For you youngsters with credit card debt...

[stretch]

me < bucket of dog

fixed.

[Horn Tooter]

I only have one credit card with a $20k limit at 9.9%.

Usually carry a 20% balance month to month...the bank that I have loves people like me. I make 2-3 payments a month of $1000 and they roll in interest.

Not much longer, you es. 3 more months until payoff...

Same here but my credit line is 25K and I pay it off each month.

[Thunder Dan]

thank god I paid off all my debt after college. Two years ago I didn't do a damn thing. I would go out once a month (if that), I lived at home with the folks- which sucked...but I paid off all the stupid debt I had from being a moron in college. I paid off about 5k. It is the best feeling in the world to not have CC debt, and be able to actually budget your money. You will find that when you arn't making CC payments there is alot of money left over at the end of the month.

I now carry a AMEX card so there is no option to buy things I can't afford

[SAGambler]

oh yeah. what credit card companies need to do is make the debts unaffordable so they too can experience mass defaults.

think guys, think.

They have already done that in a way. They have so much fine print, that if you are a day late paying your phone bill, water bill or any other bill, they can up your rate to the high 20's or low 30's.

And here is the kicker. Most credit cards aren't really legal to begin with. They are in effect making "unsecured loans" using "other peoples money" which is illegal as . It's one of those laws they are completely happy with the fact that you "don't know about" or how to use it to YOUR advantage should the need arise.

, I've know a couple of people that used this "little known secret" to rid themselves of thousands of dollars in credit card debt and had their credit reports completely voided of any knowledge of late payments or no payments.

So if you happen to have run up some large debts on credit cards, do youself a favor. Investigate and find out how you can wipe them out. It can be done. You just need to invest some time. It may take you a year or two, but it can and does happen.

[BacktoBasics]

, I've know a couple of people that used this "little known secret" to rid themselves of thousands of dollars in credit card debt and had their credit reports completely voided of any knowledge of late payments or no payments.

So if you happen to have run up some large debts on credit cards, do youself a favor. Investigate and find out how you can wipe them out. It can be done. You just need to invest some time. It may take you a year or two, but it can and does happen.

I would like to know exactly what you're talking about.

[marini martini]

I just bought everything in the world that my heart desired, and charged every credit card to the max. I'm just making the minimum payments on each one. God.life is good, especially driving my convertable jag in this gorgeous weather. Can't wait until my trans Atlantic cruise in March! Life is sweet!!!

[Thunder Dan]

I just bought everything in the world that my heart desired, and charged every credit card to the max. I'm just making the minimum payments on each one. God.life is good, especially driving my convertable jag in this gorgeous weather. Can't wait until my trans Atlantic cruise in March! Life is sweet!!!

you are really sticking it to the man!

[BacktoBasics]

I just bought everything in the world that my heart desired, and charged every credit card to the max. I'm just making the minimum payments on each one. God.life is good, especially driving my convertable jag in this gorgeous weather. Can't wait until my trans Atlantic cruise in March! Life is sweet!!!

Be a lot sweeter if you bought me something

[marini martini]

Be a lot sweeter if you bought me something

Oh.........I did!!!!

Surgery's scheduled for next week!!!

[ineedgoodcredit]

http://www.daveramsey.com/
This guy has helped me out.

[BacktoBasics]

Oh.........I did!!!!

Surgery's scheduled for next week!!!

Surgery

[ploto]

I have one card that I use for convenience- for example for online shopping or gas purchases, but I have never carried a balance over. I have a great deal at my Credit Union with no annual fee and no interest if I pay it off each month. I use it a few times per month on purpose to show I am responsible with credit and then I transfer the money from my checking account to my credit card account online to pay the balance each month.

I have noticed one thing- they have always automatically raised my limit every year without me asking, but not this year.

[marini martini]

Surgery

[DarkReign]

Same here but my credit line is 25K and I pay it off each month.

Meh, I deserved that.

[Anti.Hero]

They have already done that in a way. They have so much fine print, that if you are a day late paying your phone bill, water bill or any other bill, they can up your rate to the high 20's or low 30's.

And here is the kicker. Most credit cards aren't really legal to begin with. They are in effect making "unsecured loans" using "other peoples money" which is illegal as . It's one of those laws they are completely happy with the fact that you "don't know about" or how to use it to YOUR advantage should the need arise.

, I've know a couple of people that used this "little known secret" to rid themselves of thousands of dollars in credit card debt and had their credit reports completely voided of any knowledge of late payments or no payments.

So if you happen to have run up some large debts on credit cards, do youself a favor. Investigate and find out how you can wipe them out. It can be done. You just need to invest some time. It may take you a year or two, but it can and does happen.

lol. People always looking for an easy way out of stupidity.

[BacktoBasics]

lol. People always looking for an easy way out of stupidity.

I'm still waiting for him to come back and explain what he was talking about.

[chode_regulator]

Get ready for a shock

I posted about this in the stock market thread but realize a lot of you probably don't check that thread...

I know I have been the official doom and gloom guy on the economy for months now but as time passes I am proving to be more right than wrong, at least short term. Markets dropped another 5% today. Don't think that just because you don't own stocks or bonds that it won't affect you. Credit card companies are next. Those guys live on taking your new debt and packaging it into equities they sell to others so they can keep loaning you more money on your credit card. Oops. Nobody wants that junk paper anymore so the credit card companies aren't gonna have any money. Expect the "limits" on your cards to drop (maybe even below what you owe) and the monthly minimum payments to rise dramatically. The credit card companies are gonna want their money back. You think they can't do that? Think again...those pages of fine print that you just glanced at and signed years ago when you applied for your cards allow them to do basically anything they want...

wow if people here are just now hearing about this then news is slow going around here. CC companies have been doing this for at least a month now.

Lots of people think fixed is fixed is fixed. The CC companies are selling fixed rates not adjustable rates they just fail to realize that if you're a day late or if you go over your limit its not just a 25 dollar fee the penalty is that you lose your fixed rate.

Don't get me started on ARMs I agree that some people are too stupid to understand what they're getting into but a lot of people were flat out decieved and lied to.

it I guess thats not much different that credit card companies. None of this is ever going to get better.

not true. you ahve to be overdue almost a month on the due date of your bill for them to raise your interest rates or for it to negatively affect your credit. and when i say raise your rates, i mean in response to a late payment.

Its good for your FICO to a have a card (or two) with a reasonable limit and a balance around 25% of the limit. This kind of revolving debt potentially plays a larger role in your score than a 150k house thats been on time for 4 years. Revolving debt is a requirement at 90% of the banks lending for motorcycles, RV's and boats.

What I'm saying is that if you are already responsible with your money you'd really benefit from having a card with a minimal balance. Just pump a tank or two of gas a month and pay it off.

again, wrong. you jsut contradicted yourself ehre by saying keep a revolving credit, and then stating to pay the balance off each month.

[CosmicCowboy]

Citibank just announced today they are sending letters out to millions of credit card customers giving them the good news that they are raising their rates by 3%.

[BacktoBasics]

wow if people here are just now hearing about this then news is slow going around here. CC companies have been doing this for at least a month now.



not true. you ahve to be overdue almost a month on the due date of your bill for them to raise your interest rates or for it to negatively affect your credit. and when i say raise your rates, i mean in response to a late payment.

You could not possibly be more wrong. If you go over your limit they can increase your interest rate imeadiately and without notice. There are many many credit card companies that will raise your rate if you are so much as 1 day late. Now they can't show you late on your credit report until the 30 day mark. The credit bureaus recognize 30 day 60 day 90 day 120 days late. I'm not saying this is every card out there you have to check your contract to see what their "policy" is but you're crazy if you think they can't raise your rate unless the bureau shows you 30 days late. The two aren't connected in that way. If your contract calls for your rate to rise if your late....it will....regardless of what the bureaus recognize.



again, wrong. you jsut contradicted yourself ehre by saying keep a revolving credit, and then stating to pay the balance off each month.

Having a revolving debt open and available is good for your FICO just like I said above. Carrying a blance of 25% to limit is also good. If you're the kind of person that likes to pay off then do so but still have the account. Banks want to see that you maintain a revolving account and that its current and of low balance with a reasonable limit. Its good to have a small balance but realitively harmless to continually pay it off. You'll never time paying it off with them updating your bureau anyway. At some point your FICO is likely to reflect a balance just as likely as it would show a zero balance. The key is keeping it open and low while being on time.

[manustarting2gd]

Anyone looking to lower their debt in half, pay off and settle their debts in 36 months and lower their already unaffordable minimum payments?

I am a Debt Consultant and I work for FreedomDebt.com and I can help through our proven debt settlement program which has a 80% graduation rate and has seen over 40 thousand clients graduate to date since the companies inception in 2002. We are based in San Antonio off of Bandera Rd and I will be willing to give any SpursTalker a free debt analysis to help avoid bankruptcy and provide relief in a situation where many feel there is no help available.

I can only negotiate 10k in debt or more combined unsecured debt (credit cards, personal loans, department store cards) each account has to be $500.00 or more each and your combined debt must be equal or greater than $10,000 to be considered for the program.

Keep in mind this is a hardship program for those who really need help, not just someone who doesnt want to pay their credit cards and or high interest rates, we do underwrite the files for fraud and specifically pay attention to very recent cash advances and high amount balance transfers as well as recent large purchases.


PM ME for details if your interested.

[BacktoBasics]

I'm not saying always but usually debt counseling shows up in your bureau. Its a huge red flag for prime or near prime lending. Most of my customers that have credit counseling or consolidation are automatically declined for loans. So if you have plans to make a major purchase I would either hold off getting into a program or consider doing your own consolidation.

I'm not saying the above poster isn't a decent option. I don't know his exact plan of action.

[ashbeeigh]

I got a letter in the mail yesterday from GE Money saying my Old Navy card limit was lowered $50. Oh happy day.


Just to illustrate the point.

[CosmicCowboy]

Anyone looking to lower their debt in half, pay off and settle their debts in 36 months and lower their already unaffordable minimum payments?

I am a Debt Consultant and I work for FreedomDebt.com and I can help through our proven debt settlement program which has a 80% graduation rate and has seen over 40 thousand clients graduate to date since the companies inception in 2002. We are based in San Antonio off of Bandera Rd and I will be willing to give any SpursTalker a free debt analysis to help avoid bankruptcy and provide relief in a situation where many feel there is no help available.

I can only negotiate 10k in debt or more combined unsecured debt (credit cards, personal loans, department store cards) each account has to be $500.00 or more each and your combined debt must be equal or greater than $10,000 to be considered for the program.

Keep in mind this is a hardship program for those who really need help, not just someone who doesnt want to pay their credit cards and or high interest rates, we do underwrite the files for fraud and specifically pay attention to very recent cash advances and high amount balance transfers as well as recent large purchases.


PM ME for details if your interested.

Uhhh...your language is a little disingenuous. Maybe you should explain that you are not actually lowering their DEBT in half, but rather attempting to negotiate a lower interest rate on their debt in exchange for making guaranteed monthly electronic transfers of P & I...Something they could do for themselves without paying your monthly fee. And it will be a big hickey on their credit report for 7 years.

[BacktoBasics]

Some credit counseling is good its just rare. I've seen places help "you" negotiate better deals on principle amounts, interest rates and payments. They do this without showing up in your bureaus but thats very very rare. So I'm going to refrain from blasting manustarting2gd since we don't know exactly how he/she's doing it.

[Blake]

Anyone looking to lower their debt in half, pay off and settle their debts in 36 months and lower their already unaffordable minimum payments?

I am a Debt Consultant and I work for FreedomDebt.com and I can help through our proven debt settlement program which has a 80% graduation rate and has seen over 40 thousand clients graduate to date since the companies inception in 2002. We are based in San Antonio off of Bandera Rd and I will be willing to give any SpursTalker a free debt analysis to help avoid bankruptcy and provide relief in a situation where many feel there is no help available.

I can only negotiate 10k in debt or more combined unsecured debt (credit cards, personal loans, department store cards) each account has to be $500.00 or more each and your combined debt must be equal or greater than $10,000 to be considered for the program.

Keep in mind this is a hardship program for those who really need help, not just someone who doesnt want to pay their credit cards and or high interest rates, we do underwrite the files for fraud and specifically pay attention to very recent cash advances and high amount balance transfers as well as recent large purchases.


PM ME for details if your interested.

wow, where do I sign?

f-r-e-e that spells FREE, FreedomDebt.com, baby.

Just curious, if my debt is $9,999, am I not allowed in your program? Would I have to run down to Wendy's and charge a 5 piece chicken nuggets to get in?