Thread: about credit cards , is this possible?

Sadly yes I think it is more than possible.
A couple of years ago we got into big financial trouble because of our mortgage payment being raised because of a mixup in the escrow and he tried calling the credit card companies to see if they could work with us for a couple of months and they told him "Its not our problem, theres nothing we will do, try calling one of those debt management companies because we wont help until AFTER you're behind and even then we'll still add on the late charges and over the limit fee's"
He was so pissed, trying to do something before we got in trouble and none of them were willing to work with us.

We ended up having to stop paying on them, and then once they got sent to collection we pay through that. Collection companies can be a nightmare but they're much better than the actual credit card companies.

Maybe if she is in a position to try the debt management companies...?? They wanted 300 more a month from us than what we were originally paying out but that might not be the case for her.

They did raise the minimum amount you must pay on all credit cards because people were making the minimum payments and it didn't even cover the interest charges most of the time. Good example is Sears. You can owe Sears $ 5000.00 and they minimum was like $ 15.00 per month.

If your fried was not making the minimum payment they can and do charge late fees and raise your interest rate. I have seen one card that a friend had got raised to 49% - I was shocked I had never seen that high of an interest rate before on a credit card - but it happens.

Originally Posted by EricsnKy

What? Collection agency is much better than working with the original creditor? Oh boy!


check out creditbaords.com/forums

It might not be the case with other people but with us, yes it was.

Originally Posted by buglebe

A friend was telling me about her finances and I want to know if anyone knows if this can be true? She said some months ago the government decided that people would never get out of their credit card debt and raised the minimum payment that people had to pay. I think I remember reading something about this. She was in a position that when the amount on each one was raised she couldn't meet her payments. Because she couldn't make the whole payment she started paying each month but not the full amount asked for that monthly minimal payment. Because of this they started charging her $30 late fees because she wasn't paying the entire monthly amount. Then they lowered their allowed credit card limit because they weren't good credit card risks making it lower than the amount they owed. For being over the limit they charge $39. Then because they were not good paying customers they raised the interest they were paying from 10% to 29%
so now they are in all kinds of financial problems. Is this possible. This may be hard to follow but please try. Thanks.

Yes they did do that. When I had my cyst removed I forgot to pay the bill and our interest jumped to over 30%. I had always paid on time before that and over the minimum.

Yes they have raised the minimum payment. But what I think is wrong is they lowered your friends credit limit to less than they owed and then charged them a over the limit fee thats not right or fair.

Them damn credit card ppl can pretty much do whatever they want cuz they know they got u by the balls. I've learned my lesson with them long ago. I was 21 only making about 7 dollars an hour and had about 8 cc and a car payment and insurance. Needless to say i was in over my head. I've swore off any kind of cc after i filed bankrupcy in 2003. My motto now is if i don't have the cash for it then i don't need it that bad.