Comments on: A Bank Deal http://www.astoryofdebt.com/2010/02/a-bank-deal/ Thu, 27 Oct 2011 04:40:44 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Update on The Bank Deal | A Story Of Debt http://www.astoryofdebt.com/2010/02/a-bank-deal/comment-page-1/#comment-242 Update on The Bank Deal | A Story Of Debt Sat, 06 Mar 2010 03:10:41 +0000 http://www.astoryofdebt.com/?p=343#comment-242 [...] mentioned a couple weeks ago that my bank was offering a deal to temporarily reduce my APR.  After reading all the fine print three times through, I made a plan to save up as much money as [...] [...] mentioned a couple weeks ago that my bank was offering a deal to temporarily reduce my APR.  After reading all the fine print three times through, I made a plan to save up as much money as [...]

]]> By: Kate http://www.astoryofdebt.com/2010/02/a-bank-deal/comment-page-1/#comment-195 Kate Wed, 17 Feb 2010 16:32:30 +0000 http://www.astoryofdebt.com/?p=343#comment-195 Over the weekend I received a call from a collection agency. Usually they ask me where their money is and how soon I can pay them, but this call was a little different. I had a credit card that I never paid (not even a minimum payment) in six months because I had a lot more important things to pay for (i.e. rent, food, heat!). Needless to say, the credit card company was going to slap me with a lawsuit unless I took immediate action to rectify this. They wanted $4,000 RIGHT NOW and because I suck at budgeting my money, I don't have $4k saved up, so I had to liquidate 2 of my mutual funds to pay this off in order to avoid the lawsuit. I have had about 2 panic attacks and nearly cried my eyes out in the last day and a half, but I know it was my own stupidity and I had to suffer the consequences. But you can bet I definitely learned my lesson on this one -- always pay your credit card every month (even if it's only a minimum payment) and never ever use a credit card ever again! Good luck with paying off all of your debt. I'm hoping I can pay the rest of my debt ($1,500) off by the end of this year! Over the weekend I received a call from a collection agency. Usually they ask me where their money is and how soon I can pay them, but this call was a little different.

I had a credit card that I never paid (not even a minimum payment) in six months because I had a lot more important things to pay for (i.e. rent, food, heat!). Needless to say, the credit card company was going to slap me with a lawsuit unless I took immediate action to rectify this. They wanted $4,000 RIGHT NOW and because I suck at budgeting my money, I don’t have $4k saved up, so I had to liquidate 2 of my mutual funds to pay this off in order to avoid the lawsuit.

I have had about 2 panic attacks and nearly cried my eyes out in the last day and a half, but I know it was my own stupidity and I had to suffer the consequences. But you can bet I definitely learned my lesson on this one — always pay your credit card every month (even if it’s only a minimum payment) and never ever use a credit card ever again!

Good luck with paying off all of your debt. I’m hoping I can pay the rest of my debt ($1,500) off by the end of this year!

]]> By: Ari http://www.astoryofdebt.com/2010/02/a-bank-deal/comment-page-1/#comment-193 Ari Tue, 16 Feb 2010 13:44:58 +0000 http://www.astoryofdebt.com/?p=343#comment-193 I would say no, don't do it. Only because of two reasons: #1, if they're cutting your available credit, that screws with your credit score. Mainly because of the whole available credit to credit used ratio. And yes, you want your available credit down but I wouldn't mess with it right now. And #2, what if something happens (some random huge expense that you weren't able to foresee) and you can't put as much money as you want towards the card, which means that after 6 months... well, what would happen to your interest rate? It could go up to where it is now or it could go even higher. That's just my two cents though. Do with it what you will. :) I would say no, don’t do it. Only because of two reasons: #1, if they’re cutting your available credit, that screws with your credit score. Mainly because of the whole available credit to credit used ratio. And yes, you want your available credit down but I wouldn’t mess with it right now. And #2, what if something happens (some random huge expense that you weren’t able to foresee) and you can’t put as much money as you want towards the card, which means that after 6 months… well, what would happen to your interest rate? It could go up to where it is now or it could go even higher.

That’s just my two cents though. Do with it what you will. :)

]]>