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#177211 - 03/15/09 11:58 PM Credit card debt
yonuh Offline
Member

Registered: 06/14/06
Posts: 2447
Loc: Arizona
Have you checked your credit card balances lately? Seems some credit card companies are reducing credit limits to less than cardholders owe and then charging late fees, penalties, etc. And this is legal right now!!!!

http://finance.yahoo.com/banking-budgeti...ithout-Spending
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#177225 - 03/16/09 12:51 AM Re: Credit card debt [Re: yonuh]
chatty lady Offline
Writer

Registered: 02/24/04
Posts: 20267
Loc: Nevada
They also just upped their interest to 14% for everyone. The government is suppose to be meeting to fix a limit on what they can charge, but you all see how the government works. NOT!!!!!
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#177239 - 03/16/09 10:31 AM Re: Credit card debt [Re: chatty lady]
celtic_flame Offline


Registered: 11/24/06
Posts: 2930
Loc: Belfast/Northern Ireland
i know about the intrest rising, it certinlie happening heer.

i din't know that the wer reducing thir limites of borrowing, thats just mean and unfaire! IMO
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#177252 - 03/16/09 12:51 PM Re: Credit card debt [Re: celtic_flame]
Dotsie Offline
Founder

Registered: 07/09/08
Posts: 23647
Loc: Maryland
The whole credit card routine is frightening. What are people thinking? I've heard some awful stories about parents having to bail out 20 somethings who cranked up limits while in college. I just hope that once they bail them out, they take away the cards.

I also heard that the banks are giving less time between the time you receive the bill and the time payment is due, so be sure to check the due date when it arrives.

I've started using a debit card. My boys use them all the time and have often teased me about charging and writing checks. I love the debit card. I stayed away from it for so long because I thought I wouldn't keep track in my check book, but I am doing so. The boys keep track online. I'm not there yet. And, I love not charging or writing a check. That check writing takes so much time. Anyone else doing debit cards? I'm probably the last one to join the debit troups. Am I?
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#177303 - 03/16/09 09:04 PM Re: Credit card debt [Re: Dotsie]
chatty lady Offline
Writer

Registered: 02/24/04
Posts: 20267
Loc: Nevada
Three years ago I managed to pay off all my (6) major credit card debt, most charged by my ex when we were together. I use checks or debit cards and thats it. I am debt free and wouldn't accept a credit card if it were made of gold and they paid me to use it.

Been there - done that!

It actually feels so much better just waiting for something if money is tight or making due with whats available. Once you become use to doing that it is really quite easy.
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#177329 - 03/16/09 10:12 PM Re: Credit card debt [Re: chatty lady]
celtic_flame Offline


Registered: 11/24/06
Posts: 2930
Loc: Belfast/Northern Ireland
i been doing debits for awhile dotsie.

i used to joke that no matter how bad my spelling is and handwritten is they still cashed my cheeks, i refused to have one untill i was 25 becouse i was so embarised with my writeng and spelling. So when debit cards came along i probabilie was first their lol.

i do have credit cards and been using them more latlie than ever before, as a fall back on and good job i have them as well. I seen frends going without heat and stuff they should't be going without becouse they dind't have cards or overdrafts. So i am luckie but keep telling my frends its limited convinense as it is not free monie...

once in my life my parents bailed me out and i been away from home since i was 16, it bonkers how much parents are paying for thir kids debt and from what i can see they go straight back to running up more debt asap. I just don't understand why kids and parents are doing what they do.
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#177334 - 03/16/09 10:27 PM Re: Credit card debt [Re: celtic_flame]
Lola Offline
Member

Registered: 06/23/06
Posts: 3703
Loc: London UK
Okay. A little trivia. Did you know that cheques commonly issued by the banks in the UK are crossed cheques? One cannot simply write "Pay to Cash" to payee.
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#177337 - 03/16/09 10:30 PM Re: Credit card debt [Re: Lola]
celtic_flame Offline


Registered: 11/24/06
Posts: 2930
Loc: Belfast/Northern Ireland
i always though the cheques were that way so if lost they could't be redemed for cash.

i guessing its diffrent in usa that why your bringing it up
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#177338 - 03/16/09 10:31 PM Re: Credit card debt [Re: Lola]
Anno Offline
Member

Registered: 09/15/05
Posts: 4434
Loc: Minneapolis Minnesota
Could you explain a bit more, Lola?

It is difficult here to just cash a check, even if you have written it yourself. I guess that is when I use my debit card.
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#177344 - 03/16/09 10:52 PM Re: Credit card debt [Re: Anno]
Lola Offline
Member

Registered: 06/23/06
Posts: 3703
Loc: London UK
Whereas in the States, cheques are blank, in that that they do not have the two lines drawn on the face of the cheques, in the UK all cheques are issued with pre-printed double lines across it. Generally, cheques issued here are for deposit to accounts and do not convert to cash from the bank teller (or cashier, as they're called here). One goes through a lot of security checks and endorsements by the person issuing the cheques to encash a crossed cheque. And even then, it rarely happens because of the bother. So, even if I wrote out a cheque to your name, you would have to deposit that and it goes through a clearing period. No one writes "Pay to Cash" here.
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