New Member
Weightlossman
Posts: 7
Registered: ‎09-06-2007
GE Money/Care Credit
[ Edited ]

I was in a promotional 0% interest rate for 18 months, what I didn't realize was after the 18 months you get charged the deferred interest if you don't pay it off in that time frame.  Now I got a charge of $572.67 on an orginal balance of $1700.  Not only that but I am getting charged monthly 21% interest.  What should I do now?  I have 59K in credit card debt, should I play hardball and see if they will clear the $572.67 and pay it off in full.  If they don't clear it, is it worth not paying and see if they will agree to a lower payment then?  Thanks for the help

Emmett

Message Edited by Weightlossman on 01-18-2009 05:44 AM
Moderator Emerita
LilMirth
Posts: 3,091
Registered: ‎08-09-2008
Re: GE Money/Care Credit

The "fine print" has leaped out from under the bed and yelled "SURPRISE" punctuated by maniacal laughter. :smileysad:

 

I'm sorry that you didn't fully understand the terms of your promotional offer. It really sucks for the new to wear off and the reality to shine through. It's absolutely critical to read every detail of the fine print that the lenders would prefer you to miss. Unfortunately, unless you want to ruin your credit, you're probably going to have to take this one on the chin as a 'lesson learned'. But, it's at least worth a try to call one of the GEMB backdoor numbers to try to negotiate a lower interest rate.

 

Whatever you do, if you can avoid it all, please don't stop paying. The hit that you'll take will be extremely painful, and extremely long term. Not only could GEMB ratejack you, and ruin your credit with lates and possibly chargeoff, but your other creditors will take notice and begin to take adverse action against you. You think 21% is bad, how do you feel about 30%, closures, and demands for immediate payment in full? OUCH! Even if you can only pay the minimum, pay that. Hold on, with both hands, until you can make a decision about how you're going to get out of debt.

 

Good luck! You got some great responses from Scamp & Woopah in your other thread. I hope you're well on your way to being debt free soon. 


Weightlossman wrote:

I was in a promotional 0% interest rate for 18 months, what I didn't realize was after the 18 months you get charged the deferred interest if you don't pay it off in that time frame.  Now I got a charge of $572.67 on an orginal balance of $1700.  Not only that but I am getting charged monthly 21% interest.  What should I do now?  I have 59K in credit card debt, should I play hardball and see if they will clear the $572.67 and pay it off in full.  If they don't clear it, is it worth not paying and see if they will agree to a lower payment then?  Thanks for the help

Emmett

Message Edited by Weightlossman on 01-18-2009 05:44 AM

 

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Established Member
Dedricw
Posts: 11
Registered: ‎09-06-2008
Re: GE Money/Care Credit

ok if you asked me to loan you $1700 for 18 months and you told me you was going to pay me back in that time and i tell you if you cant pay me in 18 months then you will owe me $572.67 more, now 18 months has passed so pay me.

 

 

PAY YOUR BILLS AND STOP LOOKING FOR A WAY OUT!!!

not being mean but just keeping it real.

Established Contributor
beenthere
Posts: 971
Registered: ‎01-13-2008
Re: GE Money/Care Credit
This is the way pretty much all 0% offers have always worked. Not rare and nothing new.
1-14-08....... TU=683, EQ=667, EX=666
7-04-08....... TU=688, EQ=678, EX=682.......
.......4 of my 5 cards and a new car later.
2/13/09 and forever EX 693
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
Re: GE Money/Care Credit
[ Edited ]

I would recommend using the Debt Snowball approach to pay down your debt.  You would start by paying mnimum payments on all your CCs and any extra money you have would go to the card with the smallest balance until its PIF and then attack the next one etc.

 

Another plan would be to attack the cards with the highest interest rates first.  This might save you money in the long run but it doesnt offer the same motivational effects that the snowball plan does.

 

Finally if you feel that your credit use is out of control (mine was), you might consider a DMP (not settlement) program.  Also check out Dave Ramsey website.  He has help people get out of debt.  I dont agree with everything he says but he has helped people get out of debt when everything they tried on their own has failed. 

Message Edited by marty56 on 01-19-2009 06:05 AM
09/12/2013 FICO: EQ: 772 EX:813 TU:752
Super Contributor
marty56
Posts: 5,679
Registered: ‎10-06-2007
Re: GE Money/Care Credit

Dedricw wrote:

PAY YOUR BILLS AND STOP LOOKING FOR A WAY OUT!!!

not being mean but just keeping it real.


Better to offer someone usefull advice.  It is always being real to do so.

09/12/2013 FICO: EQ: 772 EX:813 TU:752