The thing about credit cards…
BOA has raised my [credit card] interest rate from 9% to 27% for being ONE day late….Thankfully my new husband has paid them off, but how would they have expected me to ever pay it off?
She’s this close to figuring out why credit cards work the way they do. Once she remembers credit card companies actually try to make as much money as possible.
How the Mascot Stole Christmas will resume Monday. Have a good weekend!
EDIT: Another winner: “I have paid Discovery for one year and the balance is the same. Never missed a Payment.The mim. payment is not enough to cover the interest.” This person did not complain about being in the unfortunate situation of only being able to pay the minimum, so I must assume daftness.
Well, DUH!
Somehow I don’t think the credit card companies will be passing a long the 0% interest rate savings to their customers. It’s far more profitable to collect loads of interest off those poor schlubs who don’t understand why their bill isn’t going down paying the minimum. New math?
Reply to PollyIn college, I had CC’s from speciality stores that I used all the time for the coupons they gave out. I was so proud of myself for never keeping a balance. When my fiance (now husband) went to finance our first mortgage together, he was appalled at my credit store. It was like I had an STD. We had to wait six months while I closed all the accounts and waited for my score to recover.
I hate CC companies.
Reply to annie@Polly: Of course, the banks have to recover from bad loans, so they can’t lower their rates
@Annie: Interesting. Maybe they’ve changed the credit score formula. Now the experts (“experts”?) recommend leaving those cards open.
Reply to DonnieI used to think Weaksauce Losers was my favorite LEP category, but Patently Ineffective has really grown on me.
Reply to Derek SlaterHmmm…. looks like relying on Mother Nature to do her “natural selection” process doesn’t seem to be working fast enough.
Reply to tanc(happyhippo)@Derek: Personally, my favorite posts are the ones that say “Posted by The Mascot” at the bottom.
@tanc: I think it’s working perfectly. Personally, I like to read about the dim people to make me feel better about myself.
Reply to The Mascot