Soaps.com - MESSAGE BOARDS

My hubby told me the other day that he has a friend that pays for everything in cash, and he and his wife don't own any credit cards. I don't know if you can go without at least one credit card to have as a standby for those emergencies that pop up. Also, some rental car companies, hotels, etc, discourage people from using their debit ATM card. I have to wonder if anything can be done against these financial institutions and their deceptive practices.

btw--Puddy, you mentioned that you pay the minimum payment each month. It's best to pay over the minimum payment because depending on where you carry most of your card balance (purchases, cash advance, balance transfers), you might not be putting a dent in paying the card off--if that's your goal.

For example, if your min. payment is $18, and you have $3000 in your Purchase Balance (12.99% interest rate), $400 Cash Advance balance (29.99% interest rate), and $2600 Balance Transfer balance (29.99%)--then that min payment is only going towards one of those buckets (typically Purchase bal first).

Interest rate charges added to each of those balances has your total balance each month looking like it's not moving down very much.

The more money that can be paid over the minimum payment is always ideal.

These crooked companies though want to tack on annual fees, non-card use fees, bogus late fees, hike up interest rates, etc, and it's unfair to consumers!

Puddy have you ever considered going to HUD to apply for rental assistance? They have a voucher program, providing you qualify, that will help you considerably with your rent and utilities. According to what you get from SS it looks like you probably qualify. I have a friend who gets extra help and her SS income which includes her widow's benefits and is about what you are getting.

Just read a news article about the risks of using your check card for online purchases or large purchases. That's the advantge of having a duel-use check card/credit card. I use the credit card option when purchasing online or when making larger purchases that have the credit card advantge. I only use the check card option at the grocery store, pharmacy or when getting gas. Otherwise I sign everything as being a credit card purchases.

Dodd went to the Senate floor to ask for consent for the Senate to take up and pass his Credit Card Rate Freeze Act, which would prevent credit card companies from hiking interest rates, fees and finance charges on customers’ existing balances until Credit CARD Act protections take effect in February. Regrettably, Republican Senator Thad Cochran (R-MS) objected to Dodd’s request, blocking the bill from Senate passage.



“Consumers obviously have a responsibility to spend within our means and to pay what we owe. We bear that responsibility. But the credit card industry as well has a responsibility to deal with their customers honorably. There is nothing honorable about what’s happened with these significant rate increases and fees. Most importantly, they don’t have a right to rip off American families, especially when the Congress has already gone on record opposing the very actions they’re engaging in,” Dodd said on the Senate floor.



“This will provide us a window of about 12 weeks between now and around the first of February, during this holiday season, to just put a stop to these outrageous rates and fees being charged to people,” Dodd continued.



“Ninety colleagues here voted for the bill this spring. Why wouldn’t you join us today?”



“On behalf of several Senators on this side of the aisle, I object,” said Senator Cochran.



Dodd is the author of the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act, which was enacted in May and prevents arbitrary interest rate, fee and finance charge increases on a customer’s existing balance. The majority of the bill’s provisions take effect in February. “Unfortunately they’ve taken that window and used it as a way to jam in on consumers in this country. Particularly at a time when people are losing their jobs, their homes their health care, their retirement, and the holiday season is upon us,” Dodd said.



Already, the Credit CARD Act requires 45 day notification of interest rate increases, and increases from 14 days to 21 days the amount of time before a bill is due that a statement must be delivered. Dodd’s Credit Card Rate Freeze Act would force companies to immediately freeze rates, finance charges and fees on existing balances until the remaining provisions in the Credit CARD Act go into effect.



In April, Chairman Dodd and Senator Schumer sent a letter to the heads of the Federal Reserve, OTS, and NCUA calling on them to implement an emergency freeze on interest rates tied to existing balance on credit cards.



For those accounts that have already seen rate increases, the Credit CARD Act requires credit card companies to review every account that has seen an interest rate increase since January 1, 2009 and reduce rates where warranted. Dodd sent a letter to the Chairman of the Federal Reserve and the heads of key regulatory agencies in July directing them to let credit card companies know that they will be held accountable for rate increases. He also called on the Federal Reserve to provide clear, robust requirements for the reviews and called on the agencies enforcing those regulations to hold the credit card companies strictly accountable for conducting thorough reviews and decreasing rates.


dodd.senate.gov/?q=node/5333

my MIL gets just about what you do puddy, in NYS we have a program called belmont, it pays a percentage of her rent, she also qualifies for a small amount of food stamps, and epic, this helps with her prescriptions, i think you should look into it, you certainly deserve it