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94 Comments
- Dustin00, on 07/08/2009, -3/+21Yer just like my college roommate!
I never carried a balance on my credit card while I was in college. I bought a couple of things on it and immediately paid them off so I built a credit history.
YOU are exactly why they hand out those cards to college students. - dalittle, on 07/08/2009, -0/+18Good thing the credit card companies all jacked their rates on everyone right in the middle of this (remember the congressional hearings with the credit card companies which did nothing?). I dropped my credit card company the minute I got my rate hike letter. Wish everyone was in a position to do that.
- XkenX87, on 07/08/2009, -6/+23Yvan Eht Nioj
- Ghostwo, on 07/07/2009, -5/+22I have a discover card that I have neither used nor made any payments on since I moved back from school to live with my folks. It had an initial balance of $1016.34, which thanks to interest, late fees, and finance charges, has ballooned to $1603.74. In just 5 months.
After doing a bit of math, this is equivalent to a loan with 109% APR compounded continuously:
c = a0*e^kt
c = 1603.74
a0 = 1016.34
t = 5/12
1603.74 = 1016.34*e^k(5/12)
k = 109% APR
I have a *****, part-time, minimum wage job at BK that refuses to give me more than 6 hours a week. My last paycheck was $50. I'm being sued by 2 companies. - freezerburn666, on 07/08/2009, -0/+17i've been laid off for just over a month and a half, i was living from paycheck to paycheck and when my cash ran out i had to pay for rent with credit.. fml
- bbhill, on 07/08/2009, -1/+15you're doing it wrong
- troy1of2, on 07/08/2009, -2/+16I had a Discover card once. It's a very good name for a credit card. I Discovered I could buy a home entertainment system and all new furniture for my apartment with it. Then the bill came and they discovered I couldn't pay it. Now they are trying to discover how, where and when I can be reached.
- sockpuppets, on 07/08/2009, -2/+15This is why I only use other people's credit cards.
- cobrapeed, on 07/08/2009, -2/+13Luckily for those, the H.R. 627: Credit Card Accountability Responsibility and Disclosure Act of 2009 was signed and may help some against the Credit Card companies.
But in reality, people need to learn personal responsibility and budgeting. Quit buying and consuming material crap you don't need and live within your means. This society needs to shift back to a "hand-to-mouth" economy and live within the monetary constraints of their paychecks as opposed to what the plastic may allow. - BREZZZ, on 07/08/2009, -1/+12Wait, you have to pay that money back? I thought they just gave you all of the free stuff for flashing their card everywhere as an advertisement or something.
- zbeast, on 07/08/2009, -1/+11Never file for bankruptcy for such a small amount of moeny.
Sure it looks like a lot now.. but in the real world real debt is in the 10's of
thousands of dollars.
I don't know about your state but being "sued" for credit card debt is a joke.
Don't let them scare you, don't sign any odd paper work they send to you.
Just tell them sorry.. I can't pay.. All they can do is call you and whine. - syntaxgs, on 07/08/2009, -0/+9it becoming a common trend for ppl too be call other troll becosue they dis-,agree with them
it need to stop becosue ppl with diferent view point will get bloted out,,, -,-;; - mikedoth, on 07/08/2009, -4/+12My parents drilled it into my head not to overspend especially on a credit card. I paid my way through college and never carried a balance, even when I was unemployed for 8 months. It really comes down to education, and building up savings. Credit is only good for security of your money and growing a credit score. For most people however it shouldn't even be an option sadly.
- yocouchdigga, on 07/08/2009, -0/+8my tin foil hat sense is tingling...
- yocouchdigga, on 07/08/2009, -0/+8he's not a troll, this guy's legit.
- sciencelovesyou, on 07/08/2009, -0/+7I just wish Obama would stop breaking into my house and running up my credit cards!
"Look, I understand that you really want the new Halo maps, but you're just going to have to w-... you already bought them, didn't you?" - SScottAZ, on 07/08/2009, -1/+7You must have got some great scholarships.
- inactive, on 07/08/2009, -1/+7lol, I can't believe that's being dugg down.
- zbeast, on 07/08/2009, -1/+7Credit card company's are not there to be fair. They are there to make cash.
They don't make that cash if you pay your bill's on time.. they make the big bucks when you slip up.
When you don't get that payment in the mail on time. When you can't make this months payment because
of sickness, job loss. Credit card's are the black widows of the banking industry.
Its very easy to full under there spell, I know I can buy that thing I want right now.
I have space on my credit card. but now what .. how long would it take you to pay off a small amount like $2000.00
How many months.. Me I could do that in 4 weeks how many billing cycles is that? 4 months.
banks have all kinds of tricks to make you pay more. like not being able to pay your next month bill in advance.
by not being able to pay your credit card bill online. By swapping interest rates from 0% to 22% on your
entire blance with nothing more than a 30 day's notice. Charnging you fee's to swap your blance to
another company. Credit cards are nothing more than legal theft.
Someone shares 10 cent music track and its a high crime.
A bank using the credit card system robs a family of 10's of thousands of dollars in fee's and it
and no one cares. - Feraldr00d, on 07/08/2009, -1/+7I find you to be one of the funniest people on this site, Sir. I am a fan.
- zbeast, on 07/08/2009, -1/+7The max apr on credit card debt is 32% but here's the deal.. they hit you with late fee's over the limit fee's and it drive's the effective interest rate though the roof.
what's worse, because your trying to be good and pay them some thing to keep the card.
the amount you ow them will keep growing and growing.
It's best to just not pay them and let the card default.
Otherwise they will string you along sucking away cash on a card you can never
pay off at your rate of income. - yocouchdigga, on 07/08/2009, -2/+8wait, wait, wait... you're telling me the economy is having an effect on peoples ability to pay their bills, that many of them could barely afford when things were decent!?
HOLY. *****. *****. - yocouchdigga, on 07/08/2009, -0/+5this is the best syntaxgs comment ever!
- inactive, on 07/08/2009, -0/+5What the ***** is it with these Indian ***** spamming Digg? I've seen them on other sites, too.
- maz2331, on 07/08/2009, -0/+4My wife and I carry zero debt too.
- melkweg, on 07/08/2009, -0/+4I hope the $1016.34 borrowed from the bank was for items like food, gas, etc. I'd hate to pay $587.40 premium for junk I didn't really need.
- algaeturd, on 07/08/2009, -0/+4YOU ARE ALL AWESOME AND EVERYONE ELSE SUCKS AND IS IRRESPONSIBLE AND SAD.
- inactive, on 07/08/2009, -1/+4the moron even said he just stopped paying - WTF do you think is going to happen when you go into default on a card. ***** children all over digg these days.
- treehugger87, on 07/08/2009, -0/+3These are the least sympathetic comments I've seen anywhere. I'm sure ghostwo appreciates all of the advice, condescending comments and insults.
ghostwo has obviously made a mistake. He/She allowed the credit card industry into his/her life. Do you all know how easy it is to charge $1,000? That's books, a couple of meals and transportation for a semester. Credit card companies know how tempting it is to use that credit and feel like you can pay it off over time. It's not so bad when you have a couple of bucks coming in, but then something happens and they are ready to pounce. In this instance to the tune of 109% annual interest. Yes, he should have paid his balance in full each month, yes he should pay it all off now and yes he made a mistake, but why the ***** do cc companies offer credit to kids with no money?
Good luck to you ghost. I don't know what advice to give to you except maybe that defaulting on a credit card at this stage of the game won't be the end of the world for you. You won't be able to get credit for anything for a while, but that's not that unusual in this market anyway. Find some legal advice (if you're in a city there are usually places you can go for free advice). Some cities also have organizations that are offering meetings for people with credit problems where you could get some good advice. Read & learn as much as you can about this - get good at it and it could lead to a career ;)
Good luck! - algaeturd, on 07/08/2009, -3/+6You are AWESOME. Please respond with an address to where I can send your cake and trophy to for being an exemplary human in a sea of feces. AWESOME.
- Mockylock, on 07/08/2009, -1/+4The solution is to give the banks more money again. That'll give everyone the chance to magically pay their bills.
We haven't seen ***** yet. Wait until gas prices reach $4 again. It'll all seem like a bad case of Deja Vu. - osko2052, on 07/08/2009, -0/+3I hear another govt. bailout coming for all the irresponsible banks and consumers.
- drinking12many, on 07/08/2009, -0/+3Its only a record until next month when it hits a new record..... its only going to get worse for at least the next year regardless of what the MSM and govt want you to believe.
- Pinkertinkle, on 07/08/2009, -0/+3just like every other measure of economic crappiness
- Antialias, on 07/08/2009, -3/+6And burger king should give out free burgers to people who ask nice. The credit card companies might have a certain level of scummyness but they are for profit organizations. If people just paid back the initial amount they borrowed then the credit card companies would actually be losing money on the transaction.
- Premier, on 07/08/2009, -1/+4Duh?
- inactive, on 07/08/2009, -3/+6"I have neither used nor made any payments on"
holy ***** the credit card company wants it's money back?????? WTF it's not like they gave you money and expected you to pay it back with the understanding that if you didn't they were gonna rape you????
also $1k - just $1k of debt and you stop paying??? get another job loser. the reason you work at BK is that you are an unemployable retard and you should thank your parents for not throwing your ass out on the street.
the lesson here kids is: drugs are bad m'kay - they make you drop out and work at burger king
edit: penalties and late fees != to APR douche bag - algaeturd, on 07/08/2009, -0/+3People don't care or people just relate to it all?
Always shocked by the apathy displayed on Digg. This was the next logical step for the recession and this is will what eventually will cause hyperinflation, which in turn will turn the recession into a depression if the parts fall into place. - ninjaturtles1, on 07/08/2009, -0/+3Yeah thanks, just put it on your credit card! :D
- inactive, on 07/08/2009, -1/+3bankruptcy for $1k - the judge would tell you to get a job and pay off your 1 credit card especially if you live with your parents
- Charlotte_Web, on 07/08/2009, -0/+2It would cost you at least $1,000 just to hire a bankruptcy lawyer.
- algaeturd, on 07/08/2009, -0/+2www.instantrimshot.com
- Hamletlere, on 07/08/2009, -0/+2And then, once you have entered into that agreement and charged up money, the Credit Company will happily ALTER that agreement. Granted, you can pay off the balance and close the account if you don't like it, but many people aren't in a position to do so.
The terms of a home loan can't be changed once the loan is made, so why do credit cards get to change them on the fly?
And for what it's worth, I'm not caught in this trap, so this isn't just whining by someone who was irresponsible. I just really hate contracts that ONE SIDE has the authority to change at will, and the other must abide by or face consequences. - ninjaturtles1, on 07/08/2009, -1/+3No job is worth losing that bitching look!
- ninjaturtles1, on 07/08/2009, -0/+2You don't have to have one!
- wowsah156, on 07/08/2009, -0/+2I take some schadenfreude in this story. By 2012 the Credit Card industry will cease to exist.
If you have credit cards just empty the accounts and default on payments. They cant do jack ***** about it.
The true number of delinquincies has been hidden so far. - treehugger87, on 07/08/2009, -0/+2There is a reason that philosophers, champions of social justice and societies have decried usury for nearly 5,000 years. Yes, each person has their own person responsibility to manage their own contracts, but corporations have the responsibility of caring for their stakeholders, which include their customers.
I think in the end we will see an America less dependent on easy credit, and the cc companies are really digging their own graves with their current behavior. - osko2052, on 07/08/2009, -0/+2Sounds very much like Mad Max.
- siszam, on 07/08/2009, -2/+4Plenty of people work their way through school as they can afford it. You don't have to go into debt. You choose to.
- algaeturd, on 07/08/2009, -4/+6I love all these, 'I never carry a balance on my card. People are stupid for using credit cards. I've never had one and never had to pay an interest rate....blah, blah, blah.'
OK, so you have rich parents. Big *****. For many people, the only way to get on your feet during certain times is from a loan or a credit card just to get the necessities of life. There's a HUGE difference in using credit for what it was intended for and abusing it.
Suggesting that you're superior because you never carry a balance or never had a credit card is ***** retarded.
You want digg to collectively send you a basket of cookies or something? -
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