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We had just closed my card out on one cc and gotten another. Partly because the 1st company nearly stranded me at an airport, they'd changed their policies and hadn't notified us yet. The bill was current, but they wouldn't accept the charges. I used my ATM card instead!

So, since the annual fee for my card was coming up and our high interest card #3 had finally listened to us and lowered the interest rate to something reasonable, we just got me a card on that account.

We've paid off card #1, and are working on the cards from the company that stranded me. We were happy campers. I had a cc for my wallet at a reasonable rate and we were paying down the high interest accounts. Cool!

Except today, the company we'd just made our favorite? They're raising our rates to 22% OVER prime!!! :eek: So, that card is going to get closed and paid off.

So what's going to happen here folks? When things turn around, card 1 is going to be still inundating us with offers that are "too good to be true" like those we've been turning down since we decided that we couldn't afford to do business with them.

We pay off the 2 cards with company #2 and get rid of 1 card altogether, and we've already eliminated my card on the "gold" account.

So now we'll pay off card #3 because of this insane interest hike.

DO THESE COMPANIES THINK I WILL EVER DO BUSINESS WITH THEM AGAIN??? I think they are killing themselves for short-term gain. In the past 2 years we've added these companies to those we'd eliminated before: a department store and another (now bankrupt) financial institution.

I have two no-fee checking accounts at one bank and everything else is at the bank where our joint stuff is.

I think the victims of this recession are the folks like us, who're doing our best to pay our bills and eliminate our debt.

Why after this, would I do business with these people at all? Why would I want to? To my way of thinking, I won't want to do business with them, I won't need to, as I won't be living on credit above my means, which eliminates the need for a cc at all.

DH and I looked into greenspot and other prepaid Visa gift cards tonight, we think we may just close all the cc accounts and use a gift card if we have to.

ARE THEY INSANE???

Judi
 

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Yeah, a lot of them are sure shooting themselves in the foot! One of our CC's just rasied the rate, too. We're thinking of closing it...no balance...

I think that will be an additional 'bump' in the road to recession recovery. A lot of people will probably stop using CC's. We're gonna be in that bunch!
 

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CCCS won't do a thing except make your situation worse, imo. DIY is the best way. and as far as others not being on board, sometimes like an addict, they have to hit some sort of "bottom" before opening their eyes.
 

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CCCS won't do a thing except make your situation worse, imo. DIY is the best way. and as far as others not being on board, sometimes like an addict, they have to hit some sort of "bottom" before opening their eyes.
I think you may have misread the thread... nobody's talking about CCCS, just CCs. ;)
 

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The stuff going on now with CC's is just amazing.....and hard to track at the pace it is happening.

Did you hear that congress was thinking about moving up the date to Dec. for the new rules?

I just realized that one of my CC's wasn't renewed this year. I called to make sure that was the case and that it hadn't been stolen out of my mailbox....sure enough they cancelled for inactivity....but...."would you like to reopen it?" "yikes" WHAT? What the he** for????.........if you cancelled it before you will surely do it again??!!! Well, I also have a checking acct. at that bank.......so when I went in to deposit this week you can be sure the gal got an earfull!!!!!!!
 

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They are looking to exploit people in a vulnerable position.. for short term profits they are in the 'gimme gimme gimme' mentality instead of thinking long term -- which is a lot of what got us into this bad recession.

There are people who won't be able to pay off the cards when the interest rates spike. they will barely be able to make the minimums.. so the CC company will make a ton of money off them. They won't get the smarter 'deadbeats' who pay in full every month.

Just don't even bother with these cretins anymore. Cut up the CC and learn to go to a cash system or only have on CC with your local bank (you have your checking with) and keep the balance to ZERO every payday. So it's kind of like paying cash. I call it a delayed debit card.

They are also realizing that the public is starting to catch onto their BS and there profits are going to start dwindling and they have to pay for their mansions somehow so they will exploit the weakest amongst us.
 
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