Oh no they DIDN'T!
I got into an email discussion today with a few friends about some serious misbehaving going down with the credit card industry. Checkout our convo below and don't get caught out there...
Aisha- I got a letter in the mail from my credit card company telling me that they were raising everyone’s interest rates, no matter the payment history. They proceeded to say I was able to decline the increase, BUT they would automatically close my account if I declined. WTF?! Is this allowed?
http://abcnews.go.com/GMA/Story?id=4277250&page=1
Neistra- Yep! Read an article about this like a week ago… that’s why I’m glad I paid all my cc’s off and closed all the accounts. These people have lost their minds!
Aisha- I was going to close my acct, but it reflects negatively on your credit. It lowers your available credit limit and that makes you lose points.
Neistra- Yeah, I was hearing the same thing, but after some research, I discovered its not as bad as they make it seem.
Niel- If you can afford to pay it off do so… even if it hurts a bit and you have to budget elsewhere, it may be worth it to you. Interest is money lost- period… it’s like a labor fee and the longer you have a balance the more you pay for the service- unnecessarily. Pay them off and leave them open with a ZERO balance… win win situation- less cash paid out to interest and a better credit profile.
Aisha- That what I did. I have a zero balance with all of my cards. They ain’t bout to get me. SUCKAS!!! Neil, When did you get so educated?
Lauren- She just copy and pasted from creditblog.com. Verbatim.
Aisha- Ha ha ha!
Neistra- LOL
Niel- How RUDE!
Tuesday, March 3, 2009
Don't Be A Victim... Email Edition
Oh no they DIDN'T!
I got into an email discussion today with a few friends about some serious misbehaving going down with the credit card industry. Checkout our convo below and don't get caught out there...
Aisha- I got a letter in the mail from my credit card company telling me that they were raising everyone’s interest rates, no matter the payment history. They proceeded to say I was able to decline the increase, BUT they would automatically close my account if I declined. WTF?! Is this allowed?
http://abcnews.go.com/GMA/Story?id=4277250&page=1
Neistra- Yep! Read an article about this like a week ago… that’s why I’m glad I paid all my cc’s off and closed all the accounts. These people have lost their minds!
Aisha- I was going to close my acct, but it reflects negatively on your credit. It lowers your available credit limit and that makes you lose points.
Neistra- Yeah, I was hearing the same thing, but after some research, I discovered its not as bad as they make it seem.
Niel- If you can afford to pay it off do so… even if it hurts a bit and you have to budget elsewhere, it may be worth it to you. Interest is money lost- period… it’s like a labor fee and the longer you have a balance the more you pay for the service- unnecessarily. Pay them off and leave them open with a ZERO balance… win win situation- less cash paid out to interest and a better credit profile.
Aisha- That what I did. I have a zero balance with all of my cards. They ain’t bout to get me. SUCKAS!!! Neil, When did you get so educated?
Lauren- She just copy and pasted from creditblog.com. Verbatim.
Aisha- Ha ha ha!
Neistra- LOL
Niel- How RUDE!
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