Comments on: Another Way Credit Card Companies Will Stab You in the Back http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/ Wise Choices. Improved Finances. A Better Life. Thu, 04 Dec 2008 22:01:57 +0000 http://wordpress.org/?v=2.6.5 By: Carnival of Personal Finance # 145: Baby Education Edition | 8ZU http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1454 Carnival of Personal Finance # 145: Baby Education Edition | 8ZU Fri, 11 Apr 2008 20:03:50 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1454 [...] Ron Haynes from The Wisdom Journal writes about Another Way Credit Card Companies Will Stab You in the Back. [...] [...] Ron Haynes from The Wisdom Journal writes about Another Way Credit Card Companies Will Stab You in the Back. [...]

]]> By: Ron http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1192 Ron Fri, 28 Mar 2008 18:03:16 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1192 @FFB: They have zero obligation to lower their rates, but it is just good business sense. I have nothing but ill will toward Discover and I tell everyone about it. I think that when a customer goes into a managed debt plan, the credit card companies should lower their rates. Just my opinion. If I had gone into Chapter 13, they would have lowered them to zero, so what was the difference? About 60% of the people who don't get their rates lowered go bankrupt anyway. When the fed lowers rates, that isn't to just help borrowers. There are huge macro-economic concerns that factor into that decision, not just a single borrower trying to get themselves out of a financial bind. When the fed lowers rates, it is to speed up a dying economy. When non-profits are worried that the decisions by banks are going to hurt consumers, I think a credit card company should at least take notice. @FFB:
They have zero obligation to lower their rates, but it is just good business sense. I have nothing but ill will toward Discover and I tell everyone about it. I think that when a customer goes into a managed debt plan, the credit card companies should lower their rates. Just my opinion. If I had gone into Chapter 13, they would have lowered them to zero, so what was the difference? About 60% of the people who don’t get their rates lowered go bankrupt anyway.

When the fed lowers rates, that isn’t to just help borrowers. There are huge macro-economic concerns that factor into that decision, not just a single borrower trying to get themselves out of a financial bind. When the fed lowers rates, it is to speed up a dying economy.

When non-profits are worried that the decisions by banks are going to hurt consumers, I think a credit card company should at least take notice.

]]> By: FFB http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1191 FFB Fri, 28 Mar 2008 15:24:27 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1191 I'm no big fan of credit cards but what obligation does a credit card company have to a consumer to lower their rates? It's great that some do but it doesn't mean they have to. People like yourself can take their credit experience and grow from it but there are many out there who don't learn and continue to get into credit debt. When a credit company lowers their rates is that a little like when the fed lowers theirs to help home buyers? Credit cards can indeed be evil but maybe it needs to be a difficult process for a person in debt so they know never to get into that situation again? Keep in mind I say this having been in CC debt for thousands already. You advice at the end is sound. I’m no big fan of credit cards but what obligation does a credit card company have to a consumer to lower their rates? It’s great that some do but it doesn’t mean they have to. People like yourself can take their credit experience and grow from it but there are many out there who don’t learn and continue to get into credit debt. When a credit company lowers their rates is that a little like when the fed lowers theirs to help home buyers?

Credit cards can indeed be evil but maybe it needs to be a difficult process for a person in debt so they know never to get into that situation again?

Keep in mind I say this having been in CC debt for thousands already. You advice at the end is sound.

]]> By: J.C.’s Money Blog » Blog Archive » Carnival of Personal Finance #145 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1124 J.C.’s Money Blog » Blog Archive » Carnival of Personal Finance #145 Mon, 24 Mar 2008 16:52:07 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1124 [...] Ron Haynes from The Wisdom Journal writes about Another Way Credit Card Companies Will Stab You in the Back. [...] [...] Ron Haynes from The Wisdom Journal writes about Another Way Credit Card Companies Will Stab You in the Back. [...]

]]> By: Carnival of Personal Finance # 145: Baby Education Edition | Million Dollar Journey http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1121 Carnival of Personal Finance # 145: Baby Education Edition | Million Dollar Journey Mon, 24 Mar 2008 13:13:03 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1121 [...] Ron Haynes from The Wisdom Journal writes about Another Way Credit Card Companies Will Stab You in the Back. [...] [...] Ron Haynes from The Wisdom Journal writes about Another Way Credit Card Companies Will Stab You in the Back. [...]

]]> By: » March 20, 2008 Link Payday Uncommon Cents: (Hopefully) simple personal finance http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1074 » March 20, 2008 Link Payday Uncommon Cents: (Hopefully) simple personal finance Fri, 21 Mar 2008 06:22:19 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1074 [...] over at The Wisdom Journal points out even more issues with credit card companies and yet another way they might stab you in the back. Personally I’ve had much better experiences with Discover than he has, but my situation has [...] [...] over at The Wisdom Journal points out even more issues with credit card companies and yet another way they might stab you in the back. Personally I’ve had much better experiences with Discover than he has, but my situation has [...]

]]> By: Ron http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1032 Ron Wed, 19 Mar 2008 01:36:16 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1032 @Daniel@young: You're welcome Daniel. I agree with you on the catch 22. I just keep my cards in a drawer and don't use them. What blows me away is that my available credit is over $50,000 on two cards. Are these people insane? @Daniel@young:
You’re welcome Daniel. I agree with you on the catch 22. I just keep my cards in a drawer and don’t use them. What blows me away is that my available credit is over $50,000 on two cards. Are these people insane?

]]> By: Ron http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1030 Ron Wed, 19 Mar 2008 00:19:14 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1030 @Frugal Dad: They were impossible to work with. I'm just glad to be rid of them. What's funny is that they sent me an offer in the mail a few weeks ago. I just had to laugh as I slowly fed it into my shredder...it was an evil laugh too. :evil: @Frugal Dad:
They were impossible to work with. I’m just glad to be rid of them. What’s funny is that they sent me an offer in the mail a few weeks ago. I just had to laugh as I slowly fed it into my shredder…it was an evil laugh too. :evil:

]]> By: Daniel@young http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1031 Daniel@young Tue, 18 Mar 2008 15:59:30 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1031 Once they are paid off it really puts you in a catch-22. If you close the accounts it can ding your credit report, but if you keep them open they keep sending you offers and they don't stop. I got 4 offers, all from citi, in the same day last week. I think it's gotten worse since I wrote on it! P.S. Thanks for adding me to the blogroll Ron! Once they are paid off it really puts you in a catch-22. If you close the accounts it can ding your credit report, but if you keep them open they keep sending you offers and they don’t stop. I got 4 offers, all from citi, in the same day last week. I think it’s gotten worse since I wrote on it!

P.S. Thanks for adding me to the blogroll Ron!

]]> By: Frugal Dad http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1027 Frugal Dad Tue, 18 Mar 2008 12:57:48 +0000 http://www.thewisdomjournal.com/Blog/another-way-credit-card-companies-will-stab-you-in-the-back/#comment-1027 Not surprised to learn Discover was the least cooperative of the bunch. I've experienced similar results from them in the past, and found them terribly difficult to work with (along with Bank of America). The days I paid off both of those cards and closed them was a happy day in our household! Not surprised to learn Discover was the least cooperative of the bunch. I’ve experienced similar results from them in the past, and found them terribly difficult to work with (along with Bank of America). The days I paid off both of those cards and closed them was a happy day in our household!

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