Go to SuccessWarrior - my journal
- Add a comment
- Go to I actually have a credit card story for you - Rizzo's interest
This is the very reason
that I cancelled my Premier and my Capital One Credit Cards.
They both charged a $29 membership fee and if the payment was one day late then they charged a $29 fee, and if I was over my limit they charged a fee. My argument with both of these companies was how in the %@#%@ could my payment be late when it was automatically debited from my bank account each month.
Needless to say they lost my business.
posted by
StrickGold
on August 10, 2006 at 7:49 PM
| link to this | reply
I agree Sly but some aren't that easy
I only have three loans left that can't be paid off in a month. But I am trying to pay two of them off in the next year and then all I have is a house to pay off.
posted by
SuccessWarrior
on August 8, 2006 at 11:49 AM
| link to this | reply
It is best to pay off all your debts every month and not carry a balance.
posted by
SlyCy
on August 8, 2006 at 7:42 AM
| link to this | reply
Cat, that's true. Financial ignorance is not bliss,
it's painful and expensive.
I think I'll talk more about interest tomorrow in my Millionaire Blog.
posted by
SuccessWarrior
on August 5, 2006 at 9:18 AM
| link to this | reply
open up an orange savings account... they pay the best interest rate
that I've found with no minimums. (ingdirect.com)
I use my credit cards all month, but always pay them monthly. If I don't have the cash, then it's better to get a home equity loan, or some other fixed rate loan, than to pay 18 or 19% interest that's not even tax deductible! People just don't get it.
posted by
-blackcat
on August 5, 2006 at 9:02 AM
| link to this | reply
It's good advice. With that one gone, we have two credit cards.
We keep them "just in case" but we also keep a savings account "just in case" so that we don't have to use the cards. One of my economics instructors described it best when he said, "Interest. Those that understand it, get it. Those that don't understand it, pay it." By keeping money in savings for emergencies, we get interest (even if it's a pitifully small amount). If you use a credit card, you pay interest (and it's far from a small amount).
posted by
SuccessWarrior
on August 5, 2006 at 8:59 AM
| link to this | reply
I've had nearly that same thing happen to me. My advice? Close all
the cards that you don't need or use. Having the account open doesn't really help your credit score, and they'll only find a way to screw you somehow. Good luck!
posted by
-blackcat
on August 5, 2006 at 8:41 AM
| link to this | reply