Wednesday, March 3, 2010
Ok: I had some goals this year and I'm hitting them. One of my goals was paying off my credit card and this I thought was going to cost me a couple of grand. But what I did not know what is call Residual Interst. So basically I had a couple of grand on my card. But once the credit card received my payment they did two things. One is they took my payment and jacked my interest from 13 to like 29% interest. Now the original balance amount went up by like $45.00. Luckily for me a few days later I checked my account again. But how many people pay something off and think it is done?????? Ok $45.00 is nothing....But its insane when you look at how many people this is happening to.
Lets say there is a million people and 10% of them (100K) are going to pay off their cards. Now lets say they are all like me and get charged Residual Interst. So that is 100,000 x $45.00 = $4,500,000. That amount does not even include early pay off charges etc.
If I may say so this is FUCKIN....(re)diculous......And I thought the cable companies were bad.......Ok...I hate cable companies as well...
Anyway If you can do what I did and go to a community credit union / open an account and get a credit card with a lower interest. You'll still have the credit card bill but at least you can sleep at night knowing your credit union is not going to screw you like the big Credit Card Companies.
The Black Widow