Credit Cards-Economy

I have 2 credit cards right now that both took a giant leap in their minimum payment and to be honest I am pretty scared that I may not be able to keep up....knock on wood. My past credit cards, I consolidated and have one more payment and I'm done. I am hoping that is what will save me on these two. Technically...If you consolidate, you are not supposed to use any cards. They allowed me these two because when I consolidated I was like you...never late on any etc. At the time, I had 3 kids at home and child support was pretty much never. I used them to get by...didn't buy extravagant things with them but it adds up. Just a tip...don't close them out. I did that on mine and when I consolidated, they could do nothing to lower my monthly payment because they were all closed out. If they are open accounts, you can combine them and not only lower the interest but the monthly payments as well. All they could help me do was pay them off quicker. They said I should go bankrupt because I was sure to fail but I did it. I suggest you consolidate and get away from the credit. I am planning on going back in and consolidating the two cards I have and hopefully be completely debt free soon.

That's such a shame. I also cancelled my longest standing credit card a few years back but I've since had to change banks and I'm back with them at a much better rate. I always make sure and keep myself safe from any horrible increase in credit rates. I always opt to take loans out for the longest period I can which gives me a tiny repayment rate then I pay as much as I can so I have a safety net. I try to stay ahead with my credit card too. Our credit card rates are high at the moment but not as high as yours. Yours are extortionate. I think credit cards are the downfall of a lot of people financially...they are not good for the users, only the banks.

The last time I owned a credit card was three years ago. I don't like credit cards because of a particular credit card company here in the Philippines that uses harassment to get people to pay. This credit card company employs people who will call you up no matter what time it is in the day to demand payment, are very obnoxious and insensitive. My brother who works in a bank says that these credit collectors are trained to do this because they get commissions from the payments that they are able to get (by force). Those who have had this experience will know the credit card company that I am referring to. The economy is just an excuse to raise APRs. If I am not mistaken these banks have in fact taken bail out money, so why should they increase their rates? It's true that companies no longer value long standing members. They will put profit above anything else.

Just last week I started a blog about credit cards and what we can expect from the banks that issue them. Most all bank issued credit cards will be increasing the rates and fees and changing their terms. They are trying to get as much money from their holders as they can before the regulations take force in 2010. They don't care about you ,just the money...BUT There is a way to legaly stop paying interest on credit cards and you can use your cash back credit cards to make money. Go to http://intrestfreecreditcard.blogspot.com/ to read about the changes and learn how you can stop paying interest on your credit cards. It's time we started to learn how we can stop paying them an arm and a leg for their loans. It's sad when a person has to pay back $400 for an item that is only worth $50 and at the rate they are charging it could be even more. No intrest payments are a good way to pay off your credit card and increase your credit score

This is what the banks and financial institutions always do, they just corner the middle class, hard working and god fearing people, and they allow the big swindllers to get away. If you have $1000 loan, they will be always at your back to pay it and send some threathening letters or send some muscle men to get it back. If you take a loan of more than a million bucks, then you are treated royally, and your credit is also rescheduled and even if you do not pay it back, nothing is done.

maybe, though it sounds crazy, can a bunch of you somehow get together, and write to help me howard, or 7 on your side. (don't know if that is still in existence, and bring up the issue with media. They are quick to accept their bonuses, but penalize the customer. I don't have a CC myself anymore, but will be getting a prepaid one .

Yes, it has. I just recieved a letter that they are raising ours from 9.9% to 22.9%. It is crazy. It seems like they want everyone to default.

This is the reason so many people lose their homes, etc. Credit card companies get ya coming and goin.

How oneart canthy switch a minimum paymen from 290 to 700 and do it legally? that is nuts. I heard all credit cards are doing this kind of stuff before. I heard it is because of the bill Obama has passed to do wth credit cards. That they re doing tings like this nowbecause they will not be ale todo afterwards. I know my payment went from 20 bucks a month to 80 bucks amonth. Needless to say, I canceled the card.

I think it is all a scam. they do not care about the customer. I had two credit cards. I used them both and would make my monthly payments or pay them off in full if possible. They cancelled one of them because I had not used it in a while. They also lowered the credit limit on the other one also. They both had a zero balance on them too. I wanted a credit limit increase to make a purchase with it so not that is impossible too. They are ate up!

hello Polly1, I don't usually use credit cards but since I was told before that applying for a VISA abroad is one of the requirements for they need my credit history. And because of this I applied one in the bank where we have deposit. So I've been using that for almost a year now. So far I don't have any problem with it yet since I'm paying all the amount that I purchased monthly. This way I don't have to worry about anything.

When I got that notice under the same conditions you got it, I called, they let me keep the same balance at the same interest if I closed the card so that is what I did. This didn't seem to change my credit score, but I sure resented the hassle and will never deal with them again. I don't know if this was the same company, but I share your rant.

I dont have any credit card, cos i always think spend money befor you earn is is not a good habit. So i keep saving money.

I feel your pain! I am struggling with my credit cards right now. My interest was put up too and my minimum payment has got ridiculous but like you, I couldn't get them to take it down, due to 'the economy'. I do blame myself for getting the amount on my credit card I have - its not huge but I have been laid off from work, so at that point it became huge to find the payments, and I am in that cycle where I am paying my minimum and interest every month and ot paying my balance down, just maintaining it. I am trying to dig myself out and it would be really nice if they could work with me and say, we will lower this to something manageable so that you are able to make the payments until you get a job. But I guess they don't have to, and know I am not alone in this situation. I look forward to the day my biggest card is paid off. I will CRY when I make that last payment, with happiness!

I agree with what others have said. You would think with the Economy the way it is they would want to keep their customers and reward the ones who always pay on time instead of penalizing them, and making things worse. It really makes me wonder who really is in charge. But seriously with so many of them tending to go this way anymore, I wish there was a list somewhere of companies who do not do this so everyone ever wanting Credit would know which ones are the Best to turn too for sure.

Polly, we got in deep with our cards when they did stuff like that a few years back. We do not carry any credit cards at all. If we need one, we preload it. You were too loyal and good a customer, they were not making very much money off of you. They had to raise the rates. Not very nice at all.

I do not have any credits cards or loans.But,my mom does.They have raised her minimum payment and percentage rate both on the same card.She was having enough trouble making the minimum payment before. However I have seen other payments and prices go up.I do not have medical insurance so therefore I have to pay the doctor.The price has gone up from $70 to $115 for an office visit.

I feel sorry for you. It seems after 20 years of being a customer, they could not value the loyalty. Its sad but true in many cases, the loyalty is lost. And due to this recession and all, many financial institutions have become more protectionist.They should have valued it.

i personally dont have anything other than a debit/check card. however the same exact thing has happened with both my dad and my grandmother! for dad it was Discover, his APR went from 11 or something to 29% too! he called they said it was due to a "late payment made in DECEMBER" in DECEMBER?! and they are just NOW doing something about it? bullsh*t. he even went back through records and he NEVER made a late payment. he called back, the man at the company said that (and get this TOTALLY illegal flat out lying) that dad would have to make payments FOR ONE YEAR AT THAT APR, in order for them to consider lowering it. bullsh*t again, they told him he could NOT cancel the card and keep the current APR. flat out lied to him! so he told them to not expect any payments from him at all and that they can take him to court...1 month later they send a letter offering him an APR at like 15%..dont know if he's spoken to them since then or not lol! for grandma..she has too many cards..7. but even though she is on a very fixed income she was always able to make the payment and usually a bit over like you do. then EVERY card she had raised their apr to 29% EVERY ONE. like your mom her BofA card min payment went from just under $200 to $642 a month! thats 2/3 of her monthly income! then with all the other cards min payments jumping up she would actually be in the hole by a few hundred dollars each month and that doesnt even count FOOD or her medicine! i finally got her enrolled in a managment plan and damn if that wasnt a month long hassle trying to get the credit companies to agree to the proposal! now she has a whole $130 left each month after JUST making the credit card payments! if i wasnt here she would be able to pay perhaps 2 utilities and not eat. what really pisses me off about this whole situation is the fact that us "little people" are getting the flood affect of "sh*t rolls down hill" and ultimatly the credit companies are screwing themselves..since by raising the payments/apr like that they are causing many many ppl to choose between eating and making a minimum payment..im sure as hell choosing food, like most families, so that means that instead of getting a $50 check each month they are getting nothing...how can the credit companies think raising the apr is going to benefit them like that?! ok..now my rant is over lol!

It's pretty much happening to everybody now Polly. One of mine has been hiked way up there so I canceled the card and so has my mom's and she was only using hers for medical bills and nothing else. Now she has nothing and can't go see her chiropractor/acupuncturist anymore which was helping her a little bit from the effects of her stroke. It isn't right at all but what can we do? Not a damned thing but suffer the consequences of things that are beyond our control and is NOT our fault.