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