Reba

Maybe you could check a different bank or card. I pay nothing for service on my debit card. Also, checking service is free, no minimum balance required.

Deafness

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Reba

Banks get their profits from lending money, such as loans for cars and houses. They collect the interest from those loans.

diehardbiker

Exactly! Sometimes bank do offer free banking service... They still make money because this attracts customer and decided to open checking account, then find it easier to borrow money from them, Viola! Profit generated! Also, they "Buy" savings from you and sell that money to the debtors and collect interest rate. You noticed savings interest rate is rotten low! 1/2 to 3%, while they sells loan 8+%, so there is profit for them to ride on.

netrox

Read carefully what I said. I said "Many people file bankruptcy to relieve their credit card debts". I am not talking about mortgages or car loans - they're entirely different and if you have problems with them, you have to get a lawyer or pay minimal payments. Credit cards are basically loans against nothing. They're unsecured.

You said "No your wrong in most case, creditors CAN renew their debts, how? Sell them off to another collectors then you have another 7 years on the report."

It is illegal yet widely practiced. Credit agencies will remove them if you tell them about their illegal acts. It's called "re-aging" the debt. The FCRA said that from the day the "account" became deliquint, it should be removed after seven years. It does NOT matter if the creditor has sold its account to a new collection agency or resold again to a different collection agencies.

-jeff

IcedTeaRulz

Nope, no fee cost for me when I use Debit card at the stores, gas station, restaurants, etc. Easy!!! I love it!

netrox

To prove that it's illegal, here's what FCRA said:

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

http://www.ftc.gov/os/statutes/fcra.htm

"any delinquent account" is the key - it doesn't matter who owns the account - any bad accounts cannot be reported on credit reports if it's over 7 years old.

-jeff

diehardbiker

Have you heard of "Loophole"? There is somewhere buried in credit laws that lets other creditors buy bad debts, and report to the agency, thus kick in new 7 years period. I witness, and saw it happened to my gf! I asked her attorney why didn't 7 years limitation stop this, the attorney say there is loophole that lets the sale of debts... That is different than somebody just take it over.

Angel

I didn't say my debit master card was from my bank it was from CVS free and clear debit master card...

You go to CVS store and buy a free and clear reload card and put down any amount of money you would like on the card, then when you arrive home you call the number on the free and clear debit master card and reload it on your debit master credit card....

I hope this help clear up any misunderstanding

Edit: Oh I forgot to add that I had a debit card from my bank when I was married at that time and I pay no fee either but now that we closed our checking account when the divorce was final , I decide to get free and clear debit master card at CVS since I didn't open my own checking account until a couple months later...

netrox

"Have you heard of "Loophole"? There is somewhere buried in credit laws that lets other creditors buy bad debts, and report to the agency, thus kick in new 7 years period. "

Yes, I know about loopholes but trust me, it's no longer the case. It is illegal and you have a legal ground to sue collection agencies who passed their accounts to "extend" the age. They just cannot do that anymore. Your attorney is wrong.

The old FCRA allowed them to do it because back then they used "last day of activity" instead of "account." Now, it's not the case because of THAT abuse. The new law is clear no MATTER how the account is sold or bought. They just cannot do that.

-jeff

Cheri

And about bankruptcy some people file bankruptcy because their ex max all their credit card and left the wives/girlfriends the debts that they cannot afford to pay, I've heard about that before. It wasn't their fault. There are a lot of reasons why people files bankruptcy.

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horselover61

I would like to suggest that if you want to know about your credit report. You can call the credit agency to get the copy of your credit report mail to you and you can check it out. I always do that every year to make sure everything is in the right order. I sometimes find something is not right and I will file complaint to make it right so far everything went smoothly for me. Now my credit rating is in good standing. After I got divorced from my exh, my credit rating was not in good standing all becuze of my exh ruined it. So I worked hard to get back on top again and now I am so relieved.

That right 7 years for dequilient and 10 years for bankruptcy. I had a few dequilent cuz of my exh ruined and of course it was joined. But now it all clear and out of my credit report. Thanks goodness. I am glad I am back on top of it.

Now that my exh and his new wife have problem with their credit. Oh well not my problem.

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diehardbiker

Also, another good good reason why BK might be better is that because IF you have any collections on your record. You WON'T be able to buy a house! No lender will be willing to lend you mortgage with collections in reccord! Most of lender will accept after 2 years of BK discharge.

Reba

Thank you for the explanation. Now I understand what it is.

It sounds like a lot of hassle and expense. I prefer using the bank or credit union card because there is no hassle, no cost.

The*Empress

Credit Cards and Loans are stupid.

If I am in debts... I would throw
a halloween party.... and have kids
pay $5 to get in.

And just raise money that way
to pay off the debts fast.

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Cheri

Awww, You weren't dare to do that...Tsk tsk!

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tekkmortal

Bankruptcy isnt a fun thing to have. If you file bankruptcy, you will lose everything you have and end up with a bad credit that might last for years.

Debit cards might help but I remmy I overcharged my debit card by few hundred so I ended up with a negative balance but on the next day my account recovered.

RosesNY

that is wrong to do that best way to got a job to pay off the debts

Liebling:-)))

I also dont pay any fees when I use my debit card to everywhere whatever I like.... I mean is for bank service. (They work for me is transfer and receive my bills/wages, etc. etc. etc.)

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*sniffing you*

Liebling:-)))

Check my response post to Banjo´s post. They also dont charge me to use anywhere with debit card. I mean is bank service.

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*sniffing you*

Liebling:-)))

Yeah, it´s true... They collect their profit thru interest of loans....

But they still collect the fee for bank service because they work for me is transfer/receive bills/wages, etc.

See what I respond Banjo´s post.

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*sniffing you*

diehardbiker

Not true! I kept my motorcycles, car, computer, and other personal possession though bankruptcy. All of my properties is clearly reported, and by law, person has right to keep whatever that judges see fit. The only thing that you could lose is if you own second real estate properties or that the property value at least 1m. You can't keep more than 1 car, unless its worth less than what creditor could recover. I didn't lose anything back then. I wouldn't do that again UNLESS similiar situation reoccurs.

mlkshkgrl

Never had a credit card so I dont have to worry bout any debt from that. The only debts I'm currently paying off is 2 hospital bills from when I didn't have insurance. I'm going to start college in Aug. Hopefully my scholarship and grants pay everything. If not I guess I will be going into debt with a school loan.

You know what makes me mad though, my brother doesnt have to pay for anything. He lives with my mom and works a good job and goes to school. If he does pay anything its only about 50 bucks for rent. Mom considers him the perfect one but she complains about being broke all the time. There for awhile he was really mean to her. Now hes a lil nicer but my lil brother moved in and hes a real nut job. He doesnt pay any rent either and mom has been paying for his recent I dont wanna face the real world mental crap.

Now me on the other hand, I have two children and I bought my own house and have two vehicles. Everything is paid for. But still, no respect. I guess I should go shack with her too and then I wouldnt have to worry bout paying utilities or for school. And hey if I go a lil crazy maybe she'll take care of that too. No, really I guess I just don't understand why my mom isn't proud of me. Oh well, at least I know I got everything I have on my own.
Sorry to get a lil off topic.

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Beowulf

A pre paid card is excellent for making online purchases because a hacker can only steal the amount you have loaded into the card. A couple years ago I had the unfortunate experience of having a hacker steal more than two thousand dollars on my bank credit card, and THAT is a far bigger hassle than taking a few minutes to activate your pre-paid card.
In addition, many people simply cannot get a regular credit card since their credit ratings are so dismal, and pre-paid is the answer for them.

Angel

It is... .. I only used that to pay my msn interent service that's it

GalaxyAngel

We don't like credit card... *ack*
My hubby has to pay off the 2 debts from student loan which he was prevouis post-secondary college. I'm hoping this year would be cleared it off...

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The*Empress

How about selling hot dog and hamburger and lemonade???
And the neighbors come by and give you $5 a plate???
You know, BAKE SALE?

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Reba