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A letter that I'll be sending to Discover CEO, David Nelms after I get all the details of my account. I'll also share the details on this blog - how much I owed, how much I paid in fees and interest... ect.
Discover had a death grip on me. It held my credit rating hostage. I was powerless… so I thought.
What you did might not have been illegal, but it certainly wasn't fair! You'll be thinking the same of me, when I tell everyone, in detail, how you tried to break me.
Five years ago my credit card debt was out of control, somewhere in the neighborhood of 6 or 7k.Today, it's not, no thanks to the credit card companies. I've heard all the arguments over what the banks should do or shouldn't do as it loans trillions of dollars to consumers. And I'm familiar with the national debate over why Total U.S. consumer debt (which includes credit card debt and non-credit card debt but not mortgage debt) reached $2.45 trillion as of March 2010. (Source: Federal Reserve's G.19 report on consumer credit, May 2010 and taken from the Consolidated Consumer Credit Services website. http://www.consolidatedcredit.org/credit-card-debt/consumer-debt-facts/ ) But let me be clear. I am a believer in taking responsibility for your own actions. Nobody got me into debt but me, I dug the hole, which is why I paid back every penny. With that said, once the hole was deep enough, the credit card companies began piling on the dirt. Through my own stubbornness and determination I was able to climb back out. I had YOU on my back the entire time.
When I would miss a payment, which was often, Discover would add abusive, and downright ridiculous late charges, making it nearly impossible to pay the minimum payment. On top of that, I saw my interest rate skyrocket to ridiculous levels. I wanted to pay you back. You wanted me to be indebted to you my entire life.
Because I'm a pro business person I am not an advocate of doing away with the lending industry or over-regulating it. That's like saying food should go away because fast food is unhealthy. I still believe the loan industry is vital to our economy. But I also believe predatory and unfair lending is real, and credit card companies are the worst offenders - the fast food restaurants of the loan industry. You guys are shameless.
My debt with Discover felt overwhelming to me. It was a source of much anxiety. Not a day went by that I didn't think about what I owed. I wanted to give up, but I didn't. It took five years to pay it all back. I did it with the help of Consolidated Consumer Credit Services, a nonprofit organization (Not a commercial, just the truth). I can't imagine the uphill battle that faces Nearly 37 percent of credit card holders who carry more than $10,000 of non-mortgage debt as reported to the credit bureaus. (Source: myfico.com)
Now my only debt consists of my mortgage and a student loan, and that's it. I will NEVER fall into the credit card trap again.
Fred Childers
I have ONE credit card....through my credit union. Low interest and we only use it in emergencies or if we have to book a hotel in another state or city.
ReplyDeleteI know what you are going through.
Good luck!
Linda
Here is one for you Fred,
ReplyDeleteI have 4-5 card balances and have NEVER made a late payment. the total balance of all of them is about $30,000 (keep in mind that this amount might seem high but really is only about 15% our income) my FICO score is good @ 690-700 and the credit card companies in 2009 raised my interest rates to 24% - 29%!!!! I called them and asked why they said i was high risk! Now i have worked for the same company for 7 years and the wife is with the Federal government. I just don’t see the risk! But i showed those rat bastards what kind of risk i really am! I started paying them off one by one and am half way there! Apparently i was only at risk of NEVER using them again and at risk of paying them off & closing them out!!! I guess they were right i was risky! So i guess they showed me! As the Japanese’s stated moments after Pearl Harbor, “I fear we have only awoken a sleeping giant”! The credit card company’s should remember that not all their customers are helpless and if you treat them poorly we will hit you were it hurts, right back in YOUR wallet by just not using your product!
You are exactly right Mike. They want you in default, they want the fees and high interest rates. the further down the hole you fall, the more money they make. I have requested all of my statements from five years ago so I can break down how much of my money Discover got in penalties and interest. I'm sure it will be sickening. But if I post it on here, maybe I can keep someone else from falling victim.
ReplyDeleteLinda, luckily I'm not going through it anymore! I started to write about this when I was going through it, but I wanted to walk the walk before I talk the talk.
ReplyDelete