Default APR: 31.99% variable.

[debtfreeme]

Re: Default APR: 31.99% variable.

your minimum payment is wrong. I have never seen in the counseling i have done that if you owe 10k in CC debt that your minimum payment would be $15. On 10 k at 14.99% your monthly payments are around 150 a month, with 22 going to principal and the rest going to interest. Even if your debt is scattered to 5 or 6 cards the amount is more unless you owe about 500 or less per card.

Most of the CC now have a either a minimum payment made up of:

1. the total amount of interest made each month plus some nominal amount toward principal, usually 15-25 dollars

2. either 1 or 2 percent of the balance of the card.

[poundwise]

Re: Default APR: 31.99% variable.

Yes Poundwise, I realize what you meant ... Certainly no need for hatefulness.

I have no idea what that last statement means. What hateful thing did I say to you?

Those people are called "Customer Service Reps".

LOL... I get your meaning but, really, they are just minions. Someone in a corner office hands down the plans to skirt the law and lead the loan shark mentality.

[Writer@Large]

Re: Default APR: 31.99% variable.

31.99 ... yeah, that sort of rate sucks. My cards were at 29% and some change, back when I'd made some late payments. It got to a ridiculous point where the interest each month actually put me over my balance--even though I'd not used the card in months! And since I was over my balance, of course, there were extra fees ... and I'd pay it down a bit, but not enough (I didn't have it to pay) and so the next month the interest would spike it over the limit again. A vicious circle, indeed.

And some people wonder why I hate credit card companies ...

--W@L

[Snoopy2645]

Re: Default APR: 31.99% variable.

Yes from what they are saying those payday places are charging around 400% interest that is just crazy!!! To bad thiers not more education out thier on finances at a young age like senior year they should have the kids take classes on it!!! Or maybe even younger than that KWIM?

[Ima saver]

Re: Default APR: 31.99% variable.

KWIM?? What does that mean??

[sweeps]

Re: Default APR: 31.99% variable.

KWIM = Know what I mean

[neatdesign]

Re: Default APR: 31.99% variable.

Actually, I was referring to the credit card companies themselves. The persons in charge of schemes and scams... though I'm fairly certain they call it something else.

Those people are called "Customer Service Reps".

The customer service reps have NO SAY in those policies, nor can they change the policies. What they are responsible for is explaining the policies to customers and see that the policies are adhered to. But it certainly doesn't mean that the reps agree with those policies.

To blame the customer service reps for just doing their jobs is a prime example of that old adage, "Killing the messenger".

Credit card companies do this because laws have been specifically created for them so they can. Those who should really be blamed, aside from the credit card industry itself, are senators and representatives who continue to coddle the industry and let them get away with these outrageous rates and fees, who fail to protect consumers.

Moreover, as much as the consumer public grumbles about how much they hate credit card industry practices, they have also failed to actually PUSH for change. I think the reason for this is that people feel it's an unwinnable battle, and have no idea where to start. That, plus the fact that the credit card industry has American consumers by the balls and consumers have little to no leverage against it.

But please, don't blame the customer service reps. They have as much say in their companies' policies as you do: ZERO.

~ Jenney