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I hate credit cards!!

June 14th, 2008 at 10:13 pm

Okay, we probably all hate credit cards. But I had finally reached a point of acceptance and I have been taking action by paying down my old debt while not incurring any new debt. I have even made some progress ... so I'd started to feel encouraged, and maybe even begun to see a glimmer of light at the end of the tunnel. Then I got a couple of my CC bills this month and noticed the balances had gone UP instead of DOWN ... and I knew I had not charged anything (my cards are still in a block of ice in my freezer)!

Upon closer examination of the bill from the first card, I saw that it has an annual fee of $39 which was charged to me this month ... which I am sure I knew before I got the card (obviously about a year ago) but have forgotten. In fact, I am sure I not only knew about the annual fee but I didn't care about it at the time; however, I sure care a LOT now!! Ugh. To make matters worse, when I originally got this card it had a 0% APR, which went up to 14.9% in February. That same month I was also late paying my bill ... so in March the APR went up to 29.49%!!! Dang!!

As if all that weren't bad enough, the closer look at the second card (to see why my monthly minimum payment went up) revealed that this company also raised my APR this month, from 15.99% to 24.99%. I emailed to inquire about that and got the standard reply about how they can raise the APR if I pay late and/or go over my limit ... but I've not gone over my limit at all this year (quite the opposite, in fact) and I have only had one late payment, also back in February (Christmas killed me). So why is my APR just being raised NOW for a late payment back in February?!! ARGH!!

It's just SO frustrating to finally be making noticeable progress, then have a couple whammies like that come from out of the blue. And of course these things have to happen the same month my child support is reduced!! It's discouraging.

But I do have a couple of positive things to report! So far this month I have four no-spend days, which is awesome for me! I also opened up an account with Smarty Pig, and I'm doing once-a-month auto transfers of $25 into that!! So I need to concentrate on my positive actions and not the negative circumstances that have developed this month. I know if I can persevere through this rough patch and continue to pay my minimums plus whatever small amounts I can manage to scrape up, soon I will have another card paid and I'll be able to apply that amount to another card, and my snowball will gain some momentum!!

4 Responses to “I hate credit cards!!”

  1. gamecock43 Says:

    i hate credit cards too. i just do. but they love me. wont leave me alone.

  2. greengirl Says:

    i love my credit cards, Big Grin but that would be because i have never actually had 'credit card debt' that i was unable to pay off at the end of the cycle. one of mine has no annual fee and is around 14.75% and the other has an annual fee of around $52 and an interest rate of 20.69% but i get more from rewards than i pay on the annual fee so its worth it for me.
    i can see why so many people hate them and fear them though, and just want to say good on you for taking positive steps to end your debt! every now and then you have to take a couple of steps back, i know i do all the time (car repairs, dentist bills etc), and you just have to keep your head down and focus on the light at the end of the tunnel!

  3. Apprentice Fun-Frugalist Says:

    What you say resonates with me and I'm sure with most of us here who are focussed on getting out of debt... you try really hard and don't seem to be making any progress...

    BUT believe me you ARE... the most important tool you have in the fight against debt is your Attitude and yours is where it needs to be.... Your two Credit Card companies are screwing you. Its as simple as that. Is it fair that they've doubled your interest rate just because of one missed payment in February ?? No... but they can.. so they have.

    Just a suggestion.... is it possible to apply for a new Credit Card that has a long 0% balance transfer rate and a fairly low % when the promotional period is up. I think not having to pay ANY interest for 6 or 9 months would be of great help to you. And of course freeze it in a block of ice as soon as you get it.

    Also.... since last Christmas hurt you financially how about a special savings acct for Christmas 2008 ?

  4. cindyg86 Says:

    I'm sorry to hear about your troubles with the CC APR. That has to be frustrating! I remember I had a late payment when I first received my credit card and they raised my credit limit as well. I emailed them and got the same response. Frustrated, I called them and talked to a customer service rep about it. I found that when I talked to them they were much more understanding and lowered my APR to the normal level.

    I would say to give them a call and see what you can't work out!

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