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10-29-2008, 06:04 PM | #1 |
Banned
Join Date: Sep 2007
Location: Boston, MA
Posts: 19,093
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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! |
10-29-2008, 06:24 PM | #2 |
low level hell
Join Date: Jan 2008
Location: Central Alberta, Canada
Posts: 614
|
Credit card companies want you to carry a balance. They want you to make only the minimum payments. There's a reason why they charge 21% interest. They make money hand over fist on the people who carry huge debt loads.
Not trying to knock you, just sayin. They are in business to make money. They don't make money off the people who pay on time.
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10-29-2008, 06:27 PM | #3 |
Plastic lover
Join Date: Sep 2007
Location: Over The Rainbow!
Posts: 8,395
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The same situation you describe happened to a friend of mine way before this economic meltdown about a year ago.
She has two credit cards which do not get used. As she believes cash/paper rules. She is right nowadays. The company canceled her credit card because she barely used it. She would only use it for big purchases and it would normally be payed off in a timely manner. They told her to apply again and that they were sorry for the inconvenience. Go figure.
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Anything but to face ourselves as we are... |
10-29-2008, 06:34 PM | #4 |
Banned
Join Date: Sep 2007
Location: Boston, MA
Posts: 19,093
|
Quote:
Credit card companies want you to carry a balance. They want you to make only the minimum payments. There's a reason why they charge 21% interest. They make money hand over fist on the people who carry huge debt loads.
Not trying to knock you, just sayin. They are in business to make money. They don't make money off the people who pay on time. J/K I totally understand this but at the same time, it sucks and makes no sense to piss off a good customer. |
10-29-2008, 06:39 PM | #5 |
Iron Grenadier
Join Date: Jul 2008
Location: pa
Posts: 545
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This is totally hitting the action figure collectors world, chargebacks on paypal have become the norm. I have gotten ripped off more the last month then all my years combined on ebay. I'm actually considering taking checks and money orders instead of paypal. I got raped for $175 on 1 chargeback this week
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10-29-2008, 06:39 PM | #6 |
HissCommander
Guest
Posts: n/a
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im with you man. debt free is the way to be. My only bill is my car and insurance. I hate debt. I have been saving for years and years. I actively use my credit card, but never go over a couple hundred at a time in which i pay off all at once anyways. My wife is another story though. I have to monitor her spending, she likes to open retail cards like mervyns or victoria secret to get the 5% off they offer you. I signed up for the equifax gold package and man that shit is a life saver. I can see everything that goes on with my credit, if she opens an account it pops right up. I actually found that there was 2 accounts opened in my name that weren't mine. I filed a claim with equifax and it was taken care of in a week.
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10-29-2008, 06:40 PM | #7 |
Iron Grenadier
Join Date: Jul 2008
Location: pa
Posts: 545
|
It is very sad but very true
Quote:
Credit card companies want you to carry a balance. They want you to make only the minimum payments. There's a reason why they charge 21% interest. They make money hand over fist on the people who carry huge debt loads.
Not trying to knock you, just sayin. They are in business to make money. They don't make money off the people who pay on time. |
10-29-2008, 06:40 PM | #8 |
HissCommander
Guest
Posts: n/a
|
Quote:
This is totally hitting the action figure collectors world, chargebacks on paypal have become the norm. I have gotten ripped off more the last month then all my years combined on ebay. I'm actually considering taking checks and money orders instead of paypal. I got raped for $175 on 1 chargeback this week
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10-29-2008, 06:43 PM | #9 |
Banned
Join Date: Sep 2007
Location: Boston, MA
Posts: 19,093
|
Quote:
This is totally hitting the action figure collectors world, chargebacks on paypal have become the norm. I have gotten ripped off more the last month then all my years combined on ebay. I'm actually considering taking checks and money orders instead of paypal. I got raped for $175 on 1 chargeback this week
How does your chargeback relate to this topic? I would imagine that if they used the credit card, even if they went over their limit it wouldn't matter unless it was stolen. |
10-29-2008, 06:44 PM | #10 |
Iron Grenadier
Join Date: Jul 2008
Location: pa
Posts: 545
|
Basically if someone challenges a credit card charge for instance a stolen credit card, it gets taken from your account. People swear that you can avoid this with paypal seller protection, but from what I have seen so far its more paypal/ebay bull
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