Credit Cards

[NICKI183]

In these changes times credit and the ability to obtain and maintain is becoming more crucial than ever.  Today, I read an article in the NY Post regarding the credit due dates.  In brief, its stating that creditors are reducing the grace periods to less than 30 days.  For example, Amex 20-30, BoA 20, Cap 25, Chase 20, Disc 25, HSBC 20, and Wamu 25 days.  They indicated by this change and also changing peoples actual due dates people are now paying late fees.  Also, the percentages that you pay for other cards may be increased to the default APR because of 1 late.

Its sad, but my DH and I have sat down and truly devised a budget and they have to stick to.  If you don't have fall its easy to fall into late payments, double payments, default, collection, not payments and worse.

I joined MyFico to get a better perspective on the credit world and at first I was on track with reducing my debt and paying things on time.  However, I changed jobs and that presented a problem.  The cards that I obtained since joining have balances ( ALL OF THEM).

I am glad that I work up quick and have not maxed them and talked to my husband about where we stand.  We are working on alleviating the lowest balances first;therefore, we can pay them off quick and concentrate on making higher payments to the high balances.

I have received excellent advise from a lot of people on this site, but I know the true strength of fixing any credit problem is me.

I am not a sock person or safe person, but have fully acknowledged the wrong I did and was able to catch it for fixing. 

This year and next will show the determination of those who really want to get out of debt or those who want a "quick fix!  I am in for it the long haul.  I will be successful in beating this credit nightmare.   Thanks again for the all the good advice.

What does everyone else think about this credit crunch!!!!

[AlishaR]

BOA changed my due date from the 1st to the 28th for this month. I'm glad I sign in everyday and check everything

[smallfry]

Since I check my accounts at least two times each day they ain't gettin' nothin' by me.

[nicemann]

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smallfry wrote:
Since I check my accounts at least two times each day they ain't gettin' nothin' by me.

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Sounds like me....once in the morning before work and once in the afternoon.

[rbbyrbsn]

my discover terms says 25 but I get 30 chase 20-25 wamu 25-27

[FretlessMayhem]

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smallfry wrote:
Since I check my accounts at least two times each day they ain't gettin' nothin' by me.

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I'm with ya! I am a habitual online account checker.

I normally check 3 times a day. Once in the morning before work, once when I walk in the door from work, and once in the evening. I think I might be OCD with checking my CC balances.

[woopah]

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FretlessMayhem wrote:

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smallfry wrote:
Since I check my accounts at least two times each day they ain't gettin' nothin' by me.

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I'm with ya! I am a habitual online account checker.

I normally check 3 times a day. Once in the morning before work, once when I walk in the door from work, and once in the evening. I think I might be OCD with checking my CC balances.

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Me too!!! I check my accounts at least once a day, and usually 3-5 times a day even when there's nothing on the account!

[Timothy]

The shortening of grace periods and moving dues dates has been happening for years-

Capital One increased profits big time by going from 30 to 25

My AMEX (green) grace period seems really short- if they were mailing statements and me mailing a check- it would be late every month. Thank *^^&( for online payments.

[Timothy]

MS Money goes out every day and checks-

Statements get pulled into CU's online bill pay and reminders.

Sat morning I do detailed checks of accounts and pay bills.  

[FretlessMayhem]

The grace period starts from the statement due date right?