Thread: Credit Card Bank Scam.......must See

Interesting,

Are you in DEBT? If so, you need to see this special PBS.ORG special on Bank Credit Card Scam on FRONTLINE. This is a real eye opener and a must see by anyone in DEBT. With 140M deep in debt, this will open your eyes and hopefully make a decision to GET OUT OF DEBT.

http://www.pbs.org/wgbh/pages/frontl...view/2_lo.html

Good luck to all, Mike

Originally Posted by Offshore-Wealth.com

Interesting,

Are you in DEBT? If so, you need to see this special PBS.ORG special on Bank Credit Card Scam on FRONTLINE. This is a real eye opener and a must see by anyone in DEBT. With 140M deep in debt, this will open your eyes and hopefully make a decision to GET OUT OF DEBT.

http://www.pbs.org/wgbh/pages/frontl...view/2_lo.html

Good luck to all, Mike

Watch for new Frontline show on DEBT.

Good Clip Mike,

I have never had a Credit Cared yet and I am 42 yr old. I have seen what has happened to many that let their free spending end them in a Bankrupty situation.

I really dont have Credit cause I pay cash for things. The Credit Companies say get you a Credit Card or have some type of insallments for record, so they can rate me. To Hell with rating me. If I dont have the cash for it then I dont need it.

People need to relize it is nice to have a Credit Card if you can Pay it off every 30 days. If you dont then yes they will rate you, as bad. Then you are in hot water.

Example: if you spent $5000.00 on a credit card and just paid them the minimuim say $50 a month you would pay them for 25 years before you paid that $5000.00 off.

You must remember this is how they make money Hoping you can not pay it off in 30 days. My advice get a pre-paid CC are just use your debit bank card. This way they never have a hold on you. My $.02

Originally Posted by neno

Good Clip Mike,

I have never had a Credit Cared yet and I am 42 yr old. I have seen what has happened to many that let their free spending end them in a Bankrupty situation.

I really dont have Credit cause I pay cash for things. The Credit Companies say get you a Credit Card or have some type of insallments for record, so they can rate me. To Hell with rating me. If I dont have the cash for it then I dont need it.

People need to relize it is nice to have a Credit Card if you can Pay it off every 30 days. If you dont then yes they will rate you, as bad. Then you are in hot water.

Example: if you spent $5000.00 on a credit card and just paid them the minimuim say $50 a month you would pay them for 25 years before you paid that $5000.00 off.

You must remember this is how they make money Hoping you can not pay it off in 30 days. My advice get a pre-paid CC are just use your debit bank card. This way they never have a hold on you. My $.02

Exactly Neno,

I commend you for never having a credit card. I made the early mistake by taking every card they offered when I was first building up my credit to buy my first house at age 21, and it was the best strategy back then as the amount of credit was not an issue.

With banks now nothing more than loan sharks of days gone by, the consumer is getting ripped off big time, but most don't even know it. A perfect example of what is happening is what I saw happen to a client last week. She had a $26,000. Chase credit card balance which combined with the new regulations which require higher payment minumums, but she not only got hit with this increase, but the also raised her interest rates to 23.9% at same time. Talk about being shocked, her payments near tripled.

The worse part is that she has perfect credit, 820 FICO, so go figure. Well, after digging into it, I told her to write to bank requesting in writing why her rate jumped given the fact we pulled her credit on all three bureaus and there was never a late payment or overdraft, the usual items banks can raise your interest on, no matter who you were late paying. Once she new there was no obvious reason, she fired off letter I composed for her.

Get this, the bank comes back and says that because her balance was so high, keeping in mind, they are the ones who granted a $30,000. line to begin with, they increased her interest rate for this reason, saying the default risk factor increased. What a joke, what really increased the risk factor was seeing her minimum payments almost triple, so go figure, these banks are worse than loan sharks.

The moral of story is don't get into debt to start with, as you have managed to do, but when you do get scammed by your bank, know how to fight back. This is just one example where banks have screwed a solid gold customer. Well, having told her to threaten to expose thier scam on news media through the local consumer advocate reporter as banks hate for their scam to be broadcast nationally. Well, it worked like gold, her interest rate was decreased back to where it was and now she knows not to trust any bank, as they are all crooks.

Fight Back, Mike

hehe Mike,

Got that. But here is another solution I learnt from my father. Who btw has a Credit Score of Nearly the Same, 812. How they get that, I dont know. But anyhow, What he does is if he has a credit balance on a card that is charging him interest. He will apply for another card with a special running. Like say 0% for 12 months and no fees for Transfers of other Card Balances.

Then as He recieves them he will call up the original card holders and see if they will honor the same. If not , you guessed it he transfers the balance to the 0% card for 12 months so all payments go to the principle.

Now with you friend that has such a balance as she does,(My Fathers was 25,000.00 at the time) If the 0% New Credit Card company will only except so much of the balance, she can ether transfer as much as they allow and then do the same with other New cards offering the same to get this balance away from the orginal card company, Or she can just plan ask them why she can only do so much with them. Usally with them they want your business and will make exceptions to have your business.( Remember they dont think you can pay them off. But you have the credit Score to apply)

It doesn't matter if she has two or if she have's 30 New Credit Cards with 0% interest for a time. As long as the money she is paying back is going for principle only. Then as they are paid off dont close them all just put them in a bag full of water and put them in your freezer. Then you still have open accounts but you have voluntarly frozen them. hehe

PS Mike. I now have my 5th home with 50% paid off.(value in Texas $200,000.00 pool hottub and all) If I sell this one the next one will mostlikly paid for. I did like you and got my first one at 20 years old. But every time we sold with out a Realitor and bought with out one too. We always reinvested the profits.

Originally Posted by neno

hehe Mike,

Got that. But here is another solution I learnt from my father. Who btw has a Credit Score of Nearly the Same, 812. How they get that, I dont know. But anyhow, What he does is if he has a credit balance on a card that is charging him interest. He will apply for another card with a special running. Like say 0% for 12 months and no fees for Transfers of other Card Balances.

Then as He recieves them he will call up the original card holders and see if they will honor the same. If not , you guessed it he transfers the balance to the 0% card for 12 months so all payments go to the principle.

Now with you friend that has such a balance as she does,(My Fathers was 25,000.00 at the time) If the 0% New Credit Card company will only except so much of the balance, she can ether transfer as much as they allow and then do the same with other New cards offering the same to get this balance away from the orginal card company, Or she can just plan ask them why she can only do so much with them. Usally with them they want your business and will make exceptions to have your business.( Remember they dont think you can pay them off. But you have the credit Score to apply)

It doesn't matter if she has two or if she have's 30 New Credit Cards with 0% interest for a time. As long as the money she is paying back is going for principle only. Then as they are paid off dont close them all just put them in a bag full of water and put them in your freezer. Then you still have open accounts but you have voluntarly frozen them. hehe

PS Mike. I now have my 5th home with 50% paid off.(value in Texas $200,000.00 pool hottub and all) If I sell this one the next one will mostlikly paid for. I did like you and got my first one at 20 years old. But every time we sold with out a Realitor and bought with out one too. We always reinvested the profits.

Exactly,

That was the same strategy I was using to have as much of a line as possible at 0%, and paly one against the other. Those deals were a dime a dozen a few years ago, now they can hurt you as the banks can raise your rates for any reason they want to make up, and having too many cards is one of them. The amount of cards can trigger rise in rates without warning, so this strategy can cause more harm than advantage these days.

Regards, Mike

Mike,

You know why this is happening. Americans are waking-up. And the rest better too. If they dont they will be left holding the bag. This is been in the making and is becoming a realilty now. Not tomorrow and not next week. "NOW".

Get out of debt now is all I can say to the rest. The Banks no it, cause one of these days we want need the banks. So they are getting what they can now.

I bet in these two towns I live in, there has been 5 new banks built. With several changing names, and in a community where there was already 10 here. Read between the lines something is up. Yeah a "Royal Screwing" to the adverage american. Please all that reads this get the word out. "GET OUT OF DEBT". Why do you think the Internet Home base business is growing like crazy. But now you have to watch for scammers too.

Do you find yourself wondering if you will ever get ahead financially? Are you living paycheck-to-paycheck, wondering how you will make ends meet? Are you making the minimum payments on your credit cards, only to see the balance stay the same month after month?

You can start over, legally, once and for all, without filing for bankruptcy! Live the life you deserve - Debt Free!

Please Visit

http://www.nomoredebt.cc/bootlus/

And listen to the audio. PM me for further info. This really Works!