again.
No one here is saying that the members of this blog are shiftless, conniving twits who should be locked away in some separate colony. Weare all looking for solutions to get out of debt and stay that way; at least, I think that is the intent. Not everyone will approach the situation from the same viewpoint for obvious reasons.
As I have stated before, I thrived due to Reagan’s trickle down economy. I put myself through college with the sorriest excuse for a GI Bill (1978-1980 version) and working 3 part-time jobs, plus serving in the Army Reserve. I then returned to the Army and completed 23 years of service. The pension is nice but does not cover enough bills. Adding the pension to my current salary (fourth career change in my adult life); I am approaching the mark of the 10% who pay 90 % of the taxes and it bothers me that I am being lumped into the group of the filthy rich – or the assumption that I am the rich white guy.
I do not subscribe to the philosophy that I am the Captain of my fate – God is; nor do I buy into the idea that I have ever been the victim of circumstances. I do however, subscribe (though not perfect) that I am to be a good steward of what I can control. Example – I made the decision to move my wife’s IRA into a Travel and Leisure fund in May of 2001, by October, it had lost almost 70% of its value. I made the decision, when it had regained to 50% of its original value, to move it into something more secure. If I had left it alone, that fund would be double what it is now. We cannot tell the future, we make decisions for the future based on our present situations and knowledge. Yet in the long-run, it is our decision how we are going to act or react.
I get annoyed quickly with certain attitudes I see sometime. As when people assume that I must be among the filthy rich and can afford to pay more in taxes (they do not know that I carry $20k in unsecured debt and $220k in secured debt). Another one is the assumption that corporations actually pay taxes or absorb debts out of their profits. The reality is, if they can, they will pass these on to the consumers so fast that it barely shows up on their balance sheets. The worst one I see is the idea that the government owes me a job (especially in the career field of `MY’ choosing), a house, food, a car, medical care, computer, the list is endless. People have confused their right to work and pay for these items without interference from the government with the idea that the government should provide for it. I do not, however, get upset over the Paris Hilton’s of the world jetting around in luxury. My wife and I may not be rich in money, but we are far richer in ways Paris will probably never know or even comprehend.
I do not wish to get this forum way off its intended topic. I would suggested, anyone desiring to carry on this conversation, replying via e-mail rather than use the blog.