Remember that credit card bill? It's effects are here.

[Brickboy240]

Haven't I said that its best to live below your means, save and not use credit cards? Maybe keep a debit VISA card and thats it?

I believe so. You see...I beleive in true economic conservatism and live it. What is good for me can be godo for you...and the govt. when you get down to it. Not easy and sometimes not fun but alot less headaches and stress, this much I do know.

Credit cards are like playing with snakes. No thank you...not anymore.

- brickboy240

[ForTehNguyen]

oh noes I have to live within my means now?

I never carry a balance anyways

[laserrs]

I live well within my means. That being said, what of those that did run up some cards but pay them on time? Now they're rate and payment is doubled? How is that fair to those that use credit responsibly?

[Brickboy240]

I never said it was fair to anyone. Yes, its really a sh*tty deal for those that DO pay on time or do not carry a balance very often.

What needs to happen is for people that fall in this category to dump their credit cards, when the rate rises for no reason. If enough people do this...the companies WILL get the message. That is the beauty of the free market - word gets around and the consumers will move away from the scammers and gougers all on their own.

If they do not...then they deserve what they get and should be quiet about it. Sort of like those that actually paid 30-40 bucks a box for 9mm ammo back when the crunch was on....shame on you...nobody forced you to overpay.

I think this will backfire on the credit card companies...but time will tell.

All of this aside...I am staying away from credit cards except for my VISA debit card. I suggest everyone else do the same.

- brickboy240

[Thefatgunner]

Originally Posted by AZXD

Yea, and they are nailing people harder for over-draft charges instead of shutting the card down.
They let you buy a pack of gum, and tack on a $30 charge for insufficient funds.

They don't contact you, and by the time you figure it out ... You can have many of these charges racked up.

Cash is the only safe way to operate these days.

What pisses me off is my overdraft protection threw Wells Fargo, they actually charge you to use money from your savings account to pay for stuff on your checking account.

with wells fargo you can just use their pay advance to put money in your account, they charge you $2 per $20 that you borrow but i keeps you from paying the $30+ over draft fees.

[LUVMYSIGP225]

I haven't used credit cards in nearly three years. Paid them off and keep one for emergencies in my gun safe. Buy with cash. Buy a lot of used, etc. Just bought a nice new winter car. 1998 Volvo. Cash-f-ing money. Original title is in the safe. No memo titles or liens for me, thank you.

However, regarding the topic at hand, it is simple. Many people will SIMPLY not be paying these bills when the time comes. Just went out for dinner with my good friend who is a Bankruptcy attorney. Business has never been better. Those of us who pay our bills will pick up the hit for the bankruptcy loss. Not only are they discharging the credit card debt at breakneck rates, but due to plummeting property values, many are able to keep their homes and "strip off" their second mortgages. I asked him about the Bankruptcy Reform Act that passed a few years back, that was supposed to make it harder to file. He laughed. Said it is a joke.

You all wonder how they will pay the piper. The answer is. Most won't. Thank the banking industry for setting the example.

[Carnivorous]

Originally Posted by Thefatgunner

What pisses me off is my overdraft protection threw Wells Fargo, they actually charge you to use money from your savings account to pay for stuff on your checking account.

with wells fargo you can just use their pay advance to put money in your account, they charge you $2 per $20 that you borrow but i keeps you from paying the $30+ over draft fees.

It's only a $10 fee to have your savings account cover your checking account!

Since they do not charge for inter-account transfers, I'm not even sure why this is a problem. Just move the money into the right account when you write a check, and you're fine.

[Thefatgunner]

Originally Posted by Carnivorous

It's only a $10 fee to have your savings account cover your checking account!

Since they do not charge for inter-account transfers, I'm not even sure why this is a problem. Just move the money into the right account when you write a check, and you're fine.

The point was that it is a stupid fee, paying to use your own money, especially when its explained to you that there is no cost or fees.

I usually keep my checking account under $1000 and as much money as i can in my savings because it pays to do so.

[Fredo]

USAA is great for military and former military.

[Brickboy240]

I agree with Carniverous on this one.

I do the same with my two savings accts and one checking acct. with Wells Fargo. I can move money whenever or wherever with my laptop or Blackberry with WF's online features.

I am not a huge fan of WF in general. They are quick with fees and not the greatest on customer service. But really...no bank is perfect.

Which leads me to another piece of economic advice: these days...one needs to watch their money like a hawk 24-7. Your checking and savings accounts, mutual funds, 401ks, stocks, bonds...all of it. If you don't ... chances are you could be in for some surprises.

I also have found that you CANNOT always trust your online balance for up to the minute accuracy. I still keep a paper ledger for my checking, savings and money market accounts. I know...many youngr people think this is old school or not necessary, but THAT is how the bank sneaks those fees on you. Keep track of your accounts and write everything down and I'll bet your fee troubles with WF go way down.

- brickboy240