Hey Reader, you in bed with a Credit Card? Me too. Let's take the fight to'em.
The most important thing you can do is to keep on top of it, pay it on time, and pay more than the minimum, even if it's just a tiny bit more. Round it up to a nice even number...
Ok, wait...this isn't a seminar, I'm just going to assume you know all this already. Let's touch on something you may not have thought about:
How the credit industry has used the whole Going Green thing against you. Touting the benefits of going to paperless statements in an effort to reduce waste. Well, that's great, but they're really just watching their bottom line. The less shit they have to send out, the less they have to pay for, yes? Also, without that invoice in the mail, that tangible paper with the red ink on it? The margin of probability that you'll forget to pay the damn thing increases. And that's what they're looking for: the margin of probability. Whether it's forgetting to pay, or forgetting your password to sign on to your account...all designed to increase that margin so you'll be hit with a past due fee, and all it takes is one default to do away with all the incentives they lured you in with in the first place. So that's why they're sending you glossy pictures of the rainforest; so you'll go online and opt out of paper statements. But, really that's you opting out of the creditor paying to send you stuff. And why would you do that?
Now, let's keep in mind there is an actual benefit for not having paper zooming across the globe, waste, emissions, all that jazz...so I implore that, while sticking it to the man, you still remember to recycle. Feeling a little queasy about all those numbers in the bin? Just get a paper shredder from your locally-owned something or another.
Oh, and something else. Ever pay a huge chunk of your loan and then the next month it says "No Payment Due" or something? Still pay it, 'cause that interest charge is still rolling, like a taxi meter outside the Hotel Morgan.
And while we're still on the subject of having stuff brought to your house, let's just keep it that way. The ad mailers, the junkmail, the catalogues...that stuff if keeping our Postal Service going. Am I the only one tired of always paying more for stamps than the previous year? And would it hurt you to send a letter ever once in a while? Oh, Facebook...so sorry, I forgot about that insipid social-relation destroyer. Ok, getting off subject, sorry.
That's all I have on the subject, let's review:
Don't opt out of paper statements, make the creditor pay to send you a bill.
Recycle everything you can.
If you ever get hit with a late payment charge, call and fight it. At least you'll waste someone's time for forty-five minutes. Forty-five minutes that the creditor will have to pay for.
Make'm pay, Reader.
Make'm pay.
Further Reading:
http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders
http://money.cnn.com/2012/03/20/smallbusiness/postal-service-junk-mail/index.htm
Oh come on, you KNOW you wanted me to reply to this...right?
ReplyDelete1) With such a love for reading, especially on forest slaying antiquated formats, you might take some of those 45 minutes you want to waste and read your depositor's agreement and/or contract with the credit company. In exchange for a revolving credit line, you agree to make payments in a timely manner. Most, though not nearly all I will concede [thanks BestBuy card via HSBC), allow a grace period beyond that of typically 10 days for no other reason than to account for things like internet outtages, a busy schedule, etc etc. When you are in violation of your contract, you are penalized in a manner that is very plainly spelled out for you in this contract. You certainly don't mind the benefits of this contract, but it's not a charity.
2) While we all have huge doses of cynicism flowing through our veins, the theory of malicious intent for going paperless is a bit much for me. While they no doubt profit from saving this money, I don't think you'll ever find them attempting to deny such things. Some of us that have accepted a technological world that is evolving prefer email to snail mail because I will certainly have that email 6 months from now in the archive to easily pull up within seconds and a few keystrokes. That electric bill from november? Maybe if it fell behind the trash can, but otherwise it's long gone. Now I'm certainly not the most organized person, and I could easily see a person having years of archives of paper mail...taking up an absurd footprint and then you can buy a $200 e-file system to save space in your home...or you could just use your gmail account like a normal person in the year 2012 for absolutely free. More on the topic, I worked at a place that did customer service for Bank of America, I heard this same line of reasoning from people every time they got an overdraft fee. "OMG I only overdrafted my account by $3 and you charged me $30!!!!" But you know what, the bank had no problem refunding your first one, or even your second. It was after the 3rd. I knew this policy because it was our policy. People would lie through their teeth about "I haven't had an overdraft in forever, why can't you forgive this" and you'd remind them about the 4 last month, the 2 the month before that, and the 7 before that. Now here's the part that may surprise you. We actually had way more flexibility with a person that had 5 a month, than a person that was on the 3rd ever. Why? Because they knew the person on their 3rd ever, was less likely to do it again...the people doing 5-6 a month, they would gladly forgive 2, knowing they were making big bucks off of these idiots every month simply because they couldn't balance a checking account. Does that make the bank evil? No, it makes them smart, they know certain people are always going to abuse their contractual obligations with the bank, but by giving them a trinket gift they could keep the money flowing forever. A fool and their money...so to speak..but had they just said "no refunds" they would be viewed as big evil bank while in reality they are just cultivating a lifetime of income by letting people think it's "ok" to overdraft constantly.
3) As if the government needs more subsidy, i hardly think we need to feel sorry for the post office. It has a monopoly that any private company would be lambasted and ripped apart for having. With this ironclad monopoly it still cannot figure out a way to do it's job without losing money hand over fist. Imagine if they actually had to compete with business? If the post office closed it's doors tomorrow, I could certainly afford to pay UPS or FedEx the difference considering the tax burden that could be lifted from my shoulders not having to keep that obsolete junk afloat, but next time you're feeling like paying homage to antiquated delivery options feel free to send me a telegram and we'll get together and listen to the ball game on our transistor radios.
ReplyDeleteFor those that may read other than Mods, I realize this was not a thesis paper, and I'm just having some fun with an old friend.
For Mods: Go to hell!
Oh Slacker, take a pill.
ReplyDeleteAfter that take all the credit card applications that these malicious lenders are sending you and tear them up. Then place them into the return mailer they provide and send that junk back.