Let's revolt against our credit cards

How many of you have gotten letters recently from your credit card companies telling you they are raising your interest rates (and minimum payment), or have dropped your credit limit, or are canceling your account?

Since the government types only seem to want to give bailouts to the bigwigs, let's give them something to talk about.

Let's all write letters to our credit card companies demanding 5% APR's or we are all going to default!

Better yet, let's all default and watch them crumble.

A pox on the credit card companies!

Sorry but I don't do credit.
I am free...are you??

Edit to add.I have no debts.

[edit on 27-2-2009 by DrumsRfun]

one step ahead of you

Yep, one step ahead of you too.

If they think that I'm paying them 12 times the amount (and rising!!) I actually owe, there's a bridge in alaska I would like to sell them.

Question ....If I opt out of the credit rate increases and cancel my cards ...do I have to pay the entire amount owed right then ? ....
Or can I just continue to pay what I have been paying (which is over my monthly amount) ............?Of course I am aware that I cannot use it anymore.
Does opting out and cancelling my card ruin my credit ?

I cant just default ..I have property that I am trying to sell and I know for a fact they can take my money from me when I sell ..they will get a check sent to them before I even get what it is leftover (this happened to my sister a few years ago ) ..............that is if they can get a judgement against me before I sell it ...but they can also sit on your bank account ..(They did my mothers when she was alive because my sisters name was on her checking account) ................

They are just as bad as the IRS ....at least to my sister they were .
I did not know legally they could sit on your bank account like they did her ..that just is not right ...and of course my mother got my sister a lawyer which cost 200.00 and all he did was stop the freeze on the bank account ...and the credit card company had already taken everything my mom had in the bank which was 600.00 ....they did not get that back ...
so did no good to get a lawyer ...even though he said it was illegal for them to do what they did ...they did it anyway .

So be careful with the credit card companies ..they can play pretty dirty ..

Why don't you American pay them off, instead????

95% of working americans have 10k+ of debt..
Wanna get credit flowing??

PAY THEM OFF!!

I went credit free 3 years ago.

Whew what a relief!

I am trying to pay them off ...(sending double payments most of the time).I am trying to sell my property in Florida so that I can pay them off (which now property in Florida is not selling now either lol )(ANYONE INTERESTED in BUYING IT ?) ....it is not that easy since gas and groceries etc all went up and our work went kapoots for a few months (the same time that gas rose so high ) ...........we had to use them to stay in business ...we had no choice ..





[edit on 27-2-2009 by Simplynoone]

reply to post by Simplynoone


Yes, cancelling your credit card or not paying it will lower your credit rating. Depending on what credit card you have you will have to contact and read the fine print.

Some credit cards will penalize you if you pay off the whole thing and cancel it. Just like on some loans, you have to make it to the maturity date of the debt. Ridiculous.

The rest i'm clueless about. I'm not saying they will penalize you for paying it all off, some do, slight minority.

read the fine print, in most of these rate increase letters, you have the option to keep using your card and then by a certain date agree to pay the higher rate. OR you can opt to make your account inactive, and never use it again, by doing that they will let you keep your "current" rate and payment amounts as normal without it increasing the rate, but if you do use the card for anything after you agree to not use it anymore, then your rates will automatically go to the higher stated interest rate amount.

[edit on 27-2-2009 by ringing]

Banks are getting nasty. They're raising rates, lowering credit limits and one is even offering $300 to some customers to pay off and close their account. They have to cover for all of the people who are walking away from their debts because they can't afford to pay them. The banks are making the responsible customers pay more to cover the losses.

So the more people who walk away from their debts, the more the remaining customers have to pay to cover it. Eventually everyone would have to walk away. Even the credit scoring companies are starting to screw people over.

You can find a lot of information about this on the MSN Money website. They have financial blogs and message boards where people who have experience in financial matters will help you with financial questions and problems. It's very fascinating, educating and entertaining to read as well.

MSN Money: moneycentral.msn.com...


MSN Money Blogs: articles.moneycentral.msn.com...

MSN Money message boards: moneycentral.msn.com...
("Your Money" forum is the most active)

Ok thanks ....I believe it did say I could just keep paying as usual ..I just wasnt sure if it goes against your credit or not if you just cancel your card and keep paying as usual until I pay it off ..........
I am sure praying I can sell that property quickly so I can just pay them off .
I hate having them ...I only got them to build me some credit (big mistake lol) ..they make you feel like you have a ball and chain on your ankles lol ............


The only problem these days is it is getting really hard to do anything if you dont have a credit card ..........especially when dealing with buying online ..
And pay pal is still just to darn risky if you ask me ..

1. To do what you're suggesting would require me to actually go out and get a credit card and then use it. I plan on doing neither. I have basically had some telemarketers call me a dummy and even had one question my sanity some time ago because I flat refuse to accept any credit card offers. Unfortunately, I do owe on my student loans, but since that's a set rate and because I do not wish to be harassed day and night, I have no intention of defaulting on them.

2. The changing interest rate is one thing, I can understand your frustration and anger. However, the amount you ran up on the card plus whatever interest rate you knew was attached to the card when you used it, you should be responsible for and pay off. Suggesting that a person completely default out of protest is akin to telling people to be theives and is a major part of what caused this economic crisis. Since you clearly don't care about your credit score, the responsible and 'right' thing to do would be to contact the card company, tell them you cannot continue to pay on the card and ask them to cancel it, after which time (and I believe this is the law) interest stops and you can try to work out some sort of payment plan on the remaining balance. It will hurt your creditworthiness, but not as much so as a blatent default and at least you'll be demonstrating some level of responsibillity for the money you borrowed.

I also don't have any credit cards.
A documentary came out a few years ago called maxed out, I encourage everyone to find a copy and watch it.

The credit card company did NOT send goons with guns to your house and FORCE you to join in and play the credit card game...you CHOSE to do this....

Now be a RESPONSIBLE ADULT and take care of your own personal debt.

I think we should pay off our cards and then all get together for our own "Cremation of Care" ceremony and burn the lot of them.

We could keep one or two for the museum.

Credit cards will only make you a slave to debt. I got my first card at 18 at college, they had a table set up in front of the student union. Suckered me then. Took me 8 years to pay that card off.
The credit card fallout will be worse than the home crisis. I could see it coming last summer when everyone was charging everything from groceries to their mortgage due to the high gas prices.

Dont worry I agree that we owe them ....and I will pay them ....I feel like most of you do ...I asked for the money ..and I spent it and it is my responsibility to pay it back ......and that is what I will do .....I have never just not payed my bills ....I even payed a phone bill that was like ten years old once (I allowed a friend to use my name for her phone and it never got paid ..when I heard about it years later I payed it off )..
I agree it is just plain wrong to not pay back what I owe ...

reply to post by Simplynoone


Yeah, that's how I feel too. We agreed to borrow the money, so it's the right thing to do.

But once mine's paid off, I'm still having my ceremony.

reply to post by NuclearPaul


I will gladly join you lol .....I am tired of them getting every extra dime I make ...is it a bring your own lighter party (to burn them)? LOL >..