Used Credit Card to Pay for Vacation
Guest: alphablack
Post subject: Used Credit Card to Pay for Vacation
Posted: Sat Aug 26, 2006 2:36 pm
Me too RacieRacer, me too!
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Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Sat Aug 26, 2006 2:58 pm
Quote:
I'll say though that when I read that about a vacation in your OP, well that did stick out like a sore thumb.
pretty much....I read somebody say once that a lot of folks post on message boards looking for affirmation rather than information....I think OP wanted more folks to say "it isnt fair what wells did"...
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Guest: alphablack
Posted: Sat Aug 26, 2006 3:26 pm
maddybeagle wrote:
Quote:
I'll say though that when I read that about a vacation in your OP, well that did stick out like a sore thumb.
pretty much....I read somebody say once that a lot of folks post on message boards looking for affirmation rather than information....I think OP wanted more folks to say "it isnt fair what wells did"...
Most people reach an age where they realize life isn't fair. "Fair," is an artificial perception and we all know life doesn't deal at out the cards evenly to all and sunder. I think what happened was unfortunate, but as you pointed out, credit card banks can do what they want. What is unfortunate and what I can empathize very clearly with is that nkyPhotog had proven himself. It's unfortunate that Wells didn't look at his circumstances and work with him as he had proven to be a good customer (so far).
I'm from Northern California and grew up with a Wells Fargo on many a street corner (read: strip-mall). I certainly would think twice about doing business with them. Their business practices seem to be lacking if their credit underwriting department approved 12k accounts when they should not have been (or at least their IT department wasn't doing a very good job of administering their systems).
I clearly saw someone seeking advice; you Maddybeagle saw someone looking for sympathy. I believe it was Anis Nin who wrote, "We don't see the world as it is, but as WE are." What are you looking Maddybeagle when your perception is, "a lot of folks post on message boards looking for affirmation rather than information....I think OP wanted more folks to say "it isnt fair what wells did."
I'm done with this topic. I'm choosing to see it as, 'closed.'
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Guest: 9855donna
Posted: Sun Aug 27, 2006 4:37 am
Polonius wrote:
I post my opinions based on what I read. If I don't have the complete picture, I can be wrong and I'm sorry about that. But I don't feel any guilt for being wrong. Like all of us, I do the best I can with the information at hand.
Quote:
I could have paid my car insurance using my checking account
That wasn't in your original post. I still think it doesn't make much sense to use a credit card with such a high interest rate, especially if you have an alternative. You say you own your house outright. Why not just get a HELOC and pay off all your debts? Why pay 20%+ interest when you don't have to?
Excuse me for jumping in here to say 'Taking out a 'Secured' Loan to pay 'Unsecured' Debt is NOT a wise thing to do.The OP certainly has the right to make his/her own decision but I would not put my home on the line to payed 'unsecured' debt.
NOT a good idea.
Good Luck whatever you decide.
_________________
donna
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Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Aug 27, 2006 4:10 pm
Quote:
Taking out a 'Secured' Loan to pay 'Unsecured' Debt is NOT a wise thing to do
Why is that? Why is paying 20%+ better than paying the HELOC interest of 8% or so (which is usually tax deductible too).
I read this sort of advice all the time. Mortgage good debt. Credit card bad debt. Car loan good debt. Balance transfer bad debt. It makes no sense. Debt is debt, money is money. If you owe money, pay the least interest you can. Period.
If you're a deadbeat planning to borrow lots and then declare bankruptcy, I suppose keeping the debts all unsecured is a good idea. But if you're honorable and intend to repay your debts, why stick to unsecured debt when secured debt costs you less interest?
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Used Credit Card to Pay for Vacation
Posted: Sat Aug 26, 2006 2:36 pm
Me too RacieRacer, me too!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Sat Aug 26, 2006 2:58 pm
Quote:
I'll say though that when I read that about a vacation in your OP, well that did stick out like a sore thumb.
pretty much....I read somebody say once that a lot of folks post on message boards looking for affirmation rather than information....I think OP wanted more folks to say "it isnt fair what wells did"...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: alphablack
Posted: Sat Aug 26, 2006 3:26 pm
maddybeagle wrote:
Quote:
I'll say though that when I read that about a vacation in your OP, well that did stick out like a sore thumb.
pretty much....I read somebody say once that a lot of folks post on message boards looking for affirmation rather than information....I think OP wanted more folks to say "it isnt fair what wells did"...
Most people reach an age where they realize life isn't fair. "Fair," is an artificial perception and we all know life doesn't deal at out the cards evenly to all and sunder. I think what happened was unfortunate, but as you pointed out, credit card banks can do what they want. What is unfortunate and what I can empathize very clearly with is that nkyPhotog had proven himself. It's unfortunate that Wells didn't look at his circumstances and work with him as he had proven to be a good customer (so far).
I'm from Northern California and grew up with a Wells Fargo on many a street corner (read: strip-mall). I certainly would think twice about doing business with them. Their business practices seem to be lacking if their credit underwriting department approved 12k accounts when they should not have been (or at least their IT department wasn't doing a very good job of administering their systems).
I clearly saw someone seeking advice; you Maddybeagle saw someone looking for sympathy. I believe it was Anis Nin who wrote, "We don't see the world as it is, but as WE are." What are you looking Maddybeagle when your perception is, "a lot of folks post on message boards looking for affirmation rather than information....I think OP wanted more folks to say "it isnt fair what wells did."
I'm done with this topic. I'm choosing to see it as, 'closed.'
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: 9855donna
Posted: Sun Aug 27, 2006 4:37 am
Polonius wrote:
I post my opinions based on what I read. If I don't have the complete picture, I can be wrong and I'm sorry about that. But I don't feel any guilt for being wrong. Like all of us, I do the best I can with the information at hand.
Quote:
I could have paid my car insurance using my checking account
That wasn't in your original post. I still think it doesn't make much sense to use a credit card with such a high interest rate, especially if you have an alternative. You say you own your house outright. Why not just get a HELOC and pay off all your debts? Why pay 20%+ interest when you don't have to?
Excuse me for jumping in here to say 'Taking out a 'Secured' Loan to pay 'Unsecured' Debt is NOT a wise thing to do.The OP certainly has the right to make his/her own decision but I would not put my home on the line to payed 'unsecured' debt.
NOT a good idea.
Good Luck whatever you decide.
_________________
donna
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Sun Aug 27, 2006 4:10 pm
Quote:
Taking out a 'Secured' Loan to pay 'Unsecured' Debt is NOT a wise thing to do
Why is that? Why is paying 20%+ better than paying the HELOC interest of 8% or so (which is usually tax deductible too).
I read this sort of advice all the time. Mortgage good debt. Credit card bad debt. Car loan good debt. Balance transfer bad debt. It makes no sense. Debt is debt, money is money. If you owe money, pay the least interest you can. Period.
If you're a deadbeat planning to borrow lots and then declare bankruptcy, I suppose keeping the debts all unsecured is a good idea. But if you're honorable and intend to repay your debts, why stick to unsecured debt when secured debt costs you less interest?
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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