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12/5/2008 6:37:46 PM

DONE!

12/5/2008 6:38:21 PM

For page 2: A recap of the first 2 pages of this thread.

-typical college irresponsibility with credit cards
-it is time to pay up, dude has no job and no money, so they are taking him to court
-he comes to TWW for legal advice (his second mistake behind getting a credit card he couldn't afford)
-2 pages full of people who think they know it all telling him what he should do, combined with the typical insults such as; "you are a moron", "you should have known better", "your parents didn't raise you right", "you should die", "you suck at life", and "i am way smarter than you when it comes to money"

That about sums it up

12/5/2008 6:39:16 PM

i might get a credit card one of these days

12/5/2008 6:42:12 PM

I have one, mainly because I am trying to rebuild my credit. I only use it for gas and I pay it off every month. But that is the difference between me now and me then.

12/5/2008 6:43:02 PM

I got a credit card, use it all the time, need to redeem all of my points for something good, always pay it off in full.

my "student" card w/ a $500 limit probably saved me from running up a debt when I was 18-20.

12/5/2008 6:43:46 PM

if I would have only had a $500 limit I would be in a much better place right now

12/5/2008 6:45:31 PM

Mine started out with a $300 limit, and that was perfect. I would never use it except for gas, and I immediately paid it off. Then they kept upping the limit, first to $500 then to $1,500, now it's at $5,500. It really bothered me, because they would never ask, just sent me a letter saying the limit had increased.

12/5/2008 6:48:22 PM

Ambrosia's responses in this thread really annoy me. Sure this kid made some mistakes, but you don't have to be a self-righteous know-it-all about it. I know that is probably very hard for her, but what a bitch. Somebody asked why he is asking for advice now instead of earlier, but with the responses in this thread it should be no surprise that someone may be too embarrassed to seek guidance or advice for this problem.

Of course we all know the importance of personal responsibility, but lets not forget the shady tactics many credit card companies use to target kids who really have no reason to have a credit card.

I was in a bad situation once with credit cards, but luckily got good advice (actually from someone here) and was able to take care of them before I got too fucked.


This kid is probably beating himself up enough over this, but this is Chit Chat I guess so whatever

12/5/2008 6:49:07 PM

Quote :

" Then they kept upping the limit, first to $500 then to $1,500, now it's at $5,500. It really bothered me, because they would never ask, just sent me a letter saying the limit had increased."

exactly, that's how they get you. free money for a 20 year old is free money.

^ and I agree fully. But you haven't been around long enough to know that she knows it all and enjoys making everyone blatantly aware of it



[Edited on December 5, 2008 at 6:53 PM. Reason : a]

12/5/2008 6:52:36 PM

i've been here 6 years

12/5/2008 6:57:23 PM

oic, the perpetual lurker. I envy you. You know all of us way more than we do.

12/5/2008 7:00:07 PM

Attn: Spontaneous

Can you give us more details about your situation? I'd like to know them before I form an opinion.

Like, we're you just oblivious that you had to pay this money back? Did you think you could get away with not paying it back? Did you think you'd have a job and income with which to pay the debt back, etc? Did you really need to eat or did you blow the loot on bullshit? Etc.

12/5/2008 7:05:11 PM

He did what a lot of people do. he got in over his head and figured it would just take care of itself. I did the same thing. Now he is at that "day of reckoning" where it caught up to him. Which is why I can't stand all these people talking shit to him. He has made some bad mistakes, and now he has to pay for those mistakes one way or another. It is all part of learning. I learned about credit cards the hard way too.

12/5/2008 7:29:23 PM

good luck man. ive never been in such a situation before, so i can't give any honest advice as to how to get out of this mess.

Quote :

"My mom gave me the great advice of never purchasing something on a credit card that you couldn't immediately pay off with cash in hand."

this is a philosophy i live on with credit cards. i will not buy anything that i can't pay for with cash the same day. the only exception to date has been my car.

12/5/2008 7:40:18 PM

Quote :

"good luck man. ive never been in such a situation before, so i can't give any honest advice as to how to get out of this mess."

12/5/2008 7:43:50 PM

then why have a credit card if you can pay with cash that day?

12/5/2008 7:43:54 PM

build credit quickly

12/5/2008 7:44:45 PM

If you can't pay off your cards...why pay a lawyer. Get a court appointed lawyer? I think there is an application, but then you're good...from what I have heard at least. Again you can just get a job.

12/5/2008 7:44:46 PM

^^^Because it builds credit, one payment a month is more convenient, safer than strolling around with cash. Do I really need to go over the advantages with you.

I know you think CC are the devil, but c'mon.

[Edited on December 5, 2008 at 7:50 PM. Reason : arrows]

12/5/2008 7:49:58 PM

Obama will save you in about a month, esp if you dont have a job

12/5/2008 7:52:18 PM

12/5/2008 7:52:56 PM

Quote :

"Obama will save you in about a month, esp if you dont have a job"

You're right! Bush and the Republicans suck!

12/5/2008 7:55:24 PM

Quote :

"then why have a credit card if you can pay with cash that day?"

- i dont like using cash.
- it builds credit, even if it's a very small amount.
- i have extra protection if card is lost, stolen, etc (if someone steals cash, im fucked)
- i get tremendous benefits with my credit card. hundreds of dollars cash back every year, discounted airline tickets, etc.
- i dont pay an annual fee nor do i carry a balance, so i essentially get paid to use a credit card.

the list goes on and on.

12/5/2008 8:04:16 PM

Quote :

"from what i've read from him in the past IMO his credit is probably completely fucked anyways for a few years so i'm not sure if i'd pay it all if i were given the option not to and i were him."

that used to work, but now debt collectors buy old debt and make it current again...you can no longer wait a few years for it to go away, because it won't.

even if you have to give them 10/month it is better than nothing, and shows you are serious about paying back your debts...go donate blood if you have to, you can go like 3 times a week @ 20 bucks or so per visit. you have no excuses...pay your bills son.

12/5/2008 8:07:53 PM

you only need one kidney yo

12/5/2008 8:11:26 PM

Quote :

"Then they kept upping the limit, first to $500 then to $1,500, now it's at $5,500. It really bothered me, because they would never ask, just sent me a letter saying the limit had increased."

heh that happens all the time on my one card. But I never really use it except for online stuff so it's no big deal

12/5/2008 8:26:41 PM

Quote :

"- i dont like using cash."

Debit Card FTW

Quote :

"- it builds credit, even if it's a very small amount."

So does not getting in over your head with high APRs and not being able to pay off your CC

Quote :

"- i have extra protection if card is lost, stolen, etc (if someone steals cash, im fucked)"

Debit Card FTW

Quote :

"- i get tremendous benefits with my credit card. hundreds of dollars cash back every year, discounted airline tickets, etc."

take a look at your interest rate. most likely those "hundreds of dollars" cash back every year is money you paid in interest anyway

Quote :

"- i dont pay an annual fee nor do i carry a balance, so i essentially get paid to use a credit card."

Debit Card FTW

[Edited on December 5, 2008 at 8:51 PM. Reason : spaces]

12/5/2008 8:50:13 PM

Quote :

"So does not getting in over your head with high APRs and not being able to pay off your CC"

Sounds like only you and Spontaneous have this problem.

12/5/2008 9:02:54 PM

^ wow, if you think that is the case then you don't pay much attention. Not everyone can be perfect like you and not make mistakes when it comes to credit cards. Trust me bro, it happens more often than not. Lay off the holier than thou shit you are trying to pull

12/5/2008 9:13:06 PM

Just paying attention to this thread I can make an observation that it is

Quote :

"-2 pages full of people who think they know it all telling him what he should do, combined with the typical insults such as; "you are a moron", "you should have known better", "your parents didn't raise you right", "you should die", "you suck at life", and "i am way smarter than you when it comes to money""

12/5/2008 9:33:18 PM

Quote :

"take a look at your interest rate. most likely those "hundreds of dollars" cash back every year is money you paid in interest anyway "

you don't pay interest if you pay it off every month.

12/5/2008 9:35:08 PM

Quote :

"So does not getting in over your head with high APRs and not being able to pay off your CC"

That isn't a valid argument for not owning a credit card if you're a responsible user. Clearly, not having a credit card isn't going to build credit faster than having it and paying it off each month.

I haven't checked in to just how much protection a debit card offers, maybe it's identical to a CC, but I feel a bit safer knowing the CC company will forgive a balance if my card is stolen than a bank actually giving me money back in a similar instance.

Quote :

"take a look at your interest rate. most likely those "hundreds of dollars" cash back every year is money you paid in interest anyway"

Are you high? He just told you in the line after that he doesn't carry a balance. I've owned the same card for over 6 years now and I haven't paid one cent in interest on it. The limit started at $1500 and it now sits at $36,400, my debt/credit ratio looks stellar. Now, how could I do that with a debit card?

[Edited on December 5, 2008 at 9:37 PM. Reason : .]

12/5/2008 9:37:14 PM

• Credit cards. Under federal law, if someone steals your credit card you're only responsible to pay the first $50 of unauthorized charges. And, says FTC lawyer Carol Reynolds, if you notify the issuer before the thief makes any charges, you may not be out anything. You're also free from liability if unauthorized purchases occur when the card is not physically present, say in an Internet purchase, she says.
  
  Zero-liability policies, like those offered by Visa and MasterCard, add a second layer of protection. Under these programs you won't pay anything if someone fraudulently uses your credit card online or off.
  


• Debit cards. The rules are similar for debit cards, but there are a few restrictions. For example, your liability under federal law is limited to $50, but only if you notify the issuer within two business days of discovering the card's loss or theft. Your liability could jump to $500 if you put it off. And even this cap is lifted if you wait more than 60 calendar days from the time your bank statement is mailed.
  
  Federal protections are a bit more generous if a thief just steals your debit card number (and not the actual card), but you still have 60 days after receiving your bank statement to report any unauthorized transactions.
  


http://www.kiplinger.com/columns/fitness/archive/2001/ff20010808.htm

12/5/2008 9:42:16 PM

notice the age of every user in this thread that is a responsible credit card owner. further proving my point that one should not be allowed to apply for a credit card until they are 21.

i also own a credit card and i pay off the balance every month. But i couldn't say the same thing when I was 19

^ and just looking at your second bullet point, you would have to be a moron not to report your debit card missing within 2 days. and ABSOLUTE MORON

[Edited on December 5, 2008 at 9:43 PM. Reason : a]

12/5/2008 9:42:21 PM

so if my credit score is 769 whats the next thing i should do?

12/5/2008 9:43:07 PM

Whether they admit it or not, they will give you a LOT more shit if your debit card is used as a debit card (as in with the PIN) ..now, that isn't common and would require some sort of skimming + camera to figure out your PIN usually but my point being is I've known people that the banks flat out refused to give them their money back even though it wasn't them that withdrew all of their money. They didn't have the money to get laywers involves and even though they only lost $500-1000 it's still more money then I'd ever like to lose.

Just saying.. credit cards have their advantages.

^you should not do ANYTHING until you need to. you have that credit score because you haven't fucked it up. at absolute most I would get a low low limit credit card to use for basic things like gas and groceries and pay it off every month. that will prove you're capable of paying your debt consistently. beyond that don't do anything until you have a job and are wanting to buy a house and/or car one day.

[Edited on December 5, 2008 at 9:46 PM. Reason : asdf]

12/5/2008 9:45:01 PM

Quote :

"Then they kept upping the limit, first to $500 then to $1,500, now it's at $5,500. It really bothered me, because they would never ask, just sent me a letter saying the limit had increased.""

That's good--it will ultimately be good for your credit score to have credit that you're not using...assuming you don't do the stupid thing and use it.

Quote :

"take a look at your interest rate. most likely those "hundreds of dollars" cash back every year is money you paid in interest anyway "

Pay it off in full every month and it's money in the bank. I make hundreds of dollars per year in credit card rebate checks, and never pay a cent in interest.

________________________________

There is no point in this much discussion in this thread, anyway. Credit cards are a good thing if you aren't stupid with them. They do give you the ability to fuck yourself.

Furthermore, this guy doesn't need advice. He needs a job. Nothing anyone is going to say in here is going to make a difference until he gets a job or two. This is not a difficult situation to to fix--although there may be some minor pain involved with getting out of this mess (i.e., what I said about "education is expensive, no matter how you get it.") At this stage in your life, though, and over a relatively measley $1500, the pain won't be that bad. If he unfucks himself, it can be just a minor bump in the road when he looks back in a few years.

...but he needs to get a job (or two) fucking yesterday. Like, I would not allow even one more day to pass without applying for about 10 jobs, and making a post or two on Craigslist offering to do yard work or whatever other odd jobs anyone could come up with until McDonalds or Wal-Mart or wherever else hired me.

12/5/2008 9:45:49 PM

I only use my debit card about once a week. So if something happened to it I wouldn't notice for a while. Unlikely yes, but I have had cashiers forget to give me my card back.

12/5/2008 9:47:35 PM

i, too, have a credit card

12/5/2008 9:48:01 PM

I am not denying that he needs to quit fucking around and get a job (or two) to get himself out of this situation. Just making the observation that his situation is far from uncommon. And those in this thread that are talking about how perfect they are with credit are by far the minority, especially in the 18-21 demographic.

12/5/2008 9:50:57 PM

i agree completely

and i'm far from perfect

but he definitely does need to get a job and start doing what he can, even if it isn't much, to meet his financial obligations.

12/5/2008 9:52:15 PM

yeah, I said that on page 2 I think. I got myself royally fucked over by credit cards. But i got myself a good job, bit the bullet, and paid my shit off. It does suck being broke for several months while paying it off, but they will get their money one way or another. Might as well get it over with as quickly as possible.

12/5/2008 9:53:49 PM

How many people are 18-19 on this entire site that post regularly?

12/5/2008 9:53:55 PM

i have had bad things happen with my debit card that have LUCKILY always gotten fixed

one time at a bar they got my tab mixed up with my cousins, even after i told them specifically that he was there and i am a girl, he is not, etc. anyway they charged me like 60 for his tab when mine was like um 2. and they ran it TWICE. so i called them to take it off and they were like "ok" and instead it got run a THIRD time. so then i called the bank and it was very dramatic. and i didn't save my receipt because i usually don't from a $2 beer at a bar when i'm already drunk and like i signed it on a soaking wet bar. so i had no way of proving that i didn't sign for the charges and blah blah

it was very dramatic. and not fun.

12/5/2008 9:54:08 PM

^^^ yup.. no other way to do it really. either you pay it quick and get it over with or you pay more later and for longer. in the end your best way is as fast and as soon as possible.

12/5/2008 9:58:17 PM

^^^the rolly eyes smily is my favorite too

[Edited on December 5, 2008 at 10:00 PM. Reason : a]

12/5/2008 10:00:11 PM

yeah, I think I picked it from puppy. lol

12/5/2008 10:01:15 PM

I just can't get over this not having a job and not being in school, though. I mean, I can't even wrap my brain around it. What exactly in the hell do you DO?

(I'm assuming "no longer at state" to mean "no longer in college".)

I mean, I worked 20-30 hours per week while I was in college--and I was in mechanical engineering...along with being in a fraternity, doing training for the Marines, working out for about an hour almost every day, and other extracurricular stuff (being social/going to parties & bars, riding motorcycles, skiing, etc).

You can't go bag some groceries at Food Lion or stock the shelves at Wal-Mart?

Or maybe both?

Or maybe you could shovel some dirt and run weed-eaters and lawn mowers? Beneath you? It wasn't beneath me--spent a summer doing it, starting work at 4am most days, and working every other weekend. I spent many hours stocking shelves at Advance Auto Parts, too.

How in the hell do you even find yourself in that position as a grown-ass man (with at least some college education, no less), much less be willing to stay in that position?

12/5/2008 10:03:24 PM

^^fiscal responsibility AND devotion to a female. Man, you might not be badass enough for this website


^ I totally agree about the not having a job thing. That is the only part about this story that makes me have no sympathy for his situation whatsoever.

[Edited on December 5, 2008 at 10:05 PM. Reason : a]

12/5/2008 10:03:52 PM