I hate credit card companies!!!

**prftstrngr** · 08-25-2008, 02:36 PM

So a week ago I made an agreement with Visa to catch up on ONE back payment. It wasnt even really over do but it would be by this week. I was proactive and called and set up the payment. I thought I was doing a good thing. Today I come home from work and there is a letter in the mail stating they were increasing my interest to 24% because I was behind a payment. Well needless to say I was furious!! So I get on the phone and as politely as I can manage I proceed to tell them the arrangements are already on file and the rate should not have been increased. SHe of course has to call customer service cause God forbid the credit dept and customer service know what each other is doing! She comes back and tells me that there is nothing they can do because the letter goes out on an automated system and that if my payments come in on time for the next 6 months they will change it back. I lost it....completely. Told her that I was sure SOMEONE in the company could alter the automated system and that I didnt see how increasing the interest rate encouraged someone in financial difficulty to actually try harder to pay. Basically they made my situation worse. Ironically I have the money to pay it sitting in my account now. But since they were no help at all...they can dang well wait. Im so mad I cant even think! Im sorry for ranting but Im to the point I dont even care if they ever get paid. They can put it in collection. GGGRRRRR!!!!

**Russ** · 08-25-2008, 02:39 PM

time to switch to another card.

**EmilyD** · 08-25-2008, 02:51 PM

If you have the money to pay it off, pay it off .. they will lose that 24% interest that if you let it slide they will make every month.

Then, send a letter hard closing the account and state WHY you closed it.

My suggestion ... don't get another card and don't transfer it to another card.

**Greebo** · 08-25-2008, 02:56 PM

Emily's suggestion is the best one.

If, however, you can't pay off the card in full, you have a bigger problem - you are living beyond your means.

IF IF IF IF you swear NEVER to use the credit card again, and to live on a cash basis from here on out, then and only then would I say, go ahead and do a balance transfer to a low rate card, close the old account, and THEN pay off that new card as fast as possible. But I'd only do that if it will take more than 6 months to pay off the card completely. Any less than that, just bust butt to get that debt paid off.

Credit cards are not your friend - get rid of them!

**Cricketlegs** · 08-25-2008, 04:10 PM

I need a credit card like I need a nail in the head.

Have I mentioned I hate hate hate my creditcard???

**prftstrngr** · 08-25-2008, 05:34 PM

It has an $11,000 balance on it...NOT getting paid in full. That being said we are working on a pay down plan and none of them have been used in months. My husband lost his job last year and is now going back to school. So financially Im in no position to put $11,000 down on that card. Im just so angry that after making the arrangement with them I get slapped in the face anyways. After I cool down enough to write a coherent letter(minus the expletives I want to use now)I intend to cancel the card and let them know exactly what I think of Visa Gold. The kicker is I have had the card for eons and rarely carry much of a balance on it. I have always paid and thats the thanks I get!

**missmanny** · 08-25-2008, 05:49 PM

And this is why we all need to completely get rid of our credit cards!

I'm so sorry this is happening to you - it is like kicking you when you are down.

**missmanny** · 08-25-2008, 05:49 PM

PS, that interest rate seems ridiculous to me for 1 missed payment - how dare they, especially when you called to make arrangements.

**monkeywrangler71** · 08-25-2008, 06:06 PM

Visa likes to tell people that things are impossible when they really aren't. You likely won't get anywhere with them. If your card is with a major bank you would get better results writing to the client care department at the bank's head office. Tell them the date and details of the arrangement that you made and let them know how shocked and disappointed you are that they did not hold up their end of the bargain.

It's been a rough year, so they may or may not be helpful. Ask about a fixed rate loan to pay it out if they won't lower the rate. Although, the credit crunch in the states has the Canadian banks running scared; loans are not as easy to come by as they used to be. Depends on the bank as well, CIBC is in real trouble, they might not have room for sympathy.

If you can't get it fixed, start looking at those card offers that are in your mail every day, because it is pretty much impossible for you to get a worse rate.

**cmdarlin** · 08-25-2008, 06:46 PM

Sorry to hear that Sis!

Sounds like what the credit card company did to me in April while Wendell was in the hospital. We cancelled that card 14 months ago and I refuse to ever get another.

Debbie

**Michelle68** · 08-25-2008, 07:20 PM

Yep, those CC companies will just kick and kick you some more when you're down.

Sorry this happened to you.

--Michelle

**Greebo** · 08-25-2008, 08:01 PM

24% of 11,000 is...well, an ungodly number you don't want to think about, per year. So here it is: $2,640 a YEAR in interest on this card...

In this case, SINCE you AREN'T using the cards, I think you should consider finding a lower interest card to do a balance transfer to. This might mean opening a new card, but...$2,640 a year?

Just out of curiosity - got any equity in your house?

**prftstrngr** · 08-25-2008, 08:32 PM

Originally Posted by Greebo

24% of 11,000 is...well, an ungodly number you don't want to think about, per year. So here it is: $2,640 a YEAR in interest on this card...

In this case, SINCE you AREN'T using the cards, I think you should consider finding a lower interest card to do a balance transfer to. This might mean opening a new card, but...$2,640 a year?

Just out of curiosity - got any equity in your house?

Yeah I have already worked out the numbers and I wasnt impressed. We had been to the bank last week and because they have known us since my husband was a kid our loans officer did us a few favors. Since dh has technically no income they wouldnt have even let us borrow on the equity...but she put it thru based on his last years salary. So as of tomorrow we will have paid off a number of things including a $17,000 loan dh took out before he lost his job(and nearly lost his wife in the process) With him going back to school the monthly payments were just too high for me to be comfortable. Now...we were making all payments and nothing is behind except a few days on the visa but for my own peace of mind I needed some breathing room. My income is somewhat based on commission so not always stable. Unfortunately this credit card was not on our list to get rid of. I may have to do some calculating and rethink that....

**monkeywrangler71** · 08-25-2008, 08:38 PM

If the bank is doing the payouts for you I would call your loans officer first thing in the morning and tell her about the visa situation. Maybe it would be better to pay it than the loan, or if it is the same bank she may be able to intercede on your behalf regarding the rate change.

**prftstrngr** · 08-26-2008, 07:45 AM

Originally Posted by monkeywrangler71

If the bank is doing the payouts for you I would call your loans officer first thing in the morning and tell her about the visa situation. Maybe it would be better to pay it than the loan, or if it is the same bank she may be able to intercede on your behalf regarding the rate change.

Not the same bank and the other loan has to be paid out as it was a second mortgage on our house. Thanks for the suggestions though! Im going to try and talk to them again today....will just bypass the first person and ask to speak directly to a manager. May do nothing other than raise my blood pressure but I have to try...that is a riduculous rate and if all else fails I will wait for the next low interest card offer to come along and transfer it.