Tuesday, October 20, 2009
Credit Card Companies, World Bank and IMF in miniature?
I have a payment schedule for my credit cards and loans, however the due dates for some cards bundle up and don't match my paycheck dates for both jobs. That means that every moment I get "gentle" reminders to pay my minimum payments on almost all my cards. Having a loan and two credit cards with Credomatic means they are the ones that usually call me the most.
Just about two weeks ago they were calling me to remind me of minimum payments on my cellphone card and my platinum. Lately i've been doing better in paying timely so this was just their reminder for me, they would call at 7:30am , or noon or 10pm. They would call for one card one day and I would confirm my payment date for both, but they would still call about the other card the next day.
I was mildly upset at their call strategy but I accept that I owe them money and they have the right to call me to pay.
However today they called me offering a second card for my cellphone credit card , "for your wife, son, daughter, father, mother, brother or sister". What?!? So I don't have a good enough record to get extrafinancing but I have a good enough record to get more debt with another card? I was still shocked halfway thru the saleperson's pitch. At the end I just said no and fortunately he didn't press the issue more or I would've let him know of the thoughts in my brain.
So, as I'm reading about US credit card companies charging fees for someone not using their card enough or for inactivity, etc, basically penalizing good behavior, I wonder if this isn't how third world countries live. We get loans from international agencies, then they request payments as they are entitled to, when we are drowning in debt they set economic conditions for us and stop the money flow that the country is used to. The country is then concerned (worried) about making those payments on time.
Eventually we pay back some of the money so the international agencies are then kind enough to loan money back..and the vicious circle starts over.
So, no Mr. mini World Bank, no mini IMF, I don't want your "free" additional card. I don't want the discounted jewerly for us "selected customers", thank you very much. You fooled me for a long time but not any more.
Some days i'm inspired.
Posted by AJ at 5:38 PM