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"They are giving our money to the banks to lend back to us with interest."
That's how the bailout is being funded. And the people are just sitting around idly by watching this happen.
I guess we all feel powerless.
Seems my generation spent our youth marching against the Viet Nam war, marching for Civil Rights and Women's Rights . . . and now as adults, we have given up.
I will get out w/ the sign and march on Washington, if others want to, LOL. I would be glad to march in front of Ken Lewis's house right now! I assume there would be thousands of others here who would march - and millions of others who would come to DC. But it seems we all are beaten down and feel it would make no difference.
What else can we do but just take our licks, as my grandmother used to say. We have no recourse. Our legislators are doing nothing to help us . . . so what would be the point? Guess I have become cynical at this point in my life.
Now today, I get noticed that BofA is reneging on the fixed rates on both of these cards and if I am reading this correctly, has changed them both to a variable rate.
I am on the phone (holding) now, b/c if I read this correctly, they have raised the rates to what appears to be around 21.74 % on these cards!!!
Okay. The very kind man on the phone said this was nothing personal - BofA has raised the rates across the board. And yes, to 21.74%!!!!!
I can freeze it at 10.99% but can never use the cards again. I can pay off the balance at 10.99% on the one card and 12.99 on the other. If I ever use them again, the balance that is on the card at that time, plus any new charges will be at the variable rate, wh/ currently is 21.74%.
Bank of America isn't the only one out there doing this. I've been sent notices by most of our credit card companies that they are increasing the rates. Some have no balances. Others have a balance and we pay way more than the minimum every month and have never been late or missed a payment.
Why the increase? The excuse is that the economy is in the toilet and they are hurting financially.
Good luck finding a new card with a low rate. If you do find one, let me know what it is!
I am also a proponent of "lay-away." Bought my first appliance that way, even! A dryer. Bought the washer second hand and paid cashed. Bought the dryer on sale and put it on "lay-away." Pinched my pennies and managed to "pay it off" ahead of schedule. NO MORE LAUNDROMAT FOR ME!!! Did that at 20 while still in college. Lay-away was what made that purchase possible.
I haven't heard the term "lay-away" in YEARS, but remember it very well. That's how my parents bought my first bike. Meijer's had a special department in the back for lay-away. You'd have your ticket and they'd go back into the storage room and bring it back to you when your all paid up.
Bank of America isn't the only one out there doing this. I've been sent notices by most of our credit card companies that they are increasing the rates. Some have no balances. Others have a balance and we pay way more than the minimum every month and have never been late or missed a payment.
Why the increase? The excuse is that the economy is in the toilet and they are hurting financially.
Good luck finding a new card with a low rate. If you do find one, let me know what it is!
There are only a few low rate cards out there and they are not publicized. I dug one up but at this point, I am thinking that even if I get a different card, they could change the terms at any time, so what's the point.
Simmons First Visa Platinum at 7.25% fixed looks like one of the best out there.
We have checking accounts that offer credit cards but we have turned them down in the past. So I am looking into that right now.
"They are giving our money to the banks to lend back to us with interest."
That's how the bailout is being funded. And the people are just sitting around idly by watching this happen.
And the Banks are paying huge interest as well. This is not a loss to the taxpayers unless they go under.
I have a Chase card since 1994. I HAD a fixed rate of 9.99 for life. The other day I received a letter that my interest rate was going up to 11.14%. I called them, but as usual, the bank is tight with money and they had to raise my fixed rate. Still, reading the different posts in here, my 11.14% is nothing compared to others close to 20%.
I have a Chase card since 1994. I HAD a fixed rate of 9.99 for life. The other day I received a letter that my interest rate was going up to 11.14%. I called them, but as usual, the bank is tight with money and they had to raise my fixed rate. Still, reading the different posts in here, my 11.14% is nothing compared to others close to 20%.
What gets me is - the BofA card was a fixed rate. Now they changed it to a variable.
Your 11.14 does sound "good" in this climate, especially a fixed rate. How crazy is that, tho? I thought a "good" card had no higher than 8.99% fixed, LOL. Until the economy gets back on track, I guess we are just gonna have to accept that things are changing.
And I can't help but throw in an advertisement for Dave Ramsey's principles here:
DITCH THE CREDIT CARDS!!!!!!!
You're a slave to the system by having one whether you use it or not. Just look at how they're jerking you around and you have absolutely no control, even after years of "faithful" service to them! You're nothing more than a number that they can print out on paper, use it as toilet paper, crumble it up, and flush it down the toilet!
I hear excuse after excuse for why to keep one...and that the balance is always paid off...etc. Just cancel it and live on the money you have...plain and simple. It's not as hard as you think. The hardest part is restraining yourself and re-adapting your habits to live off of what your "real" money can provide. Get over that mental hurdle and it's, dare I say, easy.
And I can't help but throw in an advertisement for Dave Ramsey's principles here:
DITCH THE CREDIT CARDS!!!!!!!
You're a slave to the system by having one whether you use it or not. Just look at how they're jerking you around and you have absolutely no control, even after years of "faithful" service to them! You're nothing more than a number that they can print out on paper, use it as toilet paper, crumble it up, and flush it down the toilet!
I hear excuse after excuse for why to keep one...and that the balance is always paid off...etc. Just cancel it and live on the money you have...plain and simple. It's not as hard as you think. The hardest part is restraining yourself and re-adapting your habits to live off of what your "real" money can provide. Get over that mental hurdle and it's, dare I say, easy.
End of public service announcement.
LOL! Yes, good advice. The only thing is . . . what happens when you have an expense you literally cannot pay without having to cash in a 401K? Such as a hospital bill? Or college tuition?
It is always a good idea to have some sort of credit card. I had to use one to put a last minute very expensive plane ticket on it when I was younger. Otherwise, I couldn't have gotten back home in that emergency situation. Also, for renting cars. There are times you do need a credit card - even if you pay it off monthly.
LOL! Yes, good advice. The only thing is . . . what happens when you have an expense you literally cannot pay without having to cash in a 401K? Such as a hospital bill? Or college tuition?
It is always a good idea to have some sort of credit card. I had to use one to put a last minute very expensive plane ticket on it when I was younger. Otherwise, I couldn't have gotten back home in that emergency situation. Also, for renting cars. There are times you do need a credit card - even if you pay it off monthly.
Do you realllllly want me to give you the nitty-gritty Dave Ramsey response???
I have too many examples in my life that these seemingly "problems" are nothing to deal with as long as you set yourself up right to handle them. Sure, there'll be a period of vulnerability while you come down off the addiction to plastic crack...but just like kicking any bad habit, the other side is so much greener (literally). You set up emergency funds, you cut off other expenditures...maybe you :gasp: go without a cell phone for a while! Maybe Time Warner loses a customer and maybe the liabrary gets to know you a little better because you have to use their computers to get on the internet and post on City-Data!
Do I currently do these extreme measures? No...I don't need to (as in, we're not in any sort of financial hardship right now). We do live without a credit card...have been for nearly a year now and have a fairly healthy emergency fund that's taken it's place. And I do have an emergency plan in my back pocket for when the poop does hit the fan. I know which bills can be cut off immediately and which need to be paid no matter what...and it's all without plastic.
I don't mean to preach...but there are few things in my quarter-centry plus life that I can 100% assure folks that it will work and make your life better. This is one of them.
Alright...I'm done with this soap box. Someone else can use it now...
NEXT!
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A dryer. Bought the washer second hand and paid cashed. Bought the dryer on sale and put it on "lay-away." Pinched my pennies and managed to "pay it off" ahead of schedule. NO MORE LAUNDROMAT FOR ME!!! Did that at 20 while still in college. Lay-away was what made that purchase possible.
