Rant: I Made 1 Late Credit Card Payment, So I Called... | 34 comments (34 topical, 0 hidden)
Horrible Attitude (none / 0)
People don't sign up for 28.99% interest, they get screwed for something stupid and THEN their rate gets jacked up.

It wasn't always that way, this is a result of credit card/bank lobbyists pushing for such legislation.

And there you go again getting off on wanting to see people punished for being "stupid" rather than looking at what makes sense for our overall economy.

And like I said before several people at DailyKos reported that they got screwed WITH automatic deductions on their account (not just for credit cards, also for cable, utilities, etc. The company moved up the due date, some on a regular basis.

Your argument is the same one used by conservatives and libertarians to justify screwing over the working poor/middle class on a regular basis. The latest example is that the mortgage meltdown all comes down to "stupid people" signing up for mortgages they can't afford.

The bottom line is that it hurts our overall economy to let corporations do whatever the fuck they want. Whatever sadistic joy you get from watching "stupid people" screw up should be far outweighed by that simple fact.

by Tom Hanc on 08/02/2008 09:33:58 PM EST

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Automatic Payments (none / 0)
As ihnb mentioned, it is common practice for credit card companies to move up due dates, therefore, making your automatic payments late making you subject to outrageous default rates.  This is why when I have credit debt, I have monthly reminders on an Excel sheet to make manual payments. 

Another insane practice that I've heard about is the ability of credit card companies to lower your credit card limit due to your credit history/score.  So you've never missed a payment, and all of a sudden you're in default because the credit card company decided to lower your limit making your balance over the limit.  Again read the fine print, but I still think it's completely unethical.

by rev24 on 08/02/2008 11:23:37 PM EST

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Still beats dealing with Vinny (none / 0)
It still beats the old school loan sharks, at least the credit card company won't break your bones if you're late on a payment, but the interest rates arn't much better. 

by alphasigmookie on 08/03/2008 02:12:41 AM EST

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autopayments (none / 0)
Yeah the autopayments can really bite you in the ass as well.  They're a great way to overdraw your account if you dont' pay close enough attention. 

by alphasigmookie on 08/03/2008 02:15:32 AM EST

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Rant: I Made 1 Late Credit Card Payment, So I Called... | 34 comments (34 topical, 0 hidden)