Credit Card Companies (Only pay the prinicipal, that is what you borrowed)
Back in the summer (or whenever it was that SF had nice weather) I watched a free performance by the SF Mime Troupe, a political comedy theater group (that surprisingly, talked). They did a 2 hour play about the financial crisis, making an allegory out of a small village (America) beseeched by a witch (the credit card companies). At the end they made us (the audience) all yell that we would not pay the credit card companies anything but our principal, because that is what we borrowed. Nothing but the principal, nothing but the principal.
At the time, I found the play rudimentry and simplistic. Right, the credit card companies were just going to waive away this consumer debt, that people had willingly taken upon themselves. About the same time, I opened a Macy's Visa card to get 20% off a friend's wedding gift. Then I used it the next month when I had left my primary (and only) credit card at home. And unfortunately, I failed to make that payment on time, due to a very crappy website that apparently did not register the payment I had so painfully made (you try registering for e-check under macys.com, it's abysmal).
So they sent me the next statement, saying instead of $41.34, I now owed $58.34. Figuring it for some kind of joke, I ignored it and hoped they would sort it out themselves. I was wrong. I started getting calls, approximately 3 times a day. Sometimes I'd pick up, only to be put on hold. One time I actually talked to somebody and told them about the error. They said they'd look into it.
Well, suffice to say, nobody did anything, and I continued ignoring phone calls I did not want to field. But today, 4 months after that statement balance, I called them because I now owed $120.34, minimum payment of $93.00 Ouch, as somebody who never carries a balance (I almost exclusively use my credit card, but more to keep a written track of my spending, as cash has a funny way of disappearing without a trace), this was insane.
So I got on the phone and explained what happened. They asked if I had a confirmation number of the transaction. Um, maybe, but now, 4 months later, yah right. Then they had me look at my bank statement and sure enough, nothing had gone through. And while they said I should've known, it was my first time paying via their website, I had no idea what to expect and frankly, I thought filling out my routing, then banking number, then clicking submit payment (or whatever I did, I forget it was a long time ago), was sufficient.
But I held my ground, $84 (because $41.34 was my principal) is a lot to pay for nothing, even if you can. Very quickly $58 fell off. I asked to speak to the manager (which the associate said would not do any good- this is, for the vast majority of the time, a lie). Another fabricated $21 gone. Finally, they were sick of me and no matter how I argued (now, to the manager's machine since suddenly, he/she was unavailable) I couldn't convince them to take off the $6. That's cool, considering the card initially had saved me like $50 in the first place and some machine had spent a long time trying to reach me.
Talking to credit card companies is fun, especially if you know you are good for the money and were just fucking with them in the first place. But I can't imagine if I hadn't been good for it and I had watched every month as $41.34 became $58.34, became incessant phone calls, became $89.34, and finally $120.34 before I decided to put an end to this sick experiment. And now, while my credit rating may be shot, I'm sure I'll still be able to exist on one card, and the nice downpayment I'm saving up for will be sufficient for that house one day. Here's to hoping I never have to use credit for more than I can afford to pay. And SF Mime Troupe, here's to you! Maybe some will have taken that message to heart. I can't believe how easily they'll make shit up and then just as easily swallow the same.
At the time, I found the play rudimentry and simplistic. Right, the credit card companies were just going to waive away this consumer debt, that people had willingly taken upon themselves. About the same time, I opened a Macy's Visa card to get 20% off a friend's wedding gift. Then I used it the next month when I had left my primary (and only) credit card at home. And unfortunately, I failed to make that payment on time, due to a very crappy website that apparently did not register the payment I had so painfully made (you try registering for e-check under macys.com, it's abysmal).
So they sent me the next statement, saying instead of $41.34, I now owed $58.34. Figuring it for some kind of joke, I ignored it and hoped they would sort it out themselves. I was wrong. I started getting calls, approximately 3 times a day. Sometimes I'd pick up, only to be put on hold. One time I actually talked to somebody and told them about the error. They said they'd look into it.
Well, suffice to say, nobody did anything, and I continued ignoring phone calls I did not want to field. But today, 4 months after that statement balance, I called them because I now owed $120.34, minimum payment of $93.00 Ouch, as somebody who never carries a balance (I almost exclusively use my credit card, but more to keep a written track of my spending, as cash has a funny way of disappearing without a trace), this was insane.
So I got on the phone and explained what happened. They asked if I had a confirmation number of the transaction. Um, maybe, but now, 4 months later, yah right. Then they had me look at my bank statement and sure enough, nothing had gone through. And while they said I should've known, it was my first time paying via their website, I had no idea what to expect and frankly, I thought filling out my routing, then banking number, then clicking submit payment (or whatever I did, I forget it was a long time ago), was sufficient.
But I held my ground, $84 (because $41.34 was my principal) is a lot to pay for nothing, even if you can. Very quickly $58 fell off. I asked to speak to the manager (which the associate said would not do any good- this is, for the vast majority of the time, a lie). Another fabricated $21 gone. Finally, they were sick of me and no matter how I argued (now, to the manager's machine since suddenly, he/she was unavailable) I couldn't convince them to take off the $6. That's cool, considering the card initially had saved me like $50 in the first place and some machine had spent a long time trying to reach me.
Talking to credit card companies is fun, especially if you know you are good for the money and were just fucking with them in the first place. But I can't imagine if I hadn't been good for it and I had watched every month as $41.34 became $58.34, became incessant phone calls, became $89.34, and finally $120.34 before I decided to put an end to this sick experiment. And now, while my credit rating may be shot, I'm sure I'll still be able to exist on one card, and the nice downpayment I'm saving up for will be sufficient for that house one day. Here's to hoping I never have to use credit for more than I can afford to pay. And SF Mime Troupe, here's to you! Maybe some will have taken that message to heart. I can't believe how easily they'll make shit up and then just as easily swallow the same.