Forum Post: Move on Credit Card Companies December 11 2011
Posted 12 years ago on Nov. 9, 2011, 9:01 a.m. EST by studentrallynyc
(29)
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Please join us for Balance Transfer Day December 11 2011 http://www.facebook.com/BalanceTransferDay
That will help for a second. But really? Don't have credit cards at all. Don't get into debt. Don't spend more than you earn. Don't buy every little thing just because you want it. Some of our problems in this country could have been controlled if we had lived that way in the first place and demanded the government do the same.
At this point it's impossible for many Americans to say no to credit cards because they are enslaved by high interest rates on debt that keeps on growing. If we want to make change: we must unanimously demand low interest rates. Currently Credit Card Companies escaped the anger of Occupy movement. The only way to change that is to join Balance Transfer Day www.facebook.com/BalanceTransferDay
People are not a slave to credit cards. They are indentured servants. They sold themselves into that servitude and have to work to fulfill their debt.
Interest rates are stated on forms when you apply for a card. People CHOSE to get credit cards. And more importantly they CHOSE to use them unwisely.
Don't get me wrong, I have had fights with my credit card company, and I have unwisely spent. But I learned my lesson.
As much as I do believe in this movement, and as much as I do believe the corporate and government machines are way out of control, I also believe that too many people spent too many years, spending way beyond there means and were shocked when it all fell down.
So instead of worrying about transferring. Worry more about paying down (and a transfer may help some people) and cutting up those cards.
Interest rates are on credit card statements true. But they are not regulated. If you have a credit card that starts at 8% that you sign up for, they can keep raising it and they only have to let you know with a letter. So if you have $4000 balance on your credit card at 8%, they have taken it up to as much as 30% by sending you updates. They also can suddenly reduce your allowable credit to $3000 and now you are over your credit limit so they get to add fees, $100 a month or more, till you get it below their limit they changed. Late fees by one day can be 100's of dollars, and they can change your billing cycle in mid-cycle...you think its due on the 15th, suddenly its due on the 10th and you're 'late' and owing fees. Nobody signs on for this stuff, but they can, and do, change it at whim.
True, and the lowering of limits or changing of dates is definitely wrong and should be changed.
However, changing from one card to another just postpones those fess, changes, etc. Secondly, not everyone qualifies for another card to switch over to.
Third, when people were notified of changes in those letters they had an opportunity to switch or cancel their cards. I did. One card negotiated a better rate with me. The other I told to jump in the lake.
Lastly, by using a credit card you incurring debt, living outside your means. If we weren't doing that in the first place it wouldn't hurt when they change the rules.
No one makes you swipe the card.