If you haven't checked your credit card rate of late you may want to take a peek.

http://www.cnn.com/2009/LIVING/personal/02/13/clark.howard.credit.cards/index.html


ATLANTA, Georgia (CNN) -- I've been getting many calls from listeners who are outraged or perplexed by the actions of their credit card issuer.
The issuing banks are raising interest rates by 20 percent or more -- even if the individual has good credit, has never been late on a payment or hasn't even had any change in their credit standing.
This is happening across all income levels. It's even affecting successful business owners and moderate to wealthy individuals. Fortune magazine recently spotlighted one small business owner who had a card that went from nearly 8 percent to 26 percent, even though nothing changed with his finances or payment history.

As of yesterday I am debt free, aside from house and cars and a student loan. After reading this I am even happier.

Being debt free is a beautiful thing.

I posted about this earlier this week - I was jerked from a 16.81 to a 29.99% interest rate on my Chase card this past month. Sadly, I'm *highly* leveraged, but there's not much to do but keep shovelling...

I flipped a coin this week between consolidating my credit card debt with a personal loan and applying for a mortgage. I opted for the latter (for this year), largely due to the fact that I hit the 25% tax bracket for the first time this year, dependent laws have changed such that I can no longer claim Philip (he legally qualifies except for the fact that his SSI income is over 3500.00), and consequently am paying a lot more in taxes than I have in the past and frankly can use the deduction (along with the tax credit carrot being offered this year). Yeah, fire, gasoline, but the net result will be slightly lower mortgage than rent payments, and real estate is actually relatively stable here...

I was able to get prequalified for my home loan, by the skin of my teeth; but all my surplus funds from here on out (as they have been for the past few years) will be devoted to paying off my two high interest cards...

Regards,
Nydia

I do find that kind of wierd to say ones debt free, other than Home, Car, and Student loans. In many cases that debt can out weight any CC, or misc loans.

With that being said I dont carry CC balances anymore. Once I hit my 30's I reeled that crap in hard.

I still use CC's and have a loan on my Electra Glide. I still maintain a balance sheet in the black, since the credit cards get beat down within a month or two and my savings exceeds my debt, even with the bike loan. I know the percentage on my two CC's is shit however. 19% or something ugly last time I checked. Still, I don't carry a balance longer than a month or two so its not a big deal.

I wish I could say I was 100% debt free AND had the savings but I need to up my score so I can get REALLY into the hole by becoming a homeowner.

What's a credit card?

I do find that kind of wierd to say ones debt free, other than Home, Car, and Student loans. In many cases that debt can out weight any CC, or misc loans.

With that being said I dont carry CC balances anymore. Once I hit my 30's I reeled that crap in hard.

Consolidated Student Loans are normally less interest per year than a bank gives on a savings acct and are concidered "acceptable debt" since they financially make more sense to keep than pay off if you have the money to do so. Nevermind the cost vs income potential of a college education.

Mortgages have their interest being tax deductable, and simply the sheer size of the purchase, making these acceptable debt as well.

Car loans generally wouldn't be concidered acceptable debt, especially since an accident totalling the car can often yield less money through your insurance than you'd need to pay off the loan. Better to pay cash for a car, or ride your bicycle.

Refinancing my house but still waiting for the closing. Consolidating my home equity loan and the mortgage which is about 74k all together at 4.875% fixed rate.
Once that is done will just have that payment and the house and car expenses. (Car has been paid off for 3 years)
Was late one payment in 5 years on my sears card and was jacked up from 8% to 25% so ended up paying that off asap. Bad paying 75 dollars a month and they take off only like 10 dollars off the balance each time.... :mad:

My student loan is very low interest and yes after paying off all my credit cards, same as cash stuff, I do consider myself debt free. Trust me, I just paid off 12k worth of debt I'm happy. We had a rather sizable windfall and we took the opportunity to climb out from under accumulated CC debt due to Leah's business drastically dropping in the last 3 months.

I have an appointment next week to discuss re-fi-ing our home to a lower rate as well. Things are slightly on the up for us but I constantly worry about the economy and how quickly it can fall. =\

Sorry about missing your post Nydia. I don't get as much time here these days and can only rely on quick scans of topic titles to spend my time in so I'm sure I'm missing lots of good stuff :( We need a post bot or something ;)

I am currently looking at whether to refinance. Mortgage is currently at approx. 6.8% ; the purchase price was $260k with $60k down and have had the place for 6 years. Monthly payment is $1700. Latest assessment is giving a value of $345k.

I am trying to decide if a reduced payment at the lower rates will be worth the hassle of all the paperwork, or if I will be better off sticking with what I have and not messing with the credit rating.

Any money brainiacs have any advice?

More than likely, if you could drop that to 5% it would be worth it.

Yeah Crapitalone just sent me a letter saying they were raising my interest rate to Rape.99% APR so as soon as my tax refund shows up it's gettign paid off then cut off those fuckers have had enough of my business.

Yeah Crapitalone just sent me a letter saying they were raising my interest rate to Rape.99% APR so as soon as my tax refund shows up it's gettign paid off then cut off those fuckers have had enough of my business.


Heh, I have a Cap One Master with a 0 balance; they sent me a new card a few months back, which I tossed in a desk drawer without calling to activate. Sure enough, within six weeks I was getting calls to ensure I had received it, and telling me how to activate it. I told them I know how to activate and have the number, and if I decide to use it I will activate it then. They got a little huffy, but really was nothing they could do.

I have five credit cards, but only use two, and pay them off each month. I only use the others when threatened with having them cancelled due to non-use. Fill up the car once, and put back in the desk, until the next time. :p

I thought about just doing that, but really fuck them, the few points I might lose on my report is worth sticking it to them for me

DON'T refinance yet. Barak's gonna find a way to drop the interest rates to 4.0% in the next few months I bet. They practically have to, need to get people buying these foreclosed properties.

Did you just suggest that more effectively subprime loans are the answer to huge amounts of already impossibly financed loans?

But, Obama will save us!

Still waiting for Obrezhnev has not paid off my mortgage yet..




Oh and we got our Cap One notices today...

I didn't suggest anything other than to appease all the Republicans that didn't vote for his stimulus bill, mortgage rates are gonna drop. I told my broker I'll lock in as soon as it drops below four and a quarter.

Soooooooooo my meeting with the broker didn't go so well. It would seem that my house has dropped approximately $25k in the past year alone and thus good ole me now owes more than my house is worth and I can't get re-fi'ed. WTF over?

The guy (who is a neighbor) mentioned that today they had a meeting about how Obama's plan will help folks. His managers said there is fear from banks/lenders b/c people who pay their bills, have good credit, but high rates cannot get any relief and so they may say !@#@$ it and stop paying their mortgage so they can get help. What a crock of shit that I can't get a refi but someone who can't pay their bills can. I'm stuck upside down in a house and can't do shit about it :( What happened to helping the middle class?!?

Soooooooooo my meeting with the broker didn't go so well. It would seem that my house has dropped approximately $25k in the past year alone and thus good ole me now owes more than my house is worth and I can't get re-fi'ed. WTF over?

The guy (who is a neighbor) mentioned that today they had a meeting about how Obama's plan will help folks. His managers said there is fear from banks/lenders b/c people who pay their bills, have good credit, but high rates cannot get any relief and so they may say !@#@$ it and stop paying their mortgage so they can get help. What a crock of shit that I can't get a refi but someone who can't pay their bills can. I'm stuck upside down in a house and can't do shit about it :( What happened to helping the middle class?!?


The plan specifically states that someone like you CAN get a refi...don't worry...you'll be ok.

Here Fild:

Good Link - http://www.cnn.com/2009/POLITICS/02/18/homeowner.plan/index.html

I took a printed article in with me today stating similar things and the guy was like, yeah sorry we still can't refi you you owe more than your house is worth. So I guess maybe I have to wait or something?

Yeah, the ink's still drying on that bill and it hasn't gone through appropriations yet. I'd hang tight before worrying too much. It's going to take a little while to work its way down the system to your bank.

Yeah Rover's link said more details in the first week of March forthcoming. I am just sickened to see my home value degrade over 30k in less than three years of me owning the place. It's major suck and I didn't know it was THAT bad.

Don't focus on that. It'll only get you down. In the long run, it'll rebound and continue appreciating.

In fact, with the currency in such dire straights these days, homeowners may still have the last laugh yet. My dollars won't be worth many Ameros, but your house will still hold its relative value unchanged.

Just make sure noone burns in down in the ensuing civil war, btw if/when that happens I will offer my services for a small fee for anyone who might need... except Jedd.

Corpsman UP!