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unpossibles Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-15-07 08:25 AM
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33. very true
I used to have great credit and fully paid off my cards as early as possible, then after someone rear ended me, I had to take some time off work for injuries, and while waiting for my case to be settled, I was paying the minimum amount on my credit cards for a month or two, and wasn't too worried because I was not near my credit limit. Well, the issuing bank decided to lower my limit to what my balance was, then when my interest pushed it above the limit, I got slammed with what ended up being thousands of dollars in "over limit" fees and late fees. To make it worse, soon after this I was laid off from a job which moved the plant overseas, and although I got severance things were very tight forcing me to work two jobs.

It took me almost a decade to pay off what was a considerably small principal (like under $2000) and I am normally very responsible and have a low-cost and thrifty lifestyle. I would say that the interest and late fees far outweighed the original debt, and my credit score is still screwed for a couple more years. It's not as bad as it could be, but it definitely makes it near impossible to get any kind of reasonable rate loans now.

It really woke me up to how awful these companies are. I had considered myself a "good customer" then I realized that they were more than happy to screw me over to make money, that they don't like it when you can pay your cards off.

The other side of the coin, my brother is kind of a yuppie and makes a lot of money and he gets stuff for free and low interest all the time. Gotta love it: the people who can afford to buy something often don't have to. But the rich are the ones getting screwed in this country.... </sarcasm>
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  -The Poverty Business...Link - OUTRAGEOUS debbierlus  May-14-07 07:42 PM   #0 
  - I wish I could rec these kind of stories ten times.  Matsubara   May-14-07 07:49 PM   #1 
  - Yeah, me too.  calimary   May-15-07 05:57 AM   #22 
  - OMG - Just read the article. $8000 bux for a 6-year old Saturn with 100+K miles?!?!  Matsubara   May-14-07 07:54 PM   #2 
  - 6 year old Saturn sedan w/100k today=$4790  Jim Warren   May-14-07 09:27 PM   #8 
  - a 6 year old saturn that`s going to cost a months net to fix.  madrchsod   May-15-07 07:18 AM   #25 
  - Things like this  BluePatriot   May-15-07 11:36 AM   #48 
  - K&R  Morgana LaFey   May-14-07 08:00 PM   #3 
  - Like Hedge Funds That Push Subprime Lending?  MannyGoldstein   May-14-07 08:06 PM   #4 
  - Sure, it's about as clear  JTFrog   May-15-07 05:33 AM   #19 
  - You know those ads that run on TV - let us help you by giving you thousands  truedelphi   May-14-07 08:09 PM   #5 
  - Predatory lending! Didnt that use to be illegal? nt  siligut   May-15-07 11:29 AM   #46 
     - A lot of things used to be illegal (nt)  FatDave   May-15-07 12:19 PM   #51 
  - ah jeez...I had to add my two...or three ..cents  stillcool47   May-14-07 08:39 PM   #6 
  - Oh man. That should have its own thread.  Wednesdays   May-15-07 07:40 AM   #28 
  - This should definitely have its own thread.  Dora   May-15-07 09:48 AM   #35 
  - Actually...  stillcool47   May-15-07 06:31 PM   #63 
  - Don't compare China's  JimDandy   May-15-07 11:00 AM   #44 
  - I suppose if I looked...  stillcool47   May-15-07 06:50 PM   #65 
     - Thanks for pulling all those articles together.  JimDandy   May-16-07 07:34 PM   #73 
  - They should have to pay the difference in pay to someone  klyon   May-15-07 01:43 PM   #56 
  - As someone whose family was about two weeks away  edwardsguy   May-14-07 08:40 PM   #7 
  - It is a vicious cycle, I agree.  siligut   May-15-07 11:27 AM   #45 
  - It's gut-wrenching when you hear it first-hand (or near first-hand).  calimary   May-17-07 11:23 AM   #74 
  - What's really FUNNY-- so many of these profiteeers are Fundies...  bobbolink   May-14-07 09:34 PM   #9 
  - Do you ever wonder if they read the Bible they are so wont  brer cat   May-14-07 10:44 PM   #12 
  - I'd like to know what "version" it is they read! They're so proud of knowing the bible backwards an  bobbolink   May-15-07 11:56 AM   #50 
  - According to fundy belief  Nobody   May-15-07 06:35 AM   #24 
     - Yep-that fundie belief that god is blessing only those who deserve it  TheGoldenRule   May-15-07 08:28 AM   #34 
  - AH George Mason...Isn't that where that Williams economist guy is from, the one that subs for Rush?  Nikki Stone1   May-14-07 09:34 PM   #10 
  - former Enron Director Wendy Gramm is at George Mason  cosmicdot   May-14-07 11:17 PM   #13 
     - As a public university, it shouldn't play host to these parasites  Nikki Stone1   May-15-07 07:27 AM   #26 
        - that is Virginia  klyon   May-15-07 01:53 PM   #57 
  - You do so "get it" debbierlus.  brer cat   May-14-07 10:34 PM   #11 
  - The working poor have always gotten the short shrift.  Cleita   May-15-07 12:37 AM   #14 
  - elderly and disabled poor people don't do so well, either.  bobbolink   May-15-07 07:52 PM   #68 
  - Georgia outlawed payday loans.  Rosemary2205   May-15-07 12:42 AM   #15 
  - I talked about the same thing last week  hfojvt   May-15-07 01:03 AM   #16 
  - Proud to be Recommend 25!!  Breeze54   May-15-07 01:03 AM   #17 
  - The parable of the box  undergroundpanther   May-15-07 01:32 AM   #18 
  - Like I say, More Socialist leanings will improve the society. (n/t)  Tyler Durden   May-15-07 05:36 AM   #20 
  - Not unless we ridicule those who continue to use "Socialist" as an insult.  bunkerbuster1   May-15-07 07:44 AM   #29 
     - Amen to that. n/t  Tyler Durden   May-15-07 08:08 AM   #30 
  - it has always been this way and while it doesn't make it right  bleedingheart   May-15-07 05:39 AM   #21 
  - IF we lived in a country that respected labor and the consumer,  The Backlash Cometh   May-15-07 06:15 AM   #23 
  - "he lives in a mind of his own"  madrchsod   May-15-07 07:28 AM   #27 
  - And everybody wonders why I hate rich people  camero   May-15-07 08:11 AM   #31 
  - Yet there are some even here on DU who think nothing of rampant capitalism  TheGoldenRule   May-15-07 08:17 AM   #32 
  - very true  unpossibles   May-15-07 08:25 AM   #33 
  - the interest rates and prices are high to reflect the risk  Hamlette   May-15-07 09:57 AM   #36 
  - Poppycock. There is a perfectly viable alternative, revert to the economic system  greyhound1966   May-15-07 10:22 AM   #39 
  - Speaking of 'kool-aid'  kineta   May-15-07 10:41 AM   #42 
  - Not at all, the poor were stepped on then as well. We haven't regressed all the way back  greyhound1966   May-15-07 12:46 PM   #54 
  - that would be slavery? Farming? Relying on private charity?  Hamlette   May-15-07 12:44 PM   #53 
     - Slavery was a social institution, not an economic model and farming is still our largest industry.  greyhound1966   May-15-07 01:04 PM   #55 
        - I actually do know a little about banking  Hamlette   May-15-07 07:44 PM   #67 
           - What is a little about the banking industry? Do you have an understanding of how the central banking  greyhound1966   May-16-07 03:11 AM   #70 
              - how about this as a starting point for the discussion  Hamlette   May-16-07 11:57 AM   #71 
                 - That is the crux of the biscuit (thanks, Frank), the credit based economy and  greyhound1966   May-16-07 03:25 PM   #72 
  - That's the problem in a nutshell  gravity   May-15-07 11:39 AM   #49 
  - The weak and disabled are prey for the government enabled sharks...  Blackhatjack   May-15-07 10:04 AM   #37 
  - We have an OUTRAGEOUS Payday Lender Ad running here ...  Blackhatjack   May-15-07 10:12 AM   #38 
  - Wow. Posted this before I went to bed -  debbierlus   May-15-07 10:26 AM   #40 
  - The extensive comments pages at BW are worth a look as well.  bunkerbuster1   May-15-07 10:34 AM   #41 
  - I have a Question: Why should anyone who is a taxpayer pay more interest than others?  Blackhatjack   May-15-07 10:54 AM   #43 
  - It's nothing poor people don't know, but the rest of you need to. - n/t  porphyrian   May-15-07 11:32 AM   #47 
  - Readers comments (not unlike some you'll see here)...  acmavm   May-15-07 12:28 PM   #52 
  - "No to the new bauble"  wryter2000   May-15-07 01:57 PM   #58 
  - Yep, them that got theirs sure as hell begrudge the same thing  acmavm   May-15-07 02:04 PM   #59 
     - They sure do!  Nobody   May-15-07 10:23 PM   #69 
  - Many of those comments are not surprising, but no less disturbing for it. n/t  Mark Twain Girl   May-15-07 05:17 PM   #60 
  - Ah, Welcome back to the NEW MedEVIL times, courtesey BUSHco!  Tigress DEM   May-15-07 05:53 PM   #61 
  - I'm just amazed pay-day loans are legal with their interests rates  WindRavenX   May-15-07 05:54 PM   #62 
  - I know this will piss of the capitalists  ProudDad   May-15-07 06:36 PM   #64 
  - Living of loans is the form of modern slavery nt  conspirator   May-15-07 06:52 PM   #66 

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