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Thread
:
Think the Credit Crunch WON'T Effect you? THINK AGAIN
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10-29-2008, 06:04 PM
Lody
Banned
Join Date: Sep 2007
Location: Boston, MA
Posts: 19,093
OK-so I am a stickler for paying my bills on time, making sure money goes into my savings and 401k and I don't accumulate credit card debt etc. I am married with two kids (2 and 8) a dog and cat.
If you are familiar with Suze Orman, she has been ranting and raving about the credit crunch and how we are going to go back to a cash society. She appeared on Oprah a few weeks ago and a couple was featured who had 29 credit cards and was $90,000 in debt. They were using their credit cards to pay their mortgage, they were in that much trouble. They lived in an extravagant house they couldn't afford and racked up debt, debt and more debt.
Suze looked at them and said, "What? Do you expect me to feel bad for you?" She went on to say that everyone needs to do what she has been telling them for years now which is live within your means, drive a car for 10 years, put money away in an emergency fund and if you can't pay off the credit card charge at the end of the month-then don't buy it. Sell your houseand get a smaller one. She continues saying that credit card companies are going to start limiting your credit, it will be uber difficult to obtain credit, and they may also start to decrease your limits. She re-iterates what you need to do etc. She also says that this will eventually pass and we WILL be ok. We all just have to make better choices.
I looked at my wife and said, "well, where do WE fit into this?" My car is from 2000 (1999 model year), I play a Nintendo 64 with my daughter, I have THREE savings accounts and a 401k plan. I paid off my school loans and have ZERO credit card debt. The only money I owe is my house. I buy/sell action figures so I am not really spending a whole ton of money there. We are not into electronics and have no problem shopping at the Salvation Army and Aldi food markets. We have no issue with accepting a used TV/DVD player/digital camera to replace an old one and have a pre-paid call phone. The kids are dressed in nice clothes, that we get from Target/Walmart. Sounds good, right? So why would any of this effect us right now? Where do we fit into this big clusterF**K?
Well, we found out the other day.
One of the TWO credit cards I have (one personal and one that was for emergency use but is now currently being used for business travel to and from Los Angeles and is paid off before the end of each month by the company via expense reports) was CANCELLED by the issuing credit company. They sent me a letter and stated that since I had not used it since January (when I made a $500 payment and brought the balance down to zero) they were closing it. They said that they PROACTIVELY will close accounts to protect ME against identity theft.
I called the company, who will remain nameless right now, who stated that there were NO issues with my card but YES they did cancel it. I asked them why and they responded with the same jargin that was included in the letter. The CS rep (who was difficult to understand BTW because I was obviously talking to a call center OUTSIDE the US) said that they reserve the right to cancel ANY CARD for ANY REASON. I asked them why on earth would they cancel an account in good standing from a 5+ year customer who had ALWAYS paid on time, more than was required and never over their limit. An absolute model A customer. I basically gave him the whole rundown about how I was one of a select few Americans that handled their credit responsibly and does not find themself in the same mess that so many others have in recent time. Yet they decided to cancel MY card
He didn't respond.
The only thing he said he could do was send me an application for a new account. I asked him why the HELL would I want to continue doing business with a company that treats it's good customers this way. What do they do to their bad customers? Burn them at the stake? I told him thanks but no thanks, to get bent and hung up.
I have family members who have filed bankruptcy SEVERAL times. They can barely make ends meet yet they have better cell phones, nicer cars and throw parties with HUNDREDS of dollars worth of booze quite frequently.
But MY card was cancelled. Yeah, go figure.
So, JUST in case your wondering how the volatility of the economy will eventually effect you-
now you know and you know how the rest goes!
Lody
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