The Conservative Cave
Current Events => The DUmpster => Topic started by: Texacon on May 07, 2009, 11:53:49 AM
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It's everyone's fault but mine .... don't give me advice just send me MONEY! (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5611057#5611208)
Buddyblazon (1000+ posts)
Thu May-07-09 12:22 PM
Original message
I don't know what to do...CC company screwed us...now we're quickly going under.
Due date was on the 4th...for a very long time. Chase bought WAMU...moved our date back to the 9th. Then the next month moved it back to the fourth. My wife had moved the automatic withdrawal back to the 6th when they moved their due date back. Didn't notice it got moved back. We were late by two days.
Bumped our rate from 14%....to 30%. Hadn't been late on any payments for anything in over ten years. The payment has now increased dramatically and has pushed us over the breaking point. Talked to them. They're vultures.
Bank won't give us any type of consolidation loan...debt/income too high.
This happened last month. And it's immediately become a major boat anchor.
Don't know what to do...than say, "Go **** yourself" to them...take the hit and just stop paying them. Our house is far more important than the vultures. We have a boat load of equity...and it's supposed to be our financial springboard when we eventually sell it. If we lose it...we're totally ****ed.
Just got a call from the bank that has our car payment. It was due monday. Wife hasn't paid it yet.
I'm so bummed. I've spent years reclaiming my credit. I was in the low 500's. Now I'm 720. And it looks like I'm just going to blow it.
What the **** DU. I have no idea where to turn from here. I've been busting my ass to get more work...but we just can't keep up.
We're idiots. Just out and out idiots.
The only part of this post that is NOT a lie;
We're idiots. Just out and out idiots.
A couple try to give help and one, I think, understands that this couldn't be the first late;
Phoebe Loosinhouse (1000+ posts)
Thu May-07-09 12:27 PM
Response to Original message
2. If this is your first time being late, they should waive the fee. If they will not, they are truly assholes. I'm concerned about your wife not making the car payment . She might be sinking under the stress and it's time for you to jump in on the bill-paying if you haven't already.
Now - try this. I am pretty sure it's quite legit. Google and read about it - you might find help there.
OP DUmmie is staying away from that post as well as any post suggesting it call the Attorney General or its Congress Person .... I suspect DUmmie doesn't want to call anyone who would really need to know; How many lates do you REALLY have and how far behind ARE you.
KC
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Buddyblazon
Due date was on the 4th...for a very long time. Chase bought WAMU...moved our date back to the 9th. Then the next month moved it back to the fourth. My wife had moved the automatic withdrawal back to the 6th when they moved their due date back. Didn't notice it got moved back. We were late by two days.
OK, how come my credit cards issuers very rarely, if ever, change my payment date, but the primitives have it happen all the time, and always without prior written notice?
Negative bongs.
.
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It's everyone's fault but mine .... don't give me advice just send me MONEY! (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x5611057#5611208)
The only part of this post that is NOT a lie;
A couple try to give help and one, I think, understands that this couldn't be the first late;
OP DUmmie is staying away from that post as well as any post suggesting it call the Attorney General or its Congress Person .... I suspect DUmmie doesn't want to call anyone who would really need to know; How many lates do you REALLY have and how far behind ARE you.
KC
Sigh.
Suppose you have a $10,000 balance on a credit card...I'm picking a high amount to illustrate a point. At the DUmmy's stated 14% interest, ignoring any new fees, the interest hit is $10,000 * (.14/12) = $10,000 * (.011667) = $116.67. This is not the monthly payment, but it's a component of it. Now suppose the rate bumps to 30%. The monthly vig is now $10,000 * (.3/12) = $250. Yes, that's a lot, but on the other hand I picked a large principal amount.
The point is that, in either case, the minimum payment is probably 4% of the total, or $400 in this example. The amount going to interest is just greater.
So why would a DUmmy claim that they can't meet the increase in interest? Increases in the interest rate are just an annoyance - all you have to do is make the minimum payment. Now, if the increase in interest increased the minimum payment, then the idiot doesn't owe enough to worry about, anyway.
Moral: don't borrow money from credit card companies. And live within your means. And don't blame others for your own stupidity.
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They can always cancel the card and refuse the higher interest rate. The card issuer will then have to accept payment at the original rate. YMMV but that's what I've been told.
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DU AdBot (1000+ posts) Thu May 07th 2009, 12:57 PM
Response to Original message
Debt Free As Seen On TV
Owe $20,000+ on Credit Cards? Call: (877) 702-2044 (M-F, 9-5 pst)
www.DebtFreeAsSeenOnTV.com
Wipe Out Credit Card Debt
More Than $15,000 Debt? Payoff In 12-36 Months. Save Or Pay No Fees.
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DU AdBot to the rescue. :lmao:
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They can always cancel the card and refuse the higher interest rate. The card issuer will then have to accept payment at the original rate. YMMV but that's what I've been told.
Not true in trigger cases. You can only opt out with advance notice from them to you. If you go delinquent, you're screwed.
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DU AdBot (1000+ posts) Thu May 07th 2009, 12:57 PM
Response to Original message
Debt Free As Seen On TV
Owe $20,000+ on Credit Cards? Call: (877) 702-2044 (M-F, 9-5 pst)
www.DebtFreeAsSeenOnTV.com
Wipe Out Credit Card Debt
More Than $15,000 Debt? Payoff In 12-36 Months. Save Or Pay No Fees.
www.Freedom-Debt-Relief.com
DU AdBot to the rescue. :lmao:
AdBot MUST be a mole and a damn good one at that.
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Why do DUmmies always have trouble with credit? Practically the only time I use credit on something that isn't a house or car is when the seller offers me interest free financing and I know I can pay for it in the time frame.
I'm guessing most of then are like my brother in law. He is leveraged out to nearly $400,000 on a yearly income of $38,000, with a child support payment, but thinking he's good with money anyway.
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I had an occurrence where I sent a late Chase payment due to my getting distracted and NOT pressing the confirm payments button on my banks bill pay program. As a result Chase did crank up my interest rate by a fairly large amount.
I called Chase and politely explained what I did to mess up my payment and told them to look at my history of no late payments.
The operator told me to try and not let it happen again and changed me back to my original rate.