Increasing Credit Card Interest Rates
Author: Ira
Posted: Wed Jan 05, 2005 8:02 pm
Post subject: Increasing Credit Card Interest Rates
Very interesting article from Ray Martin of CBS Marketwatch:
http://netscape5.marketwatch.com/news/story.asp?guid={4EA37BE4-684D-499D-8C4A-EFEFAC3C7AF7}&siteid=netscape&dist=special
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Thu Jan 06, 2005 3:22 am
Post subject: Increasing Credit Card Interest Rates
That is an interesting article Ira, like they say they must protect themselves when they feel the consumer is at risk of not re-paying debt. The problem with that, is a one time late within a perfect payment history to me does not mean over night that a consumer is no longer going to pay their debt... so they are really taking advantage of the system to make a profit when risk is turely not an issue.
One problem with the article though, not all creditors have to allow their accounts to be negotiated for lower payments with a credit counseling company. Many consumers have hit that wall already, thinking because they signed up for CCCS that ALL creditors reduced their rates. I have even heard of CCCS companies with holding this fact from the consumers just to get their business, so 2-5 years later when they think all of the debt should be paid, they find the balance still about the same as what they started, just because they failed to call the creditor to confirm participation in the CCCS program first hand. Consumers have to be real careful dealing with CCCS.
Plus if they enter CCCS - that is 2-5 years that they can't establish new credit, just the same as if they had filed chapter 13 bankruptcy.
Just a fine mess / trap that can result with the credit card companies if they get an edge in to jack the interest rates.
_________________
Best Regards,
Pammila Phillis
Board Monitor
http://www.cardratings.com
501-663-0314 PH
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: ffffg
Posted: Sun Jan 09, 2005 8:54 am
Post subject: Increasing Credit Card Interest Rates
this happend to me on one of my cards.. i started a buisiness that in three years has become very successfull but have this lingereing debt that im paying off now. most of my cards now are at 90 percent and one of them actually stated that i had too much debt, and did not have to have missed a payment and im straddled with 29 percent on a large sum of money with this one card.. i actually have a good score over 700.. i was told by another to get new cards and pay it off. that is why im here.. ill get the card name of the rogues and post it here with all caps, they are jerks.. ill also post the good ones.. but what say you about the new cards to cover the bad card interest?.. and i need the the names of some of good cards i can apply for that will deal with me fairly. i had a late Payment here or there on other cards becouse of the mail being slow and shifing due dates on cards.. i cant belive they do this on purpose as stated on tv one knight.. i was told if im late on one card the other cards can up my rate? any help to get decent rates will be apreciated.. thanks dave..
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Jan 05, 2005 8:02 pm
Post subject: Increasing Credit Card Interest Rates
Very interesting article from Ray Martin of CBS Marketwatch:
http://netscape5.marketwatch.com/news/story.asp?guid={4EA37BE4-684D-499D-8C4A-EFEFAC3C7AF7}&siteid=netscape&dist=special
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: NightStar
Posted: Thu Jan 06, 2005 3:22 am
Post subject: Increasing Credit Card Interest Rates
That is an interesting article Ira, like they say they must protect themselves when they feel the consumer is at risk of not re-paying debt. The problem with that, is a one time late within a perfect payment history to me does not mean over night that a consumer is no longer going to pay their debt... so they are really taking advantage of the system to make a profit when risk is turely not an issue.
One problem with the article though, not all creditors have to allow their accounts to be negotiated for lower payments with a credit counseling company. Many consumers have hit that wall already, thinking because they signed up for CCCS that ALL creditors reduced their rates. I have even heard of CCCS companies with holding this fact from the consumers just to get their business, so 2-5 years later when they think all of the debt should be paid, they find the balance still about the same as what they started, just because they failed to call the creditor to confirm participation in the CCCS program first hand. Consumers have to be real careful dealing with CCCS.
Plus if they enter CCCS - that is 2-5 years that they can't establish new credit, just the same as if they had filed chapter 13 bankruptcy.
Just a fine mess / trap that can result with the credit card companies if they get an edge in to jack the interest rates.
_________________
Best Regards,
Pammila Phillis
Board Monitor
http://www.cardratings.com
501-663-0314 PH
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: ffffg
Posted: Sun Jan 09, 2005 8:54 am
Post subject: Increasing Credit Card Interest Rates
this happend to me on one of my cards.. i started a buisiness that in three years has become very successfull but have this lingereing debt that im paying off now. most of my cards now are at 90 percent and one of them actually stated that i had too much debt, and did not have to have missed a payment and im straddled with 29 percent on a large sum of money with this one card.. i actually have a good score over 700.. i was told by another to get new cards and pay it off. that is why im here.. ill get the card name of the rogues and post it here with all caps, they are jerks.. ill also post the good ones.. but what say you about the new cards to cover the bad card interest?.. and i need the the names of some of good cards i can apply for that will deal with me fairly. i had a late Payment here or there on other cards becouse of the mail being slow and shifing due dates on cards.. i cant belive they do this on purpose as stated on tv one knight.. i was told if im late on one card the other cards can up my rate? any help to get decent rates will be apreciated.. thanks dave..
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:52 PM
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