Credit Card companies are the root of all evil!

a reply to: Tardacus

Credit scores are useful when you want to buy a car. Hard to commute as much as we do when you are buying something you have to scrape together the cash to buy. I would be happy doing that if we lived in a small town and didn't drive but four or five miles to get to employment and school.

Hear hear!

Damn parasites. Thanks for telling your story, one that is all too common. A post well put. What a racket!

Good luck!

I rember my sociology teacher in college warning everyone about credit cards, she said they are tools of enslaavement. That you'll never, be able to just go off travelling if you get credit cards, always be committed to debt. I still got one, but only for emergencies. Never use it.

To the OP, I empathize with your predicament. However, the credit card company is within their rights to raise your rate after you've missed payments. I've found most won't do it after one missed payment, but definitely will if you do it multiple times.

The reason they want you to pay a higher rate is because you are now a higher risk. The interest rate reflects the risk of the investment. Credit cards are UNSECURED debt which means if you stop paying, the bank has nothing like a home or car that they can foreclose or repossess to hopefully get their money back. The higher interest rate is compensation for increased risk of default.

The rates they charge are not usurious because in a free market, if they were making excess profits for the relative risk, other competitors would come in and offer the product cheaper. Ask yourself why you don't see any liberal or progressive non-profits offering credit cards to supposedly deserving people? They don't do it because they'd lose their shirts but of course, that doesn't stop them from falsely accusing banks of being predatory.

The OP took unpaid time off work and that was a huge problem, among a bunch of other problems.

If employers, family, friends and acquaintances acted generously and compassionately when they knew someone was going through a difficult time, the OP wouldn't have racked up those cards that put her in a precarious and frusterating situation.

Usury - credit cards - mortgages - student loans and such CAPITALIZE on societies that do not treat each other well on a personal level - on a person to person level. Examples are:

Employers who do not meet their employees financial means. Maternity leave, sick pay, paid vacation, pay not comparable to surrounding living costs, and so on.

Keeping families separated. Pushing one's kids out of the home to go to college and live somewhere else where they rack up debt and/or financially burden parent/s, instead of contributing to their immediate family and helping a parent/s pay off their mortgage on their estate by working a job close to home using their most honorable High School Diploma. And, we can't forget the business of divorce. So, what too many view as being normal, such as kids not helping parents out financially - enacting child labor laws, land grabbing by the wealthy and reselling it to the middle class and below at an extremely high mark up and interest rate that usually takes 30 years to pay off, the sabatoge and out right mockery of the High School Diploma now considered worthless in the work place, and the inability of married couples to compromise with each other, genuinely care about the other and offer each other comfort during hardships, and distracted by outside influences to name a few, result in divorce, ALL add to the disbanning of families.

And the disbanning of families goes even further with the promotion of abortion and contraceptives in a society where these families are already small or even nonexistant being the sole survivor. It's like the system is saying, "hey single young woman out there with no family, take this pill so you don't create anymore family yourself and Big Daddy Credit Card and Mother Mortgage will be your new family" Seriously though, our families are tiny, with only 1 to 3 kids. So we have super small families broken up with not to many relatives left living in highly populated areas where that population barely communicates with each other. All this is a perfect climate to insert loans into the society because it's human nature that tragedy will strike. They know this.

Therefor, the agenda to promote personal independence and remove natural social welfare from neighbor to neighbor and put that social welfare in the hands of big government, benefit a usury, credit, loan system.

How many times have we heard people say something like, "I did that, all by myself, independently, I am strong." While that may seem all good at the time, Mr. or Ms. Independent is going to come to a point in their life where they will need someone, but can't find anyone because gone is the big family and the few remaining happen to all have been indoctrinated into the "all by myself" system too, if they all hit hard times at the same time they are screwed AND they have absolutely no idea how to get along with each other in a genuine way, long gone are the barn raisings and neighbors truly helping neighbors who know each other, who bring food over in times of grief - hardship. So what do most do now? They turn to institutions to help them because no one knows how to help anyone genuinely on a personal level anymore. And the biggest institution is not the growing welfare government, but the usury system. The credit card and finace companies. Will they merge?

So while the OP states she will never participate in that kind of system again, she also states that she still is by continuing to pay, so the never hasn't happened, yet. And if all were to merge as mentioned above it will be easier to enslave with people relying on government and big business instead of each other. To which those will lack humanity being operated by computers and robots, which is not normal. There will be no discussion regarding hardship and why having trouble paying on a loan or loans - all automated. All run by the wealthy elite who have solid families. So remember that conversation you had with another human over the phone, regarding your past due loan, hearing emotion in the voice. . . On both ends. Your's and their's. These are the last years for us outsiders from the wealthy elite, to come together as one family and start treating each other right, to end the path that leads to doom for the majority.

And I want to add, how are we able to help others when they have a hardship and we have barely enough money to survive the cost imposed on modern day society ourselves and all goods and resources are closely guarded and require money to obtain? Put it on a credit card? Take out a loan? Just comfort them in talk with no real action? Ignore them and hope the devastation they experience kicks them in the butt to miraculously land a career that will give them financial security?

What did Jesus Christ tell everyone to do? To love your neighbor, youself and God, to give to the poor, to not put a cost on food or healthcare. He told everyone they are to work to share and teach love, that that is the work. That that is the work that pays. That that is the work that pays off in the end.

a reply to: WhiteWingedMonolith

Actually, they make more off of people who want things before they can afford them. People like the OP are a fringe benefit, if you will, of the trade. They get more off of people who simply cannot bear to not keep up with the Joneses and buy everything, newest and best, as soon they can to either stay ahead of the neighbors or keep up with them.

I would recommend credit union credit cards, if I recall correctly there is some law the max rate on them can never go past 18.99 even when you are in trouble. They are almost never zero precent ever but anywhere from 1.99 to 8.99 discounted rate out of 9.99 to 14.99!

Working underwriters are an artform.

Be careful with cards though you may get burned.

a reply to: WhiteWingedMonolith

You have summed it all up very precisely. What have we become????
It's all made me a bit sad and angry at times, how there's far more finger-pointing and judging than encouragement or helping. Not that I'm looking to shirk my responsibilities, I'd just like an end to being kicked when I'm down.

You ask what happens if you cut the cards?
You gain financial independence over time. I haven't had a credit card in about 15 years. I kinda just forget they exist now. If you cannot afford it, do not purchase it through a credit card loan. Even if it would help someone you care about.

I will never use a credit card again not just to stay out of debt

should become "never use a credit card again."
If you can't afford it with your income, you don't get to have it, plain and simple. By eliminating credit cards, this allows you to pay off your house by using the same system you used to pay off the cards. The system I used was wonderful. I considered myself a corporation and made 4 high quarterly payments. By only making the large payment every 3 months, this allowed for money to be used for the unexpected things that come up. The large payment would vary, but was always as big as it could be. The downside of considering yourself a corporation is the sacrifice and cuts you make in your life to allow for extra payments. BUT, you really do get used to it! And fairly quickly!

I've never bought a car I needed to make payments on. I don't have cable or a fancy cellphone. But I've lived these last 2 years debt-free and jobless on my 401k and could go on for at least 3 more before job consideration is needed. I'm 46.

It may seem harsh and impossible, but there are systems out there to take care of the elderly. You might even be able to be paid for it. Link

Be tough on yourself! You'll be thankful later! Best of luck!

originally posted by: meemaw


What would happen if we all cut up our cards? If we all started to live within our means, stopped upgrading our cell phones every time a new one came out, stopped buying 52" flat screens, stopped trading up our cars, buying houses with more space than we'll ever need, shopped at locally owned stores, cancelled our 1000 channel HD cable packages and started spending more family time together or read a book instead? What if we all decided that if we can't afford to pay cash, we shouldn't buy it?

I don't have a top of the line cell phone (I spent $100) house ( I have an apartment), 52" HDTV (24") and cable or satellite channels(39 over the air channels).
A credit card without a budget is dangerous.

originally posted by: gottaknowThe system I used was wonderful. I considered myself a corporation and made 4 high quarterly payments. By only making the large payment every 3 months, this allowed for money to be used for the unexpected things that come up. The large payment would vary, but was always as big as it could be.

I LOVE this idea. My main focus right now is to pay off the house we just bought... I think this sounds like a great idea to keep motivation up - save, save, save for 3 months and then chunk off as much as possible from the mortgage. Awesome! Thank you!

a reply to: samara11278

Thanks Samara!
It really was I think the best way for me to do it and could really work well for others. A lot of mortgage companies put you on a "make extra payments per year" thing and that works for many, but then you find yourself strapped for cash - especially when the unexpected happens - and it always, always does. Then you default on the extra payment and back in the catch-up mode.

With the way I did it, you monitor it all yourself and even though it's best to pay till it hurts on that big payment, you know you'll just have to make 2 regular payments after it. And the feeling of seeing that principal go down significantly feels amazing and REALLY helps drive you onward. Best of luck. You got this!

a reply to: gottaknow

Thank you! Dream is to live without rent/mortgage and save up for another someday to rent out! I appreciate the tip and the enthusiasm!

a reply to: gottaknow

Text The system I used was wonderful. I considered myself a corporation and made 4 high quarterly payments. By only making the large payment every 3 months, this allowed for money to be used for the unexpected things that come up. The large payment would vary, but was always as big as it could be. The downside of considering yourself a corporation is the sacrifice and cuts you make in your life to allow for extra payments. BUT, you really do get used to it! And fairly quickly!

Thats a great approach ! Part of my problem was that I got into the situation where I couldn't cover the unexpected so building a savings was crucial to break that cycle. When my savings hit my target amount, I started pounding away at my card debts. Whenever I have to draw out of my savings for car repairs, property taxes, etc, I build that amount back up then attack my card debts. I managed to pay off higher interest cards this way and now have more to pay down my remaining card. Ive also built my savings up at the same time. I called my card company again yesterday and spoke to a different person and once again, explained the situation. We went through my account and they acknowledged that I havent been using my card for a very long time and have paid well over the minimum amounts. I have to go into a bank branch this week and meet with a manager who is the only one who can reduce my interest amount. My credit score is still very good.

a reply to: SpecialSauce

I too don't own a new smart phone and have a cheap 23" tv. As a single mom, my house is my financial security for my future. My equity will fund part of my retirement. I pay less for my mortgage then what a 3 bedroom apartment rents for, at least in a decent neighbourhood. I haven't had cable for 2 years, we stream to my tv through my computer.

None of the above will change once I am completely out of debt. Having had to scale down and do without has made me realize what is of true value and its not "stuff".

a reply to: gottaknow

I have always paid an extra % 15 with my bi-weeky payments. I just renewed my mortgage and it is amazing how much extra I've paid down. I did drop the payments down to normal my worst year but have boost them back up and will continue to do so.