Give credit where credit is due?
Has anyone out there had their finance charges going sky high on their credit cards? Unfortunately, I am not one of those who could pay off my credit cards and keep them at a $0 balance - I used to be part of the upper middle-class. After the law about bankruptcy went into place where you could not longer add credit cards when filing bankruptcy (which I never would have filed bankruptcy in the first place) I continue to get notices of finance charge rates getting higher. I have good credit history and should not be getting this high of a percentage rate. They say you can close the account and pay off the entire balance right then - but I am unable to do that right now. On one of my cards, they have gone up monthly--- it used to be at 12% and now a WHOPPING 32%..... This is robbery and it is extremely sad. I am getting to the point that I can't pay my bills that I used to pay easily because of high gas prices, higher electric/phone bills, higher insurance rates (home, auto, medical) and now the unstoppable finance charge rate---- is anyone in the same boat out there? Sure the REPUBLICANS say they don't put taxes on the American people - directly - they do it indirectly thru all of the things we need to continue our lifestyle (gas, electric, insurance, etc). I am sure that the whole $300 worth of tax breaks for us middle class made everyone thrive.......I am disabled (blind)and live on a fixed income but that has become not enough.... I truly don't know when this is going to stop. Why isn't anyone out there talking about these issues - Or am I the only one with these financial issues?????
- Login or register to post comments
- Send to friend
Join us & contribute
Proud members of the Democratic Party
Copyright 2006 Democrats.com. All rights reserved. Privacy Policy
Go to a FREE credit counselling service
Make sure it is a FREE service> any of them you pay for is a scam. Have you applied to all that you are entitled to? > SSI, Medicaid, Food Stamps, LIHEAP (electricity discount for disabled) , and check your local phone company for discounts for the disabled.
No our government needs credit counseling....
I used to be able to support myself until an eye disease struck (Retinitis Pigmentosa). I have my disability insurance that I acquired from work and really don't want to live off of the system. I just think that expenses have really gone too far. I am more concerned about the way charges seem to sneak in on people's bills, and no one seems to notice. I really don't need credit counseling - I need our government to regulate some of these businesses - homeowner's insurance, auto insurance, gas prices, etc. to help all of us Americans.
Thanks for your advice though.
True, the government needs a lot of reform
But we gotta live with what we got for now. Please don't think you would be "living off the system" if you decide to apply for your rightful entitlements. I have a disabled dependant and I've applied for it all as a payee. It helps a tremendous lot, so does some IRS tax breaks ,such as Earned Income Credit (EIC) . at tax time. This is why we pay into the system, so please know you are entitled.
If companies like homeowner's insurance, auto insurance, & oil companies can abuse the system for pure greed , then surely the disabled can get their legitimate & rightful entitlements :o).
BTW, that disability insurance you paid for at work was a smart thing. Wish everybody would purchase that... it is well worth the investment when the cost is reasonable.
Ways to Reduce Credit Card Debt/Interest Rates
For sure, you're not the only one with these issues! There's a reason that two major expenditures - food and energy - in family budgets aren't included in the calculation of the CPI.
Ask for a Lower Credit Card Interest Rate
Reduce credit card debt: Pay biweekly
Small Steps To Reduce Credit Card Debt
Keep an Eye on Credit Card Rates, Then Negotiate Down
You may find that you can negotiate a delay with your power company(s), not pay a bill, and become eligible for emergency energy assistance through your county human services (welfare) department. Contact your county human services department for guidelines to see if you can meet them.
If you're convinced that the company has raised the rates without cause, call the Comptroller of the Currency, who will investigate. The hotline is: (800) 613-6743.
Lower Credit Card Interest
Find a local credit union that you can join. Ncua.gov can help you find one. Credit card interest at my two local credit unions are 12.9% and 10.9% at one and 10.9% and 9.9% no matter who you are. The rates haven't changed for years. The cash advance fee on one card is $1 and both cards have no annual fee. Cash advances are the same rate as any store or goods purchased. Credit unions can save the consumer hundreds in interest and in fees. Credit unions exsist for its membership. Members are the owners. They do not pay corporate boards. Their stockholders are the ones who benefit from the products. They are the best deal around for the average Joe like me and you. They can help consolidate debt and get your bills paid off. They also can help in financial education and counseling. They are the best financial deal around.
Some of the advice
Above seems really sound. To answer the other part of your question, yes I feel the pinch of all of this too!!!! I work in delivery and buy my own gas. I recieve a little compensation for each delivery. I also recieve some tips. That being said, with the price of gas, and corresponding loss in tips (everyone else has less money) I make anywhere from $70-$120 less a week. Then add in the fact that Natural gas has skyrocketed and groceries and everthing else that has to be shipped has gone up, and I too on an upper-lower or lower-middle income have suffered greatly. No more is there money left over to enjoy life, just meet the bills and start anew paying for next month again. The savings I worked so many years to accumulate is slowly seeping away, and pretty soon I will have to start anew with that. In a year I will be out of college and starting a new career so hopefully the salary will go up about $10,000 more a year. Until then, times are very hard here. I thought I had graduated from paycheck to paycheck living, but I guess I was wrong after all.
I think that Congress passed
I think that Congress passed a bill deregulating the credit card companies and the banks. At the start of the year, I got amendments to my credit card ageements and notices from my bank of increased interest rates and higher and new fees.
This seems a lot like the 1970s. Accelerating inflation, steeper oil prices and a sputtering economy as far as most ordinary Americans are concerned. Stagflation may re-enter the American lexicon.
It's unfortunate that you have had to experience Bush's 'ownership (on your own) society'.
Thats all
This Congress has ever done is pass laws de-regulating a bunch of damn crooks. We must make them pay!!!!