Comments on: Big Bad Credit Card Companies?

By: Stan

Stan — Sat, 23 Feb 2008 15:02:39 +0000

would bankrupcy be an option for my mother? her only income is social security and a small pension of 63 dollars. i don’t know how she got into this mess but she has about 10000 in credit card debt. i don’t know how these companies even gave her a credit card with such meager income. am i right in understanding that her social security is protected from these leaches? Or would bankrupcy be the only way to go

By: David

David — Tue, 15 Jan 2008 15:12:22 +0000

I had met with an attorney who said I definetly qualified for chapter 7. His quote was $2500 to proceed. I am in such bad shape financially and still don’t have a job that I cannot afford to file. All of my accounts except for a few are in default. Is there a way to self file? What are the costs and also what are the pitfalls.
Thanks

By: Surender Singh Negi

Surender Singh Negi — Fri, 11 Jan 2008 01:55:26 +0000

These cases have become very common now these days. See, credit card are given only for emergency purpose and also to keep dollar away from your pocket so that you can control on your money. Credit Card companies did not started this feature so that people fall into debt.

In fact, now these days, people are misusing the credit cards for just purchasing the items which are not really a needy things. They purchase thing just for their satisfaction. They try to show their bad expenditure qualities. And there is nothing wrong with credit card companies that they are charing highly interest rate on outstanding balance. In fact, we are aware about this before purchasing any items. But that time, we do not care.

Okay, that is case. Believe me, I was also the victim of this but I sorted out my issue with good way. I started my own website in which I refer the people to bank industry for credit cards and I get commission on my referal program.

There are many ways through which we can sort out our issues which we are facing with bank industries/credit card issuers. I would say that there is nothing wrong with bank issuers because they clearly mention their terms and condition which we ignore always before purchasing any products.

We do not assume the things before buying any luxiours things.

Credit Cards should be used only if we are really in need otherwise not. If things comes under your budget and you are sure that you will be able to pay your credit card bills then goahead otherwise not.

By: Cathy Foster

Cathy Foster — Thu, 20 Dec 2007 21:30:36 +0000

I am also one of those people who pays her bills. I always have had great credit. We bought a business a while back that is now not doing well, our local economy is non existent. I’ve been taking cash advances against cc’s to keep my vendors and taxes paid. Now I have so many cc bills that I dont know if I will be able to keep them current! If business doesnt pick up soon, I’ll have to give it back to the seller and file personal bankrupcty to keep the vendors at bay, not to mention cc’s! I’m on the edge here, and I’m not seeing anyway to save myself here

By: Daniel

Daniel — Tue, 11 Dec 2007 08:11:05 +0000

I have the same problems lately and even with business cards and lines of credits, equity lines!!! Told them I lost my income due to broker’s bk and nonpayment of commissions and needed to lower payment for a little while until back on feet again. What they did was lower all limit across the board, interest rates, penalties for over limit! and ending up with much increased monthly payment and no available credit to assist with anything while in desperate need to pay bills. So squeezed tighter and tighter until credit got behind without income coming in to assist and no way out of breathing room! Penalties, overlimt without advance warning by reducing the limit, dishonoring checks provided for advance after already written, sent out and presented!!! These were checks provided during good times encouraging to transfer balance, pay debts, other credits, etc. by sending checks after checks to write and use them when we do not need them. Then suddenly when you need them most while in temporary loss of income, they are no longer honoring anywhere or anyplace without prior warning but adding more fees, penalties and increased rates!!!
HOW CAN THE GOVT LET THESE GIANT GREEDY CREDIT COMPANIES GET AWAY WITH HIGHWAY ROBBERY ABUSE OF THE SYSTEM!!? Instead of being sympathetic with long term good paying customers who never defaulted but at this hard time, asking for TEMPORARY RELIEF WHILE WAITING FOR INCOME TO COME IN, received unsympathetic response and got pushed way down the hole!! with fees over fees and huge increased in rates to 34%!!!??Or they say no longer able to use credit even though payments were still being made and all because the scores lowed when reduced balance limit resulted as if fully used new limit reported by CREDIT BUREAUS!!!! SHOCKING!! B OF A, CHASE, AMXPRESS,COUNTRYWIDE,CENTRAL MORTGAGE, EMC, ETC. ARE ALL MOST GUILTY!!! with penalties, overlimit fees, increased payments of three times the normal suddenly? FURTHER WHEN THEY SEND YOU CORRESPONDENCE, THEY ARRIVE WITHIN A FEW DAYS USUALLY BUT WHEN YOU SEND THEM CHECKS, IT TAKES AT LEAST A WEEK OR MORE TO REGISTER RECEIPT AND SO PENALTIES OVER PENALTIES SINCE NO EVIDENCE OF WHEN THEY ACTUALLY RECEIVE AND WHEN THE CLERK HAS THE TIME TO INPUT INTO COMPUTERS??? EVEN IF YOU WALK IN YOUR PAYMENTS WITH RECEIPTS CLEARLY STATED WITHIN PREPENALTY DATE, THEY STILL CHARGE LATE FEES!!! AND REFUSED TO REMOVE?
A CLASS ACTION LAWSUIT IS MOST APPROPRIATE to STOP SUCH ABUSE!!

By: Jim N Panist

Jim N Panist — Sat, 27 Oct 2007 08:56:10 +0000

I`m one of those people that have to agree, very bad c/c companies out there. I`ve had credit since, it`s been so long, well over 20 years. Theres seem to be a trend that even with excellent credit, they will bring you down,get those fee`s weather there over your credit limit,late, etc.. I`ve had my credit reduced all the time, had my 25% to 30% balances on my accounts all of them. Never had any payments late,stayed within my %, but yet they kept reducing my credit lines across the board. My income was at $60,000 a year with a slight increase in pay (2%) for over 10 years at the same firm. Seen my rates go to a record 28% with no flaws on my credit report!! There answer to that is couldn`t explain THE C/C/ COMP. Kept insisting that there`s to many hits on my credit in past 12 months, (which were not true), my bal were to high, that was no thanks to them by lowering my credit, and finally the best one is by far the best my credit history is short new accounts, lol!!!!! Remember have credit history well over 20 years. 95% of my credit is through the same people. There answer to that was prove that my score was high and they will riase my lines to there origanal status, well to my disbelief with a 720 fico score was not enough for them, they said look on your disclouser that we as a c/c/comp can raise your APR, LOWER YOUR CREDIT LINES AT ANYTIME!!!! WOW !!! How can anyone get out of debt like that? I`m doing OK for now however the way things are moving with job security and all, kinda makes you wonder that even the smartest,brightest can get trapped. Hope I dont have to do that!!!

By: Richard K. Gustafson

Richard K. Gustafson — Sun, 07 Oct 2007 08:11:50 +0000

Stories like this are very common. Most of the clients my firm represents have similar facts. I certainly hear a lot about these folks who supposedly never intended to repay their debts and went on spending binges then filed bankruptcy, but I can’t find these people. I read about some that don’t get their debts discharged because the creditors object on fraud grounds.

But, the post illustrates that there is this idea that there are “bottom feeders” out there trying to take advantage of the system and while I’m not naive enough to think it doesn’t happen, I think it is rare.

By: Mary Jo Fundock

Mary Jo Fundock — Thu, 13 Sep 2007 16:09:32 +0000

I am a victim of C/C. I was sick. I had depression. I had great credit. Then I started to spend. The more I spent, the more they gave me. Before you knew it I was 30k in debt. The c/c companies will let you go over your limit, in some of my cases it was as much as 2k. When you call and ask them to raise the limit to meet this they laugh at you and say the only way they can help you is to pay down to your limit. So on top of not making the payment, you now have two fees, one for over the limit and one for late. With interest my debt soared to over 58k and I could not work with them! The c/c companies are the reason the government changed the laws. They have so much money they could lobby on the side of their business practice. They feed on the young and the ill. I am intelligent, and have read enough, to know that it was also put in place to stop the bottom feeders who have and then never payback because they file B as soon as their debt is high again. These people filed over and over again without remorse. Us that got caught in the trap are horrified and vilified. I didnt’ want to file but I had no choice. We almost lost everything we worked for because of a six to eight month span of my life that I was ill. We are middle class people with decent wages, decent home but certainly no taj mahal. We did not live a large life. I worked a job that was killing me just to try and pay them back. They are mean and they are cruel. I just hope someone gets the ear of the proper legislative people and makes them realize that yes Bankruptcy reform is necessary but don’t hurt the guy that needs it. Believe me, I will pay back my five year plan GLADLY because I would have paid back what I OWED if they had just let me. At this time myhusband has retired but has to work as I am not unemployed. I continue to make my monthly payment because I OWE IT. I have not gone back and asked for a reduction or a possible Chapter 7. I pay my bills. I have worked since I was 16 and never owed a dime. But for 6 months of my life, I will pay forever. Thanks to those lovely pieces of plastic and their ability to ruin lives.