I got another change of terms letter from a credit card company today. Within the first paragraph I could immediately tell that something was different. This was not your ordinary “We are altering the agreement. Pray we don’t alter it further” letter.
No, the first paragraph stated that from now on, payments made over the minimum would first be applied to the balance with the highest interest rate.
In case you’re lucky enough to never have to know this, I’ll explain. Suppose you got this card with an offer of zero percent interest on balance transfers and put a couple thousand on it, thinking you’ll enjoy the respite from usury. Then, a couple of months later, you discover that you’re short on cash at Micky D’s and whip out this card. No biggie, just five bucks, right? You’ll pay an extra five or ten next month and you’re square.
Here’s where it gets fun.
The minimum interest charge for most cards is one dollar per payment cycle, so next month you’re charged a whopping 240% interest on your Happy Meal. Well, that’s only a dollar. But wait. Your extra ten didn’t erase this portion of your balance, because Visa applied it toward your zero-interest transfer balance. So this $5 – no, $6 – stays on your card, racking up another dollar month after month. You don’t even begin to pay this off until you’ve finished off the original $2000 you transferred to the card. That burger and fries could end up costing you a couple hundred.
Well now that’s reversed. Thanks to the current administration. You can be damn sure that the credit industry would never have made this change had they not been forced to do so. In fact it says as much right there in the letter – these changes are being made due to changes in FEDERAL LAW.
Thank you, Mr. President. This may not be the pony I wish I had, but it will help me make strides toward becoming debt-free. Or at least bigger baby steps. And, while it may feel like a personal gift to me, it affects thousands of others just like me. Maybe millions.
Don’t ever let anyone tell you that Obama did nothing worthwhile.
And take advantage of this before the next Republican President takes office.
This is good to read. And I’ve met a guy who bought a new ride thanks to the Cash For Clunkers program he wouldn’t have bought otherwise; another one who kept his job thanks to the stimulus bill; and yet another guy who managed to stay in his home because of a change in the foreclosure laws instigated by Obama.
Also, a small business where a friend of mmne works is hiring new people and making more money since Obama has made funds available for green energy products.
It’s just a shame the nitwit Dems can’t be bothered to bring these things up when challenged by idiot Republicans who claim Obama has done nothing.
Comment by RS Janes — February 19, 2010 @ 7:02 am
“It’s just a shame the nitwit Dems can’t be bothered to bring these things up when challenged by idiot Republicans who claim Obama has done nothing.”
How the idiocracy wins is through subterfuge and chicanery,
all it requires is a angry response and this then is perceived as being a strength.
The idea is that strength comes from being on solid ground or being reinforced by truth.
Facts are a nuisance when debating a troll and so are marginalized at every opportunity.
Truths however need not be based on facts and so refuting truths are as difficult as lifting water with a knife.
If one of the party faithful is backed into a corner further then an even stronger defense tactic is used,name calling and threats and insinuations of incestuous and homosexual predilections.
Witness two areas of study,one climatology is considered a science based on lies.
Economics which is viewed by the right wingers as an absolute science,think Ben Stein.
Realizing that facts can change at any minute gives the liberal pause,willing to give the winger the benefit of the doubt comes across as weakness and therefore indecisiveness.
Truths never change however and needing no basis in fact or even verification,can be changed to fit whatever the situation calls for to ram the point home to the casual viewer.
This is how the Liars win and it is a time honored method that has been with us since commerce and governance and religion were merged into one.
Pardon my horrible writing,the complexity of the subject seems make the description even more difficult.
I hope at least that You find it humorous.
Comment by Rainlander — February 21, 2010 @ 6:27 pm
I think see what you mean, Rain. it is a complicated subject, but it seems the Idiot GOP has appropriated what they call the ‘Truth,’ whether that ‘Truth’ is dependent on rewriting history, disregarding science or misinterpreting the Bible. Meanwhile, the Dems can’t even do a good job of assembling the facts to contradict their ‘Truth,’ which makes the Dems look like they have no core principles.
There is also the problem that, in my experience, stupid people are stubborn people and always blame the disasters they cause on others. I am reminded here of a guy I knew many decades ago, a machinist who always wanted to own a restaurant. He didn’t bother to learn how to cook or run a restaurant, he just took his little nest-egg he had been saving up for 30 years and invested it in a hot dog joint. Predictably, his food stunk.
His hot dogs were overcooked and dry; his fries greasy, limp and undercooked; even his condiments like onions and tomatoes were withered and nasty because he refused to toss them out trying to save money. He also overloaded his soft drinks with ice, another winner to cut down costs. If a customer asked for less ice, or fresher condiments, Chef Goofball would say, “You take it the way we make it!” and laugh. The patrons somehow didn’t share in the joke.
After having decent crowds the first couple of weeks, the word got around about his food, and his business dried up to nothing. Some of his customers told him specifically what was wrong with his food, but he dug in his heels. He dismissed them all as a-holes, and refused to change the way he made his food. He even refused a free tutorial in proper hot dog preparation by the company providing his meat. It was his place and he was going to do things his way, even if he didn’t know what he was doing. He was broke and out of business within about six months, blaming his customers, the location, the economy, the 7-11 down the street, anything but his own stubborn stupidity and lousy food.
Any resemblance between this moron and most of the Teabaggers and Republicans these days is entirely intentional.
Comment by RS Janes — February 22, 2010 @ 1:00 pm