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Reply #33: very true [View All]

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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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