They are easy to hate, aren’t they?
They call you and demand money for something you couldn’t pay for in the first place. They try to help you ‘find’ money by taking out additional loans, or by borrowing from family. They want you to make payments. They are even willing to waive the interest they charged you.
This is a story of bravery, sacrifice, and heroics that I had not heard about until tonight. On September 11, 1991, a fleet of boats converged on Manhattan island to evacuate the people who were trying to escape the island. This is their story: http://blogs.reuters.com/katharine-herrup/2011/09/09/boatlifters-the-unknown-story-of-911/
The new bill stops that. Now, a debt has to be at least 60 days late before a company can raise your rates. This is a big boon to the consumer, and will cover simple mistakes. However, I would expect those rate increases to be bigger now, as the credit companies will be protecting against default more agressively.
One thing I can tell you is this: It isn’t going to last. Either you will cure the problem, or you will eventually just run out of credit problems. Either way, the problem will get solved.
Like any change to an existing business practice, this will have big implications for both the credit industry and the consumers of credit. I will be analyzing the impact of this bill over the next several days.
I talk to many people who are on a credit hunt. They have decided that they are going to build a huge pile of credit cards, and have lines of credit approaching our national debt!
But when is more credit actually too much credit? Creditors look at your credit, and start to wonder if you are doing what is called ‘debt pyramiding’.
So you have credit problems. Sorry to hear that.
One thing I can tell you is this: It isn’t going to last. Either you will cure the problem, or you will eventually just run out of credit problems. Either way, the problem will get solved.
Becky has a JC Penney card, issued by GE Money Bank. She has never been late (she showed me her payment history online), and is well below her credit limit of $400.00. A few days ago, right after she made a large payment and paid the card off, she got a letter telling her that her credit limit would be reduced to $100.00 or her current credit limit, whichever was greater…
When you have a credit card, there are times you may slip up and charge a bit too much. You think ‘Well, it is just a couple of bucks. I’ll make a payment and everything will be fine’. But is it fine? Really?
No, no, no! Going over your limit is a serious ding on your credit scores!
I talk to a lot of people that are in the credit repair game for the wrong reason. They are looking for MORE credit, a new car, a new house, or the ability to carry that shiny gold card. However, they have yet to fix the problem that got them in trouble in the first place.
I see a lot of ads for ’30 Day Credit Repair’ or ‘Credit Repair Fast’. The ads are on the radio, on the internet, and I wouldn’t be surprised if they show up in your mail box.
Can they really fix your credit in 30 days?
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