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Using Emergency Fund to pay of wife's CC

12 Responses to “Using Emergency Fund to pay of wife's CC”

1. monkeymama Says:
   November 21st, 2006 at 03:35 pm 1164123313
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   Amen. I don't care how bad you are with money or how late your payment is, etc., it is loan sharking and just plain kicking people when they are down. If they actually wanted you to pay your bill they would keep the interest rate reasonable so it would be possible to pay it off. It is illegal for anyone but the credit cards to charge such outrageous interest rates. This is why I am always ranting about the credit card companies and pretty much consider them EVIL.
   
   Thankfully you have the opportunity to walk away - many people don't. It's a silver lining for you.
   
   

2. Broken Arrow Says:
   November 21st, 2006 at 03:49 pm 1164124199
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   Wow. 32% is insane. I too would go to extraordinary lengths before I would allow that to happen to me.

3. sarah Says:
   November 21st, 2006 at 03:52 pm 1164124370
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   This kind of deregulation of credit card companies is immoral. It along with the aggressive marketing of these cards preys on the poorest members of our society. I agree with Monkeymama that these practices are evil and you should be glad you had options.

4. Ima saver Says:
   November 21st, 2006 at 04:01 pm 1164124902
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   Proud of you Paul! Now, cut up that card!!

5. PRICEPLUS Says:
   November 21st, 2006 at 04:24 pm 1164126277
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   Thanks for the support gang! The card is cut up and the account will be cancelled when the balance is paid off. It is bad enough when they hit you with 32% if you are late with them. Raising your rate because you are late with anybody is obscene!
   
   I feel truly bad for those who don't have options and get entangled with these people. 32% of 10,000 is 3200 dollars simple interest over a year. My God, how can these companies expect folks, with little or nothing, to pay. If they are having trouble at 15 % why would you raise them to 32%.
   
   Folks, be smart, don't use CCs!

6. moneycents Says:
   November 21st, 2006 at 06:14 pm 1164132844
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   I'm glad you got rid of the CC. I try not to use mine just for this reason. I had problems with Citi card. I cut the card up but did not cancel the account. I didn't want to ruin my debt to credit ratio.

7. MsSuperSaver Says:
   November 21st, 2006 at 06:28 pm 1164133730
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   It's called Universal Default which basically means if you are late on one credit card they can raise the interest on ALL of your credit cards to the highest possible amount and you basically don't have any recourse. It's totally a scam but I guess somewhere it the extrememly fine print we all agreed to it when we applied for the card This practice is second only to Payday lenders in terms of legalized rip off ability. Good for you for paying off the entire amount!

8. carol Says:
   November 21st, 2006 at 09:14 pm 1164143650
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   That Universal Default clause is THE prime reason I refuse to ever have a credit card again. I think I could get by with an ATM/check card and do just as well, perhaps better.
   
   One question: Are Debit/check cards accepted in place of credit cards when signing up for free trial offers via the Internet?

9. debtfreeme Says:
   November 21st, 2006 at 09:17 pm 1164143879
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   The are accepted but it is a better idea to get a pre paid "credit or gift" card to do a test or trail offer. do not put your debit card information onto the web. it is very bad idea. While you would get your money back if someone took money from your bank account, it might take longer and might cause you to cancel your bank account.

10. PRICEPLUS Says:
    November 21st, 2006 at 09:47 pm 1164145660
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    The Universal Default borders on the criminal in my opinion. I use my debit card for groceries and gas and I am the only one in possession of the card. I would not hand it off to use it like a credit card. Why risk my checking account.
    
    I will keep one card each for wife and I because I am told you cannot rent a hotel room or a car unless you have a credit card. I guess those establishments have their reasons. Meanwhile I will use cash for my daily dealings.
    
    The other thing I intend to do is shop around for a card with the best deal for me and the bride. I will keep them in my possession. No sense tempting fate! 32%.....&$^%(%&*%&....rotten....&$^%**#^......scoundrels!

11. Honey Says:
    November 30th, 2006 at 06:08 pm 1164910137
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    Shouldn't you be more annoyed with your wife for making such a big credit card balance? Did the CC company come to your door and force her to go into dept?
    
    If she plays with the devil - she plays by the devils rules! (Unfortunately so do you!)
    
    What was all that "divorcing your wife from your finances" hoopla about?? Seems to me she is still getting your everything - Plus Price.
    
    My Dear Mr.Paul - Do you offer people in AA a drink too?

12. PRICEPLUS Says:
    November 30th, 2006 at 07:43 pm 1164915820
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    Honey, I was quite annoyed about my wife's CC bills. I never play by the Devil's rules.
    Simply put I will not pay for any more debt my wife incurs on CCs. It is as simple as that.
    
    I do offer people who are in AA drinks. They are non-alcoholic drinks!

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