My credit card companies keep calling me.
Several cards are in default, unfortunately. It isn’t my fault.
You see, back before the world almost ended, I decided to eliminate my debt. I applied for several credit cards with $1,000 limits. You know the ones. They offer a 0% APR for the first year.
The plan was to disperse my debt among several cards with that magical APR. Then, 100% of my payments would chip away at that debt.
0% APR, man!
Great plan, right?!
I can’t take credit for it. Everyone I knew was on the same page back then, back before our brush with Armageddon.
We were happily scheming our way out of debt. We were all obsessed with our credit scores. I had friends who used to brag about theirs.
“So, this other chick wanted the apartment, but I have a 740 credit score. So, I won.”
Ah, memories. Then came the crisis. The credit freeze. The Economy is going to collapse! What do we do? What do we do?
“Quick, someone throw money at it,” cried the government.
But many Americans said no.
“No,” they shouted, “don’t throw our money at these corporations! Screw them! Let them fall! It’s their rich asses! The rest of us are used to being poor!”
The rich folks ignored the people, as usual. What do we know, right? And the government gave all our money to men like Ken Lewis—that son-of-a-bitch. They used our money for bonuses and spas, but not to buy new souls, unfortunately.
And as a very special thank you for helping to “save the economy,” my credit card companies lowered my credit lines to just above my accumulated debt. Then they slapped me with penalty fees for almost maxing out my cards. These fees pushed me over my new credit lines, so they charged me more fees, and raised my interest rates beyond what most self-respecting loan sharks could swallow. All of this misbehavior on my part led to my new monthly minimum payments—between $200-$400, per account.
A thank you card would have been fine.
All the credits cards in my consolidation scheme did this.
So, I called them.
“You expect me to pay hundreds of dollars in minimum payments every month?” I wasn’t yelling at my customer service representative. I was laughing. It was just so absurd.
“Do you think I’m hiding some secret cash?” I laughed out loud. The CSR did not.
“Well, Sir,” he scoffed, “you exceeded your $1,000 credit limit, and with penalties and fees you owe us…” It was close to $2,000 dollars, on this one card, by now—more penalty fees and hidden charges, the bastards.
What my customer service rep failed to mention—because it’s not in the script—is that his bank had pushed my interest rate into the near thirties—29.95%, and they had kept increased my minimum payment, every month—higher and higher it went. When I was left with an impossible bill, I gave up. I had no choice. I’m fond of not starving.
So, now my cell phone rings all day. The area codes are strange.
Occasionally, I answer. I ask the customer service person for suggestions.
“I’m a graduate student and an adjunct professor,” I explain. “I make very little money, and your minimum payments are just irrational.” I argue with them. I reason with them.
They don’t care. In fact, they are often rude. Many of these unwelcome callers try to make me feel bad about myself, because I’m obviously the problem. This mess is obviously my fault. Me and the rest of the working poor, we almost killed the economy with our addiction to oil.
Wrong. Let’s get the history straight, shall we, Mr. Customer Service Person. The American taxpayers saved their privileged world. We saved the corporate system that is still making the millionaires richer.
And they gave themselves bonuses, exotic vacations, more, more, more.
They couldn’t even gesture a thank you to the rest of us? Not even a Hallmark card with a Grandma check for $50? Nothing?
Nothing at all. Just the same old American right to be flat ass broke.
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- The Way of My Working Class Mother
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By
Tas
on Jul 28, 2010
I don’t understand how credit card companies function like this.. Screwing people seems to be their foremost philosophy, I mean, it just seems logical that if you want to make money, you have to keep things reasonable on both sides of the customer-buyer equation. Instead they seem to feed off of as much misery and credit scores they can screw over. If they really cared about making actual money and not a buncha IOU’s, you’d think they would keep things reasonable.. It’s gotten so out of hand. They can’t keep going like this can they? I smell a downfall..
By
Tas
on Jul 28, 2010
I think if our financial system stopped following the philosophy of suspicion and started aligning itself with its customers, then the balance in the relationship would even out and both sides would actually benefit. Customers would start to see their financers as people and not vultures or sharks because they would stop presenting themselves as such.
We must be quite behind because people like Muhammad Yunus have started applying this humanistic approach to banking by giving out micro-loans to people who would otherwise be denied, and guess what.. it has only yielded positive results in both financial and humanistic terms – higher rate of returns (meaning how many of the loans are paid back) AND it helps people get back on their feet and gain financial independence. This only benefits everyone. There’s a reason why this idea is fast being adopted internationally..
A couple links of interest (one only needs to google to find a boatload more..):
http://www.muhammadyunus.org/Publications/creating-a-world-without-poverty/
http://www.businessweek.com/magazine/content/05_52/b3965024.htm
^ Can anyone really be opposed to something like this?
By
nick
on Jul 28, 2010
Holy crap, just discovered this website. I am addicted because I have found someone experiencing many of the same things I am. I just changed my phone number and am living off of cash now, which sucks.
By
Charles Bivona
on Jul 28, 2010
I hear ya, Nick. The greatest country in the world, I don’t know….
Thank you so much for reading, and for commenting. Hang in there, my friend.
By
Charles Bivona
on Jul 28, 2010
And I just launched it yesterday! How weird is that?!
Thank you so much for reading and commenting.
By
Andy Frank
on Jul 28, 2010
This really sounds like it is your own fault for having all this debt.
By
Steve
on Jul 28, 2010
Charles Bivona – Love your articles, I was wondering how I can get a hold of you by email
Steve
By
Charles Bivona
on Jul 28, 2010
I have much less debt than the national average. One card wants a $300+ minimum payment on a balance of $1200.
By
Steve
on Jul 28, 2010
you willfully signed a contract which stated that the CC company had the right to change their terms at their discretion with advance notice, and you could elect not to accept the new terms by paying off the account in full.
blame as you may the CC companies, in the end the fault rests entirely upon yourself.
By
Charles Bivona
on Jul 28, 2010
You have been misinformed, Steve.
By
Anna Katherine
on Jul 29, 2010
Unfortunately, the credit card companies have you exactly where they want you. In fact, I’m convinced that the government loves the fact that they are controlling who is rich and who is not. I don’t know very many people who don’t struggle with money, with car and home payments, with health care bills. They want us in debt, Charlie.
By
Charles Bivona
on Jul 29, 2010
It is a debt economy, after all, Anna K. Thankfully, you are much smarter than I. You can lead the way.