Motherfuck credit cards

[Saint Cornelius]

I've decided that 2009 is going to be the year that I pay off all my credit card debt (about $7k worth). I've been sticking to a modest budget, eating PB&J for lunch and not going out to restaurants all the time, etc etc.

I took a look at my HSBC card monthly statement and nearly fainted - my APR was 15 something % last month and this month it's fucking THIRTY TWO PERCENT?? What in the fuck?? Turns out I had ONE late fee in February - my one and only late fee after doing business with them for over three years - and they have every right to fucking double my APR over it.

Credit card companies make money hand over fist without having to straight up gouge their customers. And then they add insult to injury by forcing us to complain to these really well-spoken Indians who condescend you with shit like "oh I am sorry to hear that you're frustrated, but...."

Motherfuck credit cards. Goddamnit.

[The Sceneman]

Thats what happens when you get into MASSIVE DEBT, smh.

And that statement you made is pretty racist, thats not allowed here

[Human Snorenado]

I became debt free last year, happiest day of my life.  I DON'T OWE ANY OF YOU FUCKERS NOTHIN!

[Saint Cornelius]

Thats what happens when you get into MASSIVE DEBT, smh.

Yes, I know.

And that statement you made is pretty racist, thats not allowed here

I don't think an Indian would be too stoked to have some redneck come out and say "uh yep, wherr al' outta naan"

I became debt free last year, happiest day of my life.  I DON'T OWE ANY OF YOU FUCKERS NOTHIN!

[Van Cruncheon]

yeah, i got rid of a malingering $4K of debt (also around 32%) last year, cut the fuckin' card up, and it's been aces ever since

ain't NOTHIN' worth that bullshit

[Don Flamenco]

I have a little bit left...but if it weren't for the plastic, I'd have a lot less stuff that I enjoy owning, so I don't mind.  I'm slowly paying it off and if all else fails, I'll knock it out pretty quickly in a couple years, once I get a real job.

[FatalT]

I've got $2k on my main credit card and a little under $800 or so on my dad's. I've vowed to pay off my debt in 2009 too. I put back half or so of every paycheck to pay em off.

[jiji]

This is my goal, too. This year, it goes away, goddammit. 

[Kara]

I've only got about 1K in credit card debt and my car is almost paid off. Too bad I have like a billion dollars in student loans.

[OptimoPeach]

Is it possible to build credit using a Visa Check Card? Probably a stupid question, I know.

[Rman]

Same here.  I'm trying to pay it off this year.  Netflix, Gamefly, and the library have been such money savers of late.  This coming from a guy who loves to buy his media, but hey the satisfactions of being debt free will be worth it.

[EmCeeGrammar]

Living within walking distance to work helps.  I always have about 500 disposable income ever since I stopped pouring money into a fucking car.  We just need better public trans.  I dunno how people let credit payments pile up.  I always make ONE big purchase, pay 2x-3x the minimum, maybe throw the occassional day to day expenses on there.

[Howard Alan Treesong]

Obama's pushing for legislation to rein in CC companies

http://www.huffingtonpost.com/2009/05/09/obama-makes-push-for-cred_n_200975.html

[Oblivion]

Credit cards suck, but sadly, credit history is a necessary thing in this world. (and by 'world' I mean Los Angeles)

[EmCeeGrammar]

I don't think credit companies need to be legislated profusely.  No one forces you to buy them.  There just needs to be other methods for building a 'credit score'.

[Flannel Boy]

I don't think credit companies need to be legislated profusely.  No one forces you to buy them. 

In modern society, a credit card is a near necessity. Without one, try to rent a car, buy an airplane ticket, order something online, or purchase a big-ticket item.

Even if credit cards aren't a necessity, credit card issuers still need to be stringently regulated. These companies form a quasi-cartel, they are extremely powerful, they have teams of lawyers to draw up deceptive contracts, and they have the ability to significantly alter interest rates for little reason with little notice. Because of their power, credit card companies can inflict great harm on credit card holders through unfair practices. And the only way these practices can be curtailed, is through strong regulation.

[Madrun Badrun]

Malek is back!

[Reb]

I don't think credit companies need to be legislated profusely.  No one forces you to buy them. 

In modern society, a credit card is a near necessity. Without one, try to rent a car, buy an airplane ticket, order something online, or purchase a big-ticket item.

Even if credit cards aren't a necessity, credit card issuers still need to be stringently regulated. These companies form a quasi-cartel, they are extremely powerful, they have teams of lawyers to draw up deceptive contracts, and they have the ability to significantly alter interest rates for little reason with little notice. Because of their power, credit card companies can inflict great harm on credit card holders through unfair practices. And the only way these practices can be curtailed, is through strong regulation.

You can do everything you mentioned with a credit card an choose not to create debt, by not spending money you don't have!
If you don't have enough money, you can take out a loan with an actual bank.

[Olivia Wilde Homo]

There are such things as debit cards.

I don't think it is a necessity to have a credit card.  It is a perceived necessity in modern American culture because accepting empty material goods in favor of interest laden debt has become a part of the lifestyle.  People want them curbed now when they're maxed out from buying HDTVs, the latest Bluray discs and the interest goes up, they are consequently fucked.  Who knew that you actually had to pay that money back

I'm not saying I'm against credit card reform but fuck, Americans need to know how to responsible with their money.  If people were to know that not paying things back means a huge interest rate, it might get them to think a little longer whether they really needed that Vegas vacation or a DVD boxset that was $20 off at Best Buy.

[Flannel Boy]

You can do everything you mentioned with a credit card an choose not to create debt, by not spending money you don't have!

Sure, credit card holders can avoid unfair interests rate increases by completely paying down their debts each month. But why does that option, an option which is not feasible for most credit-card holders, mean that credit card companies don't need to be regulated better?

If you don't have enough money, you can take out a loan with an actual bank.

That's not a practical option and many people don't have the credit histories that will allow them to get a bank loan.

[Flannel Boy]

I don't know why there's always irrelevant moralizing in these threads.


You acted incorrectly
Thus you should be fucked over by credit card companies?

[Reb]

I don't know why there's always irrelevant moralizing in these threads.


You acted incorrectly
Thus you should be fucked over by credit card companies?

I don't know why there's always irrelevant "victim behaviour" (sorry, my English is failing me) in these threads.

There is a reason why a loan is difficult to get, wake up.

To me this feels like protecting people against putting their wet pets in the microwave.

[Flannel Boy]

I don't know why there's always irrelevant "victim behaviour" (sorry, my English is failing me) in these threads.

Credit card holders aren't victims for getting into debt. But once in debt, they are often "victims" of unfair practices, practices which you apparently don't want regulated.

There is a reason why a loan is difficult to get, wake up.

And credit cards aren't. Stay focused on the actual topic.

[Flannel Boy]

To me this feels like protecting people against putting their wet pets in the microwave.

Is this a Dutch expression. Look, tens of millions of people have large credit card debts; how many people put their wet pets inside microwaves?

If tens of millions of people did in fact put their pets in microwaves, then maybe the microwave industry should be regulated to protect innocent pets. Regulations should, after all, be based on reality, not obnoxious moralizing.

[Reb]

I don't know why there's always irrelevant "victim behaviour" (sorry, my English is failing me) in these threads.

Credit card holders aren't victims for getting into debt. But once in debt, they are often "victims" of unfair practices, practices which you apparently don't want regulated.

There is a reason why a loan is difficult to get, wake up.

And credit cards aren't. Stay focused on the actual topic.

So if something is easy to get, you are no longer accountable?

And no, I don't care if these practices get regulated. Because you know damn well what you are doing when you spend that money.

[Flannel Boy]

So if something is easy to get, you are no longer accountable?

It means that credit card companies issue cards to people that they know can't pay off their credit card bills. People they can then exploit by, for example, raising their interest rates with little reason or warning. 

And no, I don't care if these practices get regulated. Because you know damn well what you are doing when you spend that money.

And? You're moralizing again. Just because a card holder can foresee that he will be in debt doesn't mean that once he's in debt the credit card company can do whatever it wishes.

And why oh why don't you flip the argument around: Credit card companies know what they're doing when they issue cards to people that they know can't pay their debts. So there is no reason why they should invoke the power of the state to enforce payment for those debts.

[Saint Cornelius]

I don't think it is a necessity to have a credit card.

Good luck renting a car, hotel room, or putting a deposit down on something.

I mean you can do all these things with a debit card but they put all sorts of "holds" on your funds and that can really suck when you don't have a lot of monies in your account.

Is this a Dutch expression. Look, tens of millions of people have large credit card debts; how many people put their wet pets inside microwaves?

What else should I do with this sopping wet pussy then?

[Flannel Boy]

 

[Flannel Boy]

I've got no use for you as a human being, sorry.

You're really not going to change anyone's mind with that approach.

[Saint Cornelius]

I can see not supporting an interest rate cap, but if you would honestly vote against a law prohibiting interest rates from being raised and the new rates being applied to previously-incurred debt, then I've got no use for you as a human being, sorry.

So you think interest variables are a good thing?

I've had cards that had their terms changed while I was holding a balance on them; because of the way our credit system works, closing them would not have been to my advantage. So basically they had me by the balls.

There's a lot of people in this thread that are under the assumption everyone with a credit card is racking up bills buying shit they don't need, but what about medical bills, vet bills, car bills, etc. etc. et fucking cetera.

[Flannel Boy]

There's a lot of people in this thread that are under the assumption everyone with a credit card is racking up bills buying shit they don't need, but what about medical bills, vet bills, car bills, etc. etc. et fucking cetera.

They're also ignoring that a credit card holder's situation may drastically change. He may be laid off or experience health problems that were unforeseeable, preventing him from fully paying off his debts.

[demi]

Only awful human beings experience layoffs and health concerns. Not upstanding citizens like Green Shinobi

[Bloodwake]

I'm never getting a credit card.

That being said, I have fucking learned why people need them over the past month or two. And they really are a way to prey on the lower class.

[Fragamemnon]

My credit cards provide a huge degree of convenience and safety in transactions while still providing me about $500 a year in Amazon gift certificates as thank-yous without paying a single dime in fees.

Used responsibly, they are pretty awesome.

[Olivia Wilde Homo]

I do all my transactions with credit cards.  However, the money is always in my checking account.

[Flannel Boy]

I do all my transactions with credit cards.  However, the money is always in my checking account.

I used to pay off my visa bill every month, but I've kind of ignored it the last six months, just paying a little bit more than the minimum. Once I get my tax return, I'll pay the whole thing off.

[chronovore]

The thing is, even 14% is a huge rate of interest. 32% should be criminalized, though there's probably something in the contract which says if you don't make timely payments, they will not give you the "optimal" 14% rate -- right?

Anyway, CCs are evil. Pay them off as soon as you can, and pay them off the month you incur the debt. If you've got money in the bank earning 5% and CC debt running 14%, you're losing money which you don't need to lose.

[Bildi]

CC's can sure work in your favour if used correctly.
I use mine to save a little interest on my home loan and the record of transactions makes budgeting much easier.

[ToxicAdam]

I love credit cards for car repairs or dental surgery. It's just something psychological about paying 800+ for those things and having it come right out of my savings in one lump sum. I would rather put it on a CC and pay it off in 4 months.

[chronovore]

Ironically, I like credit cards about as much as dental surgery.

[Cravis]

I've got several credit cards with no balances that I've long since used and paid off. I have 1 primary with a limit of $5K and a rate of 9.90%. I only carry a balance of $1K each month but I have more than enough in savings to pay it off if I ever needed to.

It's best to have them to build your credit score and to carry a small balance here and there. Credit Card companies are just ruthless, though. I hate them. They'll jack your rate in a heartbeat.

[brawndolicious]

I'm never getting a credit card.

That being said, I have fucking learned why people need them over the past month or two. And they really are a way to prey on the lower class.

It's bad to ever charge for something that you absolutely can't pay off immediately, but it is a really good idea to build up credit.  And yeah, the benefits you can get are awesome.

At your age, the main benefit of credit cards is building up credit score.

[demi]

tried to get a card through my bank, got denied for having no credit so i decided not to argue with such profound logic