a good lesson -ASK QUESTIONS.......

[warthog]

I recently got a thing from a credit card Co.saying I was chosen for a new "program"that would give out closed-end loans to pay off outstanding debts-at interest as low as 7.99%-SO:I called them;got approved....got the paperwork sayinf I had been "awarded"a $10,000.00 credit line,and a bunch of blank checks I got too-Suspicious thing,though-NOT A WORD on what my interest rate would be......SO:those checks sat around for a while.This morning,I looked to see if I had just missed what my interest would be-NOPE-not there.I just got off the phone with 'em-they said"I HAD BEEN APPROVED FOR $10,000.00 CREDIT LINE-AT18.99%"!!!!:biteme The woman says"Is there a problem with that?"I said WELL;Im payin WAY LESS than that,now-What do you think??...she said i could talk to a "credit specialist'to re-negotiate the rate,I just said NOPE-CANCEL THIS WHOLE THING-NOW!!!Words of wisdom-Before you buy ANYTHING on credit,DONT FORGET to find out what yer gonna pay in interest-BETTER YET,dont get ANYTHING on credit at all...

 

[Pete in MI]

if I can't afford cash, I certainly can't afford the interest on top of cash I don't have for credit. Besides God meets our needs and I am pretty happy about that...Thank you Father.

 

[Anonymous]

That is a rediculous interest rate! I have credit cards because right now I need them, but I put back into my IRA most of the money I've borrowed on credit cards except for the mortgage on my home!

The IRA pays 4.15% on the one I put back after using the money for the Cuba home and the other left in that I didn't touch pays 5.40%. My credit cards are mostly 4.99% and 5.99% fixed rates until balance is paid ....but some are for less or no interest within a certain time-limit, so when the low interest rates end, I will take money back out of my IRA account and pay them off! This works for me, but I don't recommend it for everyone, because keeping track of all the payments due each month and paying them on time gives me a headache and makes me nervous! Also, what the home is worth covers more than the mortgage that I owe....so Ma is in debt, but eventually, with God's help and giving me godly wisdom, I will be free of debt....O boy, won't that be wonderful, as I have been in debt since my ex left in 1986! I do owe more than I have in the IRA but I will be okay, as I've survived so far on my own without my ex and children here to help me! Cliff helps me when he is able to do so!

What tickles me is that I get these phone calls from people wanting to help me to reduce my int rates and to get my cr cards paid off, as they would get the companies to reduce my rates and they are now about as low as they will allow and some will reduce to 6.99% which is a higher rate than I'm paying right now..........soooo, I just hang up and laugh....because they want to make their money off helping me and I wouldn't benefit at all!

God Bless!
Betty