I thought I had rid myself of BOA when I closed my accounts and paid off my credit cards, but man was I wrong! I opened an Amex credit card account when NetBank was in operation several years ago and had a great rate of only 7.9%.netbank went under and BOA took over their Credit Card (CC) division (dba FIA Card Services).in Sept. I got a small notice attached to my statement telling me that they would raise my interest to 21.99% unless I opted out.
Well, I was a day late and a dollar short and they increased my rate. I called them as soon as I discovered the new higher rate, and they agreed to lower my rate to 12.9%. That was 30 days ago. I get my statement today, and guess what? Same rate of 21.99%. Fortunately, I found a CC that offered no interest for 15 months and max balance transfer of only $99. I transferred as much as I could to get the balance down on my FIA CC.
Look around, and you will find the lower rates. They are your ma and pa operations; those who are'nt so eager to suck you dry and leave you for dead. My goal is to be debt free ASAP! The interest alone is killing me. I have not been late or missed a payment for over 10 years, but the banks don't care. If they see an opportunity to milk someone of their hard-earned cash, they will.
Do yourself a favor, and don't give them this opporunity, no matter how bad you want something. Save up your money and pay cash for it. The goal of the banks is to enslave the people so they can live high on the hog.in I paid $3,951 in CC interest for the entire year.in I paid $5,993, but my balances have not gone up. That is money down the drain because you cannot deduct CC interest. Because of the high rates, I finally broke down and took out a 2nd on my home to pay off as many CC as possible.
I thought I was good with just my 2nd and my old FIA CC until BOA raised the rate. Now, I have my 2nd and two CC left: the one I transferred most of the balance to from FIA CC and the new one with 15 months no interest. I plan to get my tax refund and pay off as much as I can on the FIA CC so I can eliminate as much interest as possible. It's the interest that kills ya. I am just so sick and tired of paying on these stinkin' CC.
Once I get these paid off, I don't plan to ever use them again. I feel sorry for anyone who thinks he "has to have one." I have a friend who has never owned a CC and he has paid cash for everything he owns, including his home. And he makes less than me. He just lives a simpler life, and saves up for what he wants. It IS possible to live without one. Don't let anyone tell you differently. I only wish I had known this years ago. I thought I had to have one, and now I am sucked into the CC black hole, and it feels like there is no way out. God help us all.
0 comments