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Date Posted: 08:15:27 07/14/09 Tue
Author: Jeffman
Subject: Credit Unions
In reply to: Paul Davis 's message, "To be honest" on 06:09:04 07/14/09 Tue

I told Wachovia to 'pound sand' a couple of years ago and moved my account to a local credit union. Im done with getting screwed over by the financial industry and have been for some time. Ive got just a couple more lingering debts that should be gone by March of next year. We do everything now on a cash only basis. If we dont have the cash to pay for things up front we dont get it. No matter how large the purchase. The cool thing is that once in a while I will get a discount for paying cash because they dont have to take a hit from the credit card company.

Im hoping I can convince my kids to be that way but I expect they will need to learn the hard way. The media portrays credit as 'necessary' even though its really not.

>I think a bunch of people are just saying "screw em'"
>and paying no attention to the bills. The really
>funny thing is that most of their troubles can be
>traced back to the various "credit fairness" and
>"bankruptcy" and "fair tax laws" they strongly
>influenced (bought). Sans those bills, they'd not
>have the problems they have today.
>
>Funny thing, more and more people are opting out to
>credit unions. I may be going that route shortly
>myself.
>
>
>>The CC companies themselves are saying the new average
>>rates are going to be close to 28% and before 2 years
>>is up there will be annual fees for every CC account.
>>
>>Also to make up for lost profit, they are now raising
>>the minimum due from 2% to 5%. That isnt bad for
>>someone with a 1000 balance. But I read where a guy
>>got hit with that this year and his minimum due went
>>from 350 dollars a month to a bit over 700 per month.
>>He is now worried that he wont be able to meet the min
>>payments.
>>
>>Funny thing is that everything they are doing is just
>>forcing more people into default. They are causing
>>their own issues and dont seem to want to see it. They
>>are currently blaming unemployment but the default
>>rates are much larger than can be accounted for with
>>unemployment rates.
>>
>>
>>>They actually refused to close an account my wife
>paid
>>>off a while back, when she paid it off. Is that gall
>>>or what? They would not close that account until
>they
>>>could charge interest on the average amount owed in
>>>the previous billing cycle. I'm certain that was not
>>>legal, but they also know people will not sue because
>>>it's not worth hiring a lawyer over 80$ or so.
>>>
>>>Credit cards are getting their comeuppance rather
>>>rapidly though, NOBODY wants one now. Shortly, there
>>>will be no profits to share. What will the execs do
>>>then, drown themselves in Perrier water?
>>>
>>>
>>>>They can only do that for so long without creating
>>>>more problems for themselves.
>>>>
>>>>The Credit Card industry is doing similar things
>now.
>>>>Congress passed some laws reining them in that dont
>>go
>>>>into effect until next year. So they are
>>>>systematically raising interest rates and fees on
>ALL
>>>>their customers because they know they cant legally
>>do
>>>>that next year. They told congress they would do
>that
>>>>and they are. But its not sustainable for more than
>a
>>>>year or so because of the number of customers they
>>are
>>>>losing and the people that werent defaulting that
>now
>>>>are under the new higher interest rates.
>>>>
>>>>Funny thing about it.. if you are willing to close
>>>>your account and have the ability to do so, they all
>>>>of a sudden will keep your interest rates and fees
>>>>where they were. If you arent willing to close your
>>>>account and pay it off, they wont even talk to you
>>>>about it but will instead just give you the answer,
>>>>"Well the cost of doing business has gone up and we
>>>>have to do this to be competitive."

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