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The Watercooler
Beware the credit card companies!
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<blockquote data-quote="GoingNorth" data-source="post: 313249" data-attributes="member: 1963"><p>I lost my house several years ago after husband died. Needless to say, my credit was hosed by the foreclosure and subsequent bankruptcy (medical bills)</p><p></p><p>Last year I took advantage of an offer of a Master Card with an unsecured limit of 5K and an interest of 15%</p><p></p><p>I figured it would help me reestablish credit and would give me a cushion in case of emergency vet bills, car repairs, etc.</p><p></p><p>I did use it once or twice a month for small things and for one major vet bill which I paid off in four months. I was recently informed that my Capitol One card was going up to 32 percent interest.</p><p></p><p>I closed the fripping account. I had more than that limit in savings and figured I could hit that in case of emergency. Worst case scenario was that I'd have to make payments into my svgs account to cover the money I used. </p><p></p><p>No different than the CC other than not being reported to credit agencies and I wasn't paying interest.</p></blockquote><p></p>
[QUOTE="GoingNorth, post: 313249, member: 1963"] I lost my house several years ago after husband died. Needless to say, my credit was hosed by the foreclosure and subsequent bankruptcy (medical bills) Last year I took advantage of an offer of a Master Card with an unsecured limit of 5K and an interest of 15% I figured it would help me reestablish credit and would give me a cushion in case of emergency vet bills, car repairs, etc. I did use it once or twice a month for small things and for one major vet bill which I paid off in four months. I was recently informed that my Capitol One card was going up to 32 percent interest. I closed the fripping account. I had more than that limit in savings and figured I could hit that in case of emergency. Worst case scenario was that I'd have to make payments into my svgs account to cover the money I used. No different than the CC other than not being reported to credit agencies and I wasn't paying interest. [/QUOTE]
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Beware the credit card companies!
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