Credit card companies are on CRACK!

[steph124ny]

I have one large credit card balance that was primarily charges when we remodeled our house. Our furnace died and we had no choice but to pay there and now for it. It was snowing and I have little kids...the whole system had to be redone and on the card it went!! What can you do?? Sometimes life happens...

Anywho...I missed a payment date this month because my husband (who is self-employed) didn't get a large check we were expecting. We finally got it, so I logged on to immediately take care of the credit card. The minimum payment went from 500 to 1600 dollars!!! Then...when I clicked to make payemnt arrangements (I can pay extra at the end of the month to knock things down a bit, but I can't do it today...) there were a series of questions. I answered them and was presented with my payment options...

1. Pay at 0% APR in 3 equal payments of 7000 dollars each.

2. Pay at current terms for 3 months at 1000 dollars each (this is what I'm trying to do, but I have to split that payment)

3. Pay a payment of my choosing and the account stays past due.

Hmmm...let's see...I'm making payments, so clearly I can't afford to pay 7000 dollar payments. But thanks for getting rid if that pesky APR!

Do they really think people who can't meet their payment due dates and can't make minimum payments could suddenly cough up 7000 dollars??? Now I understand that it is my debt to pay...and I will do everything in my power to pay it. I grocery shop with coupons, return bottles, do surveys, and generally cut whatever corner I can. We don't even use credit cards unless it's an emergency, which losing a furnace in the middle of the winter qualifies!!! But seriously??? That's their payment solution? How about something freaking reasonable?? Geez!!!!

 

[KelliLee702]

I would try to get a live person on the phone with customer service. They can see what the purchases were for and work with you. They'll see that you didn't splurge on an Ice Cream Party for 100 in the middle of winter! But seriously I'd call and make payment arrangements with them directly.

 

[okeydokey]

The ideal thing would have been to call before you missed the payment to see if they could help you make other arrangements. The best thing to do now is to call them and ask them to help you out.

 

[Planogirl]

Let us know what happens. These companies seem less willing to work with people nowadays so I'm curious to see how they respond.

 

[DaniB]

Just wanted to tell you your thread title cracked me up

Hope all works out for you!

 

[fkj2]

Oh my!

That's all ridiculous.

 

[luvdisney00]

Crazy the way they take advantage of people!! I hope you can work out a fair solution.

 

[wdwfan16]

Since the $21K is for your furnace, I would try to get a HEL to pay-off the CC and then make the bank payments while taking options 2 or if needed option 3.

 

[ccgirl]

Holy cow.....what credit card is this out of curiosity? I agree with the PP that you should call and try to speak to a representative.

 

[mom2d&b]

Let me guess Chase? I have issues with them right now. All options they are offering are out of reach for me as I am unemployeed. Citibank has been very helpful and is working with me.

 

[steph124ny]

Since the $21K is for your furnace, I would try to get a HEL to pay-off the CC and then make the bank payments while taking options 2 or if needed option 3.

I wish we could! We are both self-employed so no bank in the world will refi us because we can't substantiate our income. We bought our house 5 years ago with a no-doc loan, so my interest is stupid high. We have tried to refinance a few times and no one will touch us. Thank God we bought a house we could afford though...I see a lot of people struggling to even make a mortgage payment on the McMansions that they own around here. Clearly...my house is NOT! LOL!!!

I just hope that things get back on track. I get so stressed!! I should have called the CC company earlier, but the check was supposed to be here on the 9th and I thought I had time. Lesson learned I guess...

 

[jjohnson]

Let me guess Chase? I have issues with them right now. All options they are offering are out of reach for me as I am unemployeed. Citibank has been very helpful and is working with me.

Call this number for Chase 1-800-404-6220

 

[dd50]

You miss a payment and they can really make your life uncomfortable. You can try calling but don't think that will do any good. As soon as a get my statement I pay at least the minimum and then pay the rest a week later. I also never wait until the last minute because at times they take a long time to post it so they can jack up the rate.

 

[cm8]

OP, I am so sorry that you had this happen to you I hope that you were able to call up the company and get someone to work with you.

 

[EKW]

Hoping you can get them to come to their senses.

It's amazing how the tone on the boards has done such a turn-about over the past couple of years. AT&T pulled a real number on a relative of mine about 10 years ago...a relative who was elderly and handicapped both mentally and physically. After seeing what they did, I turned my back on credit forever.

It seems that now they're pulling their stuff with folks who used to be their favorite customers. I have a feeling that the heyday of credit card companies is in the past. Too many of us have been burned to be willing to go back.

Sorry you've fallen into that category!

 

[LovinPooh]

I coudnt agree more EKW! I have been crapped on by a couple of card companies in the last few months, companies I have been a customer of for years! These companies are just getting incredibly greedy and shooting themselves. Just ridiculous.

Good luck to you OP. I sincerely hope it all works out for you.

 

[robinb]

Sadly, the credit card companies do this kind of thing because they can. Many of their previous dirty trick have been curtailed by congress and they will do anything to keep the money and profits flowing. Once you miss a payment that gives them the opportunity to stick it to you and they won't hesitate one second to make more money off you. Unfortunately, you made the mistake to open up the flood gates of their greed . And you are stuck doing whatever they want you to and your credit card debt will cost you a lot more to clear. I'm sorry ... good luck working things out. I have my fingers crossed for you.

 

[LoraJ]

I did not receieve a citibank bill last summer, probably lost in the mail. I realized it too late and was 4 days late on my payment. After being a customer who always paid on time for 19 years, they jacked my rate up to 26.99% and then up to 29.99% a couple of months later. I paid off that card ASAP and have not touched it since.

Of course now they keep sending me 0% balance transfer offers. Too bad.

This was a wake up call for me and I am done with credit cards.

 

[DMickey28]

I hope you were able to work it out. I hate them as well and we are working so hard to get rid of the few we have left. We have one that had a high (to us) balance of a little under $3K. We paid it down in half last month. Wouldn't you know that this month we got a letter stating they dropped our limit down to $2K ... just a little over what we paid. Great ... We were keeping that for emergencies. Oh well ...

 

[brivers222]

I will never own another Chase card again... they are such rip off artists.