Orchard Bank

[Sister Alvear]

I do have a few credit cards but seldom use them...I don´t like credit cards...

[OP_Carl]

People say that debt is a tool. And they're right - only it's a tool for the lender, not the borrower.

[Kae]

Originally Posted by TRFrance

Credit cards companies act like the Mafia sometimes.
And unfortunately, its all legal.

Actually it isn't legal. The fact that you sign a contract with them and then they can change the details at will is illegal. There are means of recourse. I can't remember the name of the lady who has written a book on credit cards and that what they do is illegal, but she is very informative. I believe she is a lawyer.

Credit card companies also target people who pay the minimum fee monthly. They know that you are a good source of income for them and will try to get you to open other cards. They also make a whole lot of money on those other fees and will move your due date around (which is illegal) so that you will pay late and have a late fee.

[Apprehended]

Originally Posted by Ferd

Dave Ramsey says dont rebuild your credit. instead get rid of all forms of credit so that you cannot have any.

He must be a wise man...whoever he is. That is sound advice.

[Apprehended]

Originally Posted by Theresa

I have a credit card that I pay off every month...

know what the new thing is now they've done to me?

When I pay my payment, they put a HOLD on my account for the amount of the payment less $1 so that the payment doesn't post as a credit to my account, giving me additional credit, until the payment clears. They put the hold on for 14 days even tho the payment comes out of my bank the very next day. It's their "right" to do this they say...you know why they do it? b/c 1. I pay off my credit card every month to not incur fees and when my balance is high, if they can put that "hold" on my account before crediting the payment, sometimes it puts me over my limit and they can charge a fee....

how dirty is that??

and get this, they call me as if I'm late and have these nasty collection calls b/c I'm over my limit when in reality they havent credited my payment but also have an additional CHARGE on my account for the balance I paid...

I will be cancelling this cc.

So just a hint - those paying off credit cards each month, they have found a way around you not incurring fees.

Why not just use a debit card instead? Wouldn't that make things a lot simpler?