Recently, I came across a phrase that I had not heard before, fee harvesting credit cards. What the heck is that? It’s quite simple really. It is a credit card that has all sorts of fees and interest tacked onto the bill for every little reason. For instance, you could have a fee for starting to use the card, activation. Then, there would be a monthly fee for HAVING the card. In addition, you might get late fees if you are even a day late with a payment. And so on and on. The fees will be there whether you like it or not.
I talked with a friend of mine who believes that she should pay everything on the credit card bill because it’s the honorable thing to do. I agree that if you incur bills that you should pay them. I agree that if there is a balance on a card, it should be paid and on time. I agree with all that. HOWEVER, I do not agree that your money should be poured down a rat hole just because some unscrupulous company decides to milk you for all you are worth and then get more. That’s what a fee harvesting company does. The whole thing is in a very technical language that you will not be able to understand, sometimes even the lawyers do not understand it.
Now, this friend has a credit card bill that is so far above what she and her husband could pay that she will drown in the debt of it if something is not done. Before you start to judge this person about paying for things bought, I should like to let you know that the couple in question has no income other than social security. I wonder what type of credit card company would be willing to give a card to somebody who has no more income than that? And you should know that they were needing some type of way to pay their bills. This was not as cut and dried as it may seem. One more tiny thing here. These people scraped and put together $500 a month to pay it off and still did not dent the balance. COME ON!!! That type of credit card, legitimate one, is simply not possible with their income.
The end result here is that they are piling up interest and fees on a very low balance. And after a number of years that they had not been contacted because the company was sold to another and then the credit card bill sold again….all the while, fees and more fees, interest and more interest being put onto an already inflated bill and you have a mess that will likely NEVER go away. EVER! There are only a couple of ways this will be resolved. ONE, they find a lawyer or mediator that will make the company drop all fees and interest and pay only on the principle of the bill. TWO, go file bankruptcy and hope that this company doesn’t sell the debt again. If they do, the nightmare will likely continue until the people either die or change their names.
So the answer to the above question is NO, NO, NO!!! NO WAY will I get wrapped up in that mess of credit cards and the ripoff companies that hand them out. There is a word for these people, GREEDY!!!!
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Excellent webpage! Have it a thumbs up with stumble and I Digged It too! Very informative and helpful about credit!
On that same subject I’d want to tell everyone about a company called Credit Assistance Network (in Florida) to help me improve my credit scores. They were great. They didn’t remove everything negative but they did remove most of it. Even more importantly they gave me excellent advice to help me build my credit scores.
The website can be found
https://expert-credit-advice.com.
They did such a great job that I promised them I would tell everyone about them. Tell them Jim from Ohio recommended them!
Excellent, Jim! Normally, I take out the extra link but I do think this is a good one to leave in. Thank you so much for telling us about that place. And thanks for the compliments!
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