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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: aknahow who wrote (75369)	12/12/2006 9:29:04 AM
From: stan_hughes	Respond to of 110194

I love it when a card issuer asks YOU to pay an insurance premium to protect THEIR asset, i.e. your debt to them. Wish I could make that kind of deal. It's a highly profitable racket for them, just like mortgage insurance.

To: aknahow who wrote (75369)	12/12/2006 1:50:58 PM
From: benwood	Respond to of 110194

My dad, an "older people" <g> used one of those checks but failed ot notice in the fine print a few really important bits... they skimmed 3% right off the top. They charged him a higher interest rate, 24.99% I believe, and also, the worst thing of all, because he carried a balance on non-cash advances, all payments he made paid off total interest first, then principal on non-cash advances next. Only when the entire balance was eliminated on the non-cash advances (which was "only" 8.9%) did the principal on the cash advance start getting paid down. He didn't figure out that bit until he'd send in extra money and then saw that the cash advance balance stayed the same. Nice... I helped him work out of that jam, but there are many more traps waiting for him. Perhaps the best thing for him now is that they are having their mail sent to me and those darn credit card mailings keep getting eaten by our corgi <g>. And boy are there ever a lot of them, perhaps 10 a week.