After much talk and the representative giving me the number for their "Debt Management Program," I was connected to a person who claimed to be a manager. This guy informed me that it was against company policy to cut APR's directly with the consumer. The only reason, he said, that they cut the APR with consumer credit Counseling is because they were a bigger organization then any individual consumer.
At that point, is when I lost my cool, and said something that I didn't intend to say. I said, "and that's why CreditCard.org gave you the lemon award for being the worst credit card company on the planet and why Dave Ramsey calls the scum of the earth."
These people absolutely will not work with me whatsoever. I have never been late on a payment with these people, until last month when my checking account was cleaned out, by SMC and Bank of America. Yet they raised my raised my APR anyway from what I signed up for.
Oh, and before talking to the "manager," I did press the lady what the Debt Management program was exactly. She tried to repeat the same line, and I pressed and asked exactly what that meant. She finally said, that it was Consumer Credit Counseling. The number she gave me (800) 388-2227. Personally, I have nothing against CCC, but I believe that these people should work with me. They are already aware that I have undergone counseling, but they just want to be jerks.
I hate debt, and I hate Credit Cards, but I really suggest that everyone avoid Washington Mutual and all of the various credit card companies that they have bought out. They are the worst of the worst. It is my intention to get this paid off ASAP. While I am on vacation next week I want to make at least $1,000 from various sources so that I can get them out of my life forever. I must get my technique down so that I can feel comfortable charging customers to paint address numbers on their curbs. In addition, August 11th I will be selling yard sell items in my communities annual flea market. I know making $1000 in one week is ambitious, but that is my goal, so I can pay off this item by the end of the month. Then I can focus on the rest of my debts. My goal is still to get all my smaller debts paid by the end of the year.
In addition, I really suggest, in the strongest terms to follow the following advice:
- Establish an emergency fund
- Commit to avoiding ALL new debt
- Call your creditors and negotiate lower interest rates (That is if they will negotiate).
- Start a Spending Diary. Keep track of receipts and monitor cash in-flow and out-go to make sure you stick to your budget (Personally this is the hardest thing for me).
- Get in the groove of spending within your means by cutting back expenses.
- Payoff everything and celebrate!
OK, there you have it. That is my plan and the advice I follow and recommend to everyone. Providian (now Washington Mutual) got the lemon award for raising customers APR to the maximum (31.99%) forever. I will not miss them, nor any credit card. They are the perfect example of greed in their industry.
What you have to understand is that not all credit card companies will work with you on the interest, it's not just WaMu. (I have a Citibank card that they will not budge on the interest.)And, being rude to them, no matter how frustrated you are, is not going to help your situation at all. They could care less that you are on Dave Ramsey's program...the customer service people probably don't even know who he is.
ReplyDeleteMy suggestion would be to throw as much money as possible at this card and get it out of your hair for good...it's going to take strength and determination ..you may have to deprive yourself of some things and show a lot of will power....but figure out how much you have to give them a month to be done with it by the end of the year, and STICK TO THE PLAN. NO eating out, NO candy bars or soda at breaktime...NO extras! And throw all your "extra" money at it..whether it's paid posts, cashcrate, adsense...whatever. I would not shy away from ANY extra money at this point.
Sorry, but I'm with WAMU on this one. Why should they lower the rate you signed up for? Besides, you know exactly what Dave Ramsey would say. Pay it off or float it to another card (hearing that more and more lately). So, pay it off or float it to another card.
ReplyDeleteNow, as to why Wamu doesn't let you automatically use Quicken, that's another issue.
it doesn't hurt to ask, but i've never asked for a lower rate. you know how i drop rates on debt, kevin. someone offers me a lower rate than i have, and i take the offer. if a company makes me a bad offer (like 20% or even 5%) i just walk on by. i haven't paid a penny in interest in years. i have about two thousand in debt, but i'm working hard to eliminate it.
ReplyDelete08/03/07 You really need to get a voodoo doll into which you can stick pins when you are frustrated. Being rude to customer service people will get you nothing, which is what happened. Maybe you could say something such as, what must I do to be eligible for a lower rate..e.g. pay early, make (2) payments, wait for (6) months of on-time payments, etc. Ask for suggestions on how to get where you want to go.
ReplyDeleteWhy are so many people still using banks? THEY SUCK!!!! I switched to a credit union about 6-7 years ago and have been amazingly happy. It's so much better dealing with people that aren't making a profit.
ReplyDeleteIf you have the ability to sign up for a credit union, I'd really consider it. Rates are lower, fees are lower and you don't have to worry that they are trying to screw you so that they can meet their profit margins.