Comments on: Tricia…Read the Darn Credit Card Statements! http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/ Our Journey to a Debt-Free Life Sat, 21 Nov 2009 08:35:00 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Blogging Away Debt » Blog Archive » A Reflective Look Back at 2006 - Goodbye to $13,000 of our Debt http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-5728 Blogging Away Debt » Blog Archive » A Reflective Look Back at 2006 - Goodbye to $13,000 of our Debt Sun, 31 Dec 2006 14:02:21 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-5728 [...] Tricia…Read the Darn Credit Card Statements - I made another boo-boo here and wasn’t paying attention to my statements. [...] [...] Tricia…Read the Darn Credit Card Statements – I made another boo-boo here and wasn’t paying attention to my statements. [...]

]]> By: Blogging Away Debt » Blog Archive » A Minor Debt Update to Report and a Decision is Made http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-2537 Blogging Away Debt » Blog Archive » A Minor Debt Update to Report and a Decision is Made Sat, 28 Oct 2006 00:37:11 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-2537 [...] I have been setting money aside for some home repair and I haven’t been having much luck in getting someone to do it. I am going to dip a little bit into that fund and pay off Credit Card #6. CC#6 was the one that was charging me finance charges and I didn’t catch it for a while because I wasn’t paying enough attention to my statements. [...] [...] I have been setting money aside for some home repair and I haven’t been having much luck in getting someone to do it. I am going to dip a little bit into that fund and pay off Credit Card #6. CC#6 was the one that was charging me finance charges and I didn’t catch it for a while because I wasn’t paying enough attention to my statements. [...]

]]> By: Tricia http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1491 Tricia Thu, 05 Oct 2006 01:38:22 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1491 Clever Dude - good point about the payments. I think that's how my one card works because I watched my high interest rate balance sit idle while I ended up paying a lower rate balance transfer. John - yeah, I did get dinged. I'm just tired of feeling like I get dinged. I guess what it boils down to is that I just want them all gone! :) Your right though...that card isn't the highest rate. Clever Dude – good point about the payments. I think that’s how my one card works because I watched my high interest rate balance sit idle while I ended up paying a lower rate balance transfer.

John – yeah, I did get dinged. I’m just tired of feeling like I get dinged. I guess what it boils down to is that I just want them all gone! :) Your right though…that card isn’t the highest rate.

]]> By: John http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1446 John Tue, 03 Oct 2006 07:40:10 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1446 $14 is not going to incur much interest. Listen, you got a fine deal. You just got dinged a little. The industry is designed to ding you, so take this minor lump and try paying CASH next time. ONLY if your other loans are already at 0% should you pay this down now. Your rate is essentially under 1%. Read every pitch carefully, and check every statement's balance, minimum due, date due, previous payment received, the previous payment date... EVERYTHING. Recently I took what I thought was a 0% loan, but now they say it's 10%. Ok, I've already paid it back. So I lost $24. Mistakes happen. Quantify how truly terrible this cord con is in dollar sums and never take your focus off the highest rate debt. I bet this isn't it. $14 is not going to incur much interest. Listen, you got a fine deal. You just got dinged a little. The industry is designed to ding you, so take this minor lump and try paying CASH next time. ONLY if your other loans are already at 0% should you pay this down now. Your rate is essentially under 1%.

Read every pitch carefully, and check every statement’s balance, minimum due, date due, previous payment received, the previous payment date… EVERYTHING. Recently I took what I thought was a 0% loan, but now they say it’s 10%. Ok, I’ve already paid it back. So I lost $24. Mistakes happen. Quantify how truly terrible this cord con is in dollar sums and never take your focus off the highest rate debt. I bet this isn’t it.

]]> By: Clever Dude http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1431 Clever Dude Mon, 02 Oct 2006 15:42:42 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1431 Response to post #1 (from Steve): I don't think you can choose which debt to pay off on your card. <a href="http://www.cleverdude.com/articles/finances/got-too-much-credit-card-debt-rotate-it/" rel="nofollow">I rotate my credit card debt to 0% cards</a>, and found that any payments you send to the card always apply to the lowest APR first (ie, the 0% charges). This means that until you pay down that oven, none of your payments will go to pay off that $14 cord. If anyone has more insight, I'd love to hear it since right now my credit balance is sitting on a rewards card that I could otherwise be using! Response to post #1 (from Steve): I don’t think you can choose which debt to pay off on your card. I rotate my credit card debt to 0% cards, and found that any payments you send to the card always apply to the lowest APR first (ie, the 0% charges). This means that until you pay down that oven, none of your payments will go to pay off that $14 cord.

If anyone has more insight, I’d love to hear it since right now my credit balance is sitting on a rewards card that I could otherwise be using!

]]> By: The Carnival of Personal Finance ‘68 Hits the Oregon Trail | Punny Money http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1420 The Carnival of Personal Finance ‘68 Hits the Oregon Trail | Punny Money Mon, 02 Oct 2006 08:14:13 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1420 [...] Emma’s credit card debt is getting worse. I found out today she hasn’t been reading her credit card statements. How can someone spend $400 on knitting yarn??? Come on! I don’t see any sweaters made out of gold around here… [...] [...] Emma’s credit card debt is getting worse. I found out today she hasn’t been reading her credit card statements. How can someone spend $400 on knitting yarn??? Come on! I don’t see any sweaters made out of gold around here… [...]

]]> By: Tricia http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1381 Tricia Fri, 29 Sep 2006 12:07:25 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1381 Steve - thanks. I needed to calm down, for it is very easy to get caught up in emotions. As soon as a get a chance (and unfortunately work has been busy..busy during AND after business hours) I'll give them a call and give it a shot. I'll also run the number to see what is a better plan. Mapgirl - actually, it feels pretty good that I have the ability to give them the axe. I didn't have that ability before and I just had to live with it. I'm starting to feel like I have more power to call the companies with (like I'm a better customer now). Matt - wow. That's a lot of money for a laptop. But, we live...we learn... Dawn - that's super news! You tell those credit cards a thing or two! ;) Steve – thanks. I needed to calm down, for it is very easy to get caught up in emotions. As soon as a get a chance (and unfortunately work has been busy..busy during AND after business hours) I’ll give them a call and give it a shot. I’ll also run the number to see what is a better plan.

Mapgirl – actually, it feels pretty good that I have the ability to give them the axe. I didn’t have that ability before and I just had to live with it. I’m starting to feel like I have more power to call the companies with (like I’m a better customer now).

Matt – wow. That’s a lot of money for a laptop. But, we live…we learn…

Dawn – that’s super news! You tell those credit cards a thing or two! ;)

]]> By: Dawn http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1369 Dawn Wed, 27 Sep 2006 19:58:26 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1369 Point taken! I was just going over our current statements, being sure to watch every single detail. I found that we had one late fee from May 2006. We were being charged 14.85% just on the late fee! The rest of the balance was from a balance transfer offer of 5.99% until paid in full. I had not noticed the $39 accruing interest since my June statment! I thought I would call anyway. At first the customer service rep seemed unsure if he could help. Then I started asking how many times I had been late and how late and how many times I have asked for consideration on a matter like this. His answer to all of these questions was, that I had never been late before or since and an exception could be made due to my excellent payment history! He credited the late fee and all of the finance charges accrued on it! Yay! Thanks for the excellent reminder that I AM in charge of my own money! Point taken! I was just going over our current statements, being sure to watch every single detail. I found that we had one late fee from May 2006. We were being charged 14.85% just on the late fee! The rest of the balance was from a balance transfer offer of 5.99% until paid in full. I had not noticed the $39 accruing interest since my June statment! I thought I would call anyway. At first the customer service rep seemed unsure if he could help. Then I started asking how many times I had been late and how late and how many times I have asked for consideration on a matter like this. His answer to all of these questions was, that I had never been late before or since and an exception could be made due to my excellent payment history! He credited the late fee and all of the finance charges accrued on it! Yay! Thanks for the excellent reminder that I AM in charge of my own money!

]]> By: Matt http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1368 Matt Wed, 27 Sep 2006 19:36:17 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1368 Store cards are very sneaky. I got caught in something like that when I bought my laptop years ago. I wasn't paying attention and in the end I beleive I payed more than the cost of the laptop in interest. Store cards are very sneaky. I got caught in something like that when I bought my laptop years ago. I wasn’t paying attention and in the end I beleive I payed more than the cost of the laptop in interest.

]]> By: mapgirl http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1367 mapgirl Wed, 27 Sep 2006 14:00:12 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1367 Sometimes the best laid plans get thwarted. Just roll with those punches and keep on chugging. Be glad that you've got the ability to axe it next. But Steve has a good point. Give them a call and see what they can knock down. Sometimes the best laid plans get thwarted. Just roll with those punches and keep on chugging. Be glad that you’ve got the ability to axe it next.

But Steve has a good point. Give them a call and see what they can knock down.

]]> By: Steve Heath http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/comment-page-1/#comment-1366 Steve Heath Wed, 27 Sep 2006 13:44:46 +0000 http://www.bloggingawaydebt.com/2006/09/triciaread-the-darn-credit-card-statements/#comment-1366 This is a case where you don't want to let emotion make you do something financially unwise! First of all, contact the company and see if they will reverse it because you're unhappy about it... for the peanuts it is I wouldn't be surprised it they do... even if not, just pay the cord off and leave the rest of it at 0%, Jan/Feb is still 4 months away, and the interest you'll save by paying down your high interest card is probably huge! Do the math on the difference between the two before you do anything! I know what it's like to get ticked off and react, but the one time I did it I lost over $3000 (a disagreement on a mortgage term so I went to another bank, not as good a rate, but salvaged pride). This is a case where you don’t want to let emotion make you do something financially unwise!

First of all, contact the company and see if they will reverse it because you’re unhappy about it… for the peanuts it is I wouldn’t be surprised it they do… even if not, just pay the cord off and leave the rest of it at 0%, Jan/Feb is still 4 months away, and the interest you’ll save by paying down your high interest card is probably huge! Do the math on the difference between the two before you do anything!

I know what it’s like to get ticked off and react, but the one time I did it I lost over $3000 (a disagreement on a mortgage term so I went to another bank, not as good a rate, but salvaged pride).

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