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Friday, July 31, 2009

Unscrupulous Credit Practices

How does 2.99% APR turn into 27.24% APR?
Unscrupulous credit practices, that's how.

The current credit system is going to drive us all into the ground. No wonder Suze Ormon recanted her advice about paying off the cards. She now recommends paying the minimum and saving CASH in the event that you lose your credit limit. If you miss ONE payment, they send your rate soaring. I had a LIFE OF BALANCE promotion for 2.99% APR--I thought that meant my credit line was guaranteed. Things do happen in life that cause people to be late. Personally, I had shoulder surgery.

I called the bank and politely had it out with the supervisor. I made sure to tell her I was purposely saying "the bank" instead of "you." These unfortunate souls have to work to support themselves and their families. I'm sure the person I spoke to is a perfectly nice person. I told her that I would no longer use the card if things didn't change. She said she was a consumer, too and she was motivated to help me. I'm passing on her advice: set your account on automatic payments so that the minimum is paid automatically. It will bode well for you when the work order is reviewed by higher-ups.

I love comments!

4 comments:

Ms. G said...

I totally agree with you! It is not just Unscrupulous Credit Practices... it is all types of predatory lending practices. Check out this article...

SavvyD said...

Ms G. The link must be broken. Nothing happens.

SavvyD said...

And yes, OF COURSE they want to make money from you! The more you spend, the more they get if you carry a balance. (Insert swear word.)

singlelutheran said...

A friend of mine recently found out that her credit card interest rate had been increased to 30%. I suggested to her that she contact the company and try to negoiate a lower interest rate. She didn't even know that you could do that.