The Banks, Credit Card Companies and other Financial Institutions ARE AT IT AGAIN | Miki's Hope

The Banks, Credit Card Companies and other Financial Institutions ARE AT IT AGAIN

Wednesday, September 10, 2014


I haven't blogged about anything in a really long time-other then book reviews of course. But something is going on and I really have to write about it. THE BANKS, CREDIT CARDS AND OTHER FINANCIAL CONCERNS ARE AT IT AGAIN!! You would think they would have learned their lesson after the monetary crisis WE all are still to some degree or another dealing with. Why are they trying to get us to take on more debt? Yup-you read that correctly.

About two months ago now I got an unsolicited phone call from a debt consolidation company. You know one of those that will work with your credit card companies and try to make deals for you. Now there are legitimate companies out that do this. As a bookkeeper I have helped friends get in touch with these companies. Sometimes if you owe a credit card company a lot and you are far behind on payments they will recommend you go talk to one of them--What most people do not realize is that not all banks (credit card companies) will accept this. So you may be stuck with paying the consolidation company a fee plus the monthly amount for your credit cards AND the monthly charge on the credit card that did not accept. Now these companies will tell you this right up front-the legitimate ones.

Back to the phone call---the woman says to me-I hear you want to pay down your debt. I stared at the phone and said-Who is this? She then said-Oh-you didn't ask us to call? I said, NO, I certainly did not-she hung up! From that day to this I have been receiving mailings, letters, postcards etc ad nauseum telling me that they will give me anywhere from 25,000 to 56,000 dollars to pay off my debt and then I will only have to pay x amount of money to them--I don't think so. Understand, I am not even tempted-Yes, I am semi retired and Yes I have debt which I am slowly paying each month to each company on time and Yes, it is not easy. Where in the world did they get my name and approximately how much I owe. Are these the hackers who have been stealing info from the banks and once they realize that a particular person does not have money or credit that they can use or steal are trying it a different way--or or banks selling our information.


What I have also noticed is that I am getting lots of ads from banks offering me credit cards--UH--come on-didn't these banks learn their lesson yet? We are back to 0% financing for a year if you take the card--then the rate jumps to heaven knows what--24%, 29%? I am trying to pay off my debt--not add to it. I am slowly being able to use CASH only (Debit Cards are great.

I THINK I read somewhere that our country's economy survives on debt-well--I for one am getting off that band wagon.

The reason for this rather long post (for me at least)-BE CAREFUL everyone--strange things are happening once again--do not become a casualty!


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22 comments :

Enbrethiliel said...

+JMJ+

I hear you! I use my debit card a lot, but I will never get a credit card. I figure that if I can't afford it with what I have (and I'm a pretty good saver), then I shouldn't really buy it. And I do think that a lot of people would be better off in the long run if they thought this way, too.

(Terry) My Journey With Candida said...

I hate credit cards and refuse to use them. If I don't have the money for something... I figure I don't need it. The problem is, my Hubs does use them.
I too have been getting a lot of junk mail wanting me to take out loans.. and, I have been getting phone calls too on my cell phone. I am with you... I think the bank or someone is selling our information.

Jenn said...

We are soon going to be debt free! After the banks tripled the rates a few years ago we really buckled down and got with a well known debt consolidation company and are almost paid off. Even though times have been tough these past few years I can not wait until we can say we have no debt. I will never take another credit card out again!

Sharon Martin said...

The worst thing we ever did was get a credit card, but times are hard and we are desperate. Once these are paid off I'm like Jenn 'never again' (hopefully). The trouble is cards/banks get people into so much debt then when they need help they just don;t want to know and pile more fees and charges onto everyone getting them into even more debt.

becca said...

I know right My mortagae was with Bank of America and without any notice they sold me out to a finance company. I was paying BofA for three months only to learn they no longer had my loan. Now I am being told I am behind and have to come up with a lump sum to keep from having foreclosure. It's crazy.

Czjai Reyes-Ocampo said...

I've had my share of unsolicited calls such as that one. Though I take the call for a few minutes or so, I still refuse whatever it is that they have to offer.

savannah said...

My husband has been getting these letters non stop all summer! I was wondering the same thing how the heck do they have all his information!! We just got another one yesterday and he can tell just by the envelope now that its one of them he told me to tear it up and throw it away.
What worries me is my husband is a sucker... He has been hacked 3 times before once by best buy, once by his bank card and also by discover :( The man is just to trusting.

Scott said...

I always make sure I have my address registered at https://www.dmachoice.org/ to stop unwanted solicitations.

Kristy Figueroa said...

I get so annoyed with all of the solicitor phone calls and junk mail financial offers we receive! I wish they would stop wasting paper!

Theresa Mahoney said...

I have seen an upswing in cc offers myself. They get shredded and burned. Thanks for the heads up that something is definitely going on lately!

Rebecca Swenor said...

Great post indeed. You are awesome for making people aware of this for sure. Thanks for sharing.

ReviewsSheROTE Pamela R said...

These calls and letters are such a pain! One of the best decisions my husband and I made was to get ride of CC about 5 years ago...so now my kids will not get every new toy under the sun --but we also will not be paying for it till the cows come home!

Erika said...

Wow, this sounds so very strange. I really committed to paying off all my debt - finished paying it off more than a year ago now. It felt like such a relief. I hope you get the same result.

Kung Phoo said...

Even though i am on the do not call list.. these people do not care.. we get these calls every day.. the emails/paper mailings are even more out of control.

Kristen Campbell said...

I'm with you! I got in trouble once before with credit card debt, and it will NOT happen again! I just don't get how people can get so much info so quickly these days!

Uplifting Families Parenting Advice said...

Wow, I can't believe they are at it again. Hopefully, they won't make the market crash. I think if you are in need of debt consolidation to check with your creditors to make sure they will work with the said agency before you do this. Also, check with your bank often times they will do consolidation loans too.

Chrystal Mahan said...

Everytime you sign papers be sure to read the small print. There is always mumbo jumbo in there about how you are giving them permission to give your information to similar businesses.

Holly @ Woman Tribune said...

Banks and financial companies not putting their customers first and focusing on their bottoms? YOU DON'T SAY. Seriously, the state of our banks and what we allow these institutions and Wall Street get away with is criminal. It is disgusting, it is off the backs of hard-working citizens who have been left poverty-stricken and in debt, and it needs to stop. It needs to stop.

Tough Cookie Mommy said...

It's just ridiculous what they get away with doing. I hope they don't plunge us into a depression.

Marika said...

I hate unsolicited calls, and recently around here we have unsolicited sms messages to our cell phones. And the audacity of it all - we actually have to send an sms to a particular number so they take us off their list. I hate that!

Fathima Syed Ali said...

I don't have credit cards. My hubby is having few credit cards from some banks, but we are always clear that we never use this frequently. We just swipe those cards only for important needs. Fake calls has become a part of our daily life these days. Thanks for sharing this to make people aware of these issues.

Katrina Gehman said...

i have a couple credit cards, but not a huge balance and I still get these mailings as well. it is very very annoying.

 
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