Credit Card Bill Poised for Passage

Credit Card Dept.

Speaking with HSBC (credit card company for BESTBUY) I was left in angry tears. They absolutly would not renegociate the interest on my account of 25.99%. Early in March I had made arrangements to set up automatice withdrawlls from my account on specific days for $45.00 dollars. However those days set up by HSBC did not fall within the "billing cycle" so I was still being charged a late fee of $39.00. every month. So even with previous payments of $50.00 to 1oo.oo EVERY WEEK as I could afford it these payments reduced my balance only during the next billing cycle. Which left me with a"past due" and interested based on the previouse months outstanding balance. I HAVE NOT USED THIS CARD. The fees and interest is what I am paying on.I simply asked that they help me out so that I could pay the principal off. I am a good person. I always pay for what I buy. They refused to budge. If I wanted to have a 9% interest they told me I would have to do a financial statement and that also I would be reported to the "BIG THREE". My financial statement would not guarantee a reduced interest. All I know is I cannot possibly afford to pay my card off at this rate. Help. I just need some help.

L.K. of CA @ Jun 08, 2009 13:35:45 PM

Seeking debt counseling is not a sign of failure

Banks have huge debts, but they're getting a helping hand from the federal government. If you have overwhelming debt--perhaps from bad investments, or maybe a job loss, a medical crisis or just plain overspending--you're probably on your own. Check the website http://obamadebthelp2009.blogspot.com

to see if they can help. I am glad I did read it before I talk to my CC company and it helped - Jane Jim, California

janejim of CA @ Jun 06, 2009 01:38:04 AM

Credit Card Banks are Thieves

The banks are trying to make up for thier foolish activities in the mortgage markets on the backs of the credit card holders.The Bank of America has ordered its credit card administrators to ramp up the late fees and offer no forgiveness for any slight error made by the customer. While taking bail out funds from the Federal Government and wasting them on luxary "goodies" and bonusues for thier lazy, foolish,fat, overidulged, executive children who operate the largest slim pit in the world.

Terry Hopkins of HI @ May 18, 2009 12:01:38 PM

Credit card billing practices

Many credit card activities make it impossible to pay a credit card bill before a statement is received. To enhance the chances of obtaining a $39.00 late fee they:

Change payment addresses every month.

Change due dates every month.

Mail the required statement almost too late to pay it on time if the target even writes the check and drops the payment into the mail the moment received.

If a creditor is deemed having a late payment at any time, they are reported to the credit bureaus and then if the ceditor managed to get a series of 6-12 payments under the wire, the credit scam does not report that they are now on time. This is not likely due to a practice of late posting, hoarding payments and processing bagfuls only once a week.

None of the bills are addressing this.

Spacenavigator of VA @ May 16, 2009 18:26:55 PM

Credit card billing practices

Many credit card activities make it impossible to pay a credit card bill before a statement is received. To ensure a $39.00 late fee they:

They change payment address every month.

They change due dates every month.

They mail the required statement almost too late to pay it on time if the target even writes the check and drops the payment into the mail the moment received.

If a creditor is deemed having a late payment at any time, they are reported to the credit bureaus and then if they managed to get a series of 6-12 payments under the wire, the credit scam does not report that they are now on time.

None of the bills are addressing this.

Spacenavigator of VA @ May 16, 2009 18:23:21 PM

This is not good enough

The laws I have seen proposed won't take effect for a year. That's plenty of time for the card companies to jack people around and squeeze a lot more money out of them. The laws need to take effect right away and they need to roll back the abuses the companies are doing now.

Scott of MN @ May 14, 2009 00:17:14 AM

This is the model

for not letting corporations DELAY reform.

"But the Bernanke (a Republican) Fed was going to do SOME of this anyway", they say.

Yeah, NEXT YEAR. A YEAR AND A HALF FROM WHEN IT WAS ANNOUNCED.

It's time right this minute to do health care reform NOW TOO from Congress, with NO REGARD for B.S. lately coming from the "insurance industry" that "we'll voluntarily reduce costs a little over 10 years". After 10 years, most citizens will be broke from health care.

Roll them over, NOW.

Muser of NM @ May 13, 2009 11:19:19 AM

credit card scams

it amazes me how a credit card company can take a 30 dollar payment, 10 dollars goes to payment prossesing, another 10 dollars goes towards interest and finally if you are lucky the last 10 goes towards your principal. also I have never been late on a payment for three years, the only time I overdrafted was when they charged me monthly maintenance fees on top of everthing else and then overdraft fees for there maintenance fees and they claim I am a high risk consumer. how am I suppose to pay off first premier bank when they keep taking all my money? I stopped using my card a long time ago and I just got another overdraft fee. I pay twice the min. payment. its all scams for bank execs. to get rich.

allen b chavez of WY @ May 13, 2009 00:29:05 AM