Plecostomus
Commodore
Yeah but foreign-owned cotton mines staffed by disposable foreign cotton-pickers have been supplying the foreign-dominated textile industry for years.
Cotton mines.
I need to log off and take a nap.
How Are You Coping With the Credit Crunch?
- Thread starter TedShatner10
- Start date
Yeah but foreign-owned cotton mines staffed by disposable foreign cotton-pickers have been supplying the foreign-dominated textile industry for years.
Cotton mines.
I need to log off and take a nap.
That should be a unique skill that puts you in high demand in your part of the country. There's probably not too many trained cotton pickers where you live.
Except for panicky credit card companies cancelling my cards and raising my interest rates because I rarely use credit, and when I do, I pay it off in full, I've weathered it well. In fact, I'm doing much better financially now than I was 6 months ago, when hefty bills and a loss of work to jury duty had me awake at night.
I recieved a raise at work (one of the few who did this year) and moved to a new apartment that knocked my rent down by $500/month. It's still expensive to live in LA but I'm breathing much easier now.
I just continue to live a cash and carry lifestyle, like I always have. I sock away about 20% of each paycheck into a savings account, and live frugally on the rest.
On the credit card thing: I had one credit card company cancel my line of credit with them for lack of use; another company cut short my 15 months of 0% interest by 6 months, and upped what would have been my 6% interest rate after the 15 months to 28%, citing "the current economic difficulties."
My credit score is nearing 800, I've never had a late payment or maxed out my cards, I pay everything off in full and they do this to me. Thanks a pantload, douchebags!
Ah well, the silver lining to the credit crunch is that I no longer recieve those obnoxious credit card offers in the mail everyday. At least we're saving trees.
I recieved a raise at work (one of the few who did this year) and moved to a new apartment that knocked my rent down by $500/month. It's still expensive to live in LA but I'm breathing much easier now.
I just continue to live a cash and carry lifestyle, like I always have. I sock away about 20% of each paycheck into a savings account, and live frugally on the rest.
On the credit card thing: I had one credit card company cancel my line of credit with them for lack of use; another company cut short my 15 months of 0% interest by 6 months, and upped what would have been my 6% interest rate after the 15 months to 28%, citing "the current economic difficulties."
My credit score is nearing 800, I've never had a late payment or maxed out my cards, I pay everything off in full and they do this to me. Thanks a pantload, douchebags!
Ah well, the silver lining to the credit crunch is that I no longer recieve those obnoxious credit card offers in the mail everyday. At least we're saving trees.
Actually I am not hurting at all. My car is paid off. My credit cards will be paid off in two months. I was smart enough to buy a house 10 years ago with a low fixed interest rate (5.5%) so my house payments are under a thousand bucks a month. I work for the US govt and I get $1700.00 a month tax free for VA disability and on top of all this I get free medical care from the VA for anything.
I'm actually doing quite well during this recession.
I'm actually doing quite well during this recession.
A
Amaris
Guest
I was an early victim like Hoser. My former employer laid people off, the company started cutting corners and out I went. It didn't matter how well you did, if you made more money than the average in your classification, you were gone. Any reason to get rid of you was used. I saw people show up 5 minutes late to work and escorted out the door.
Since then, I've been on unemployment and have been searching everywhere in a 45 mile radius for a job, any job that pays more than unemployment is paying, and I've had no luck, which is really, really sad when you consider how little unemployment is paying.
My dad's company has consistently cut hours for everyone over the past few weeks, and is having a meeting tomorrow to discuss the company's "economic direction of our labor force's future", which we all know is a pretty way for corporate types to say they're laying people off. So we'll see there, too. If that job goes, then we are in major trouble.
J.
Since then, I've been on unemployment and have been searching everywhere in a 45 mile radius for a job, any job that pays more than unemployment is paying, and I've had no luck, which is really, really sad when you consider how little unemployment is paying.
My dad's company has consistently cut hours for everyone over the past few weeks, and is having a meeting tomorrow to discuss the company's "economic direction of our labor force's future", which we all know is a pretty way for corporate types to say they're laying people off. So we'll see there, too. If that job goes, then we are in major trouble.
J.
Credit Crunch? God, people believe that bullshit?
oooh Woolworths has gone out of business! Yes, but not because of the dreaded Credit Crunch, it's because it was a SHITHOLE! Filled with useless crap that nobody wanted to buy, full of scallies, and about 20 years behind the times
oooh Woolworths has gone out of business! Yes, but not because of the dreaded Credit Crunch, it's because it was a SHITHOLE! Filled with useless crap that nobody wanted to buy, full of scallies, and about 20 years behind the times
Right now i'm beginning to have serious concerns about my job.
For the past few months our average work volume has dropped (i work in logistics) so we had to let a couple of our temp workers go.
Now we have about 60% of what we were promised by our customer and if that doesn't pick up in the next 2-3 months they will most likely start cutting positions in the office area which includes me as the weakest link who's not even been a full year in the company, has the least experience and over a year more until offered a permanent contract (2x 1 year contracts until getting a permanent one).
Recently we had our monthly meeting and our team leader promised us the team as it is will stay together for at least this year but honestly that may just be what he is told now but he's in no position to retain someone when the higher ups decide to cut costs because we are overstaffed.
For me this means no new bigger purchases on credit.. i moved into my new place about 6 months ago and would need some new furniture but that will have to wait until the worst of this crisis has passed and if my contract will be renewed this September.
For the past few months our average work volume has dropped (i work in logistics) so we had to let a couple of our temp workers go.
Now we have about 60% of what we were promised by our customer and if that doesn't pick up in the next 2-3 months they will most likely start cutting positions in the office area which includes me as the weakest link who's not even been a full year in the company, has the least experience and over a year more until offered a permanent contract (2x 1 year contracts until getting a permanent one).
Recently we had our monthly meeting and our team leader promised us the team as it is will stay together for at least this year but honestly that may just be what he is told now but he's in no position to retain someone when the higher ups decide to cut costs because we are overstaffed.
For me this means no new bigger purchases on credit.. i moved into my new place about 6 months ago and would need some new furniture but that will have to wait until the worst of this crisis has passed and if my contract will be renewed this September.
Of course they can - how do you think credit card companies make money? hint - it's not from people who don't use the cards they issue.
Of course they can - how do you think credit card companies make money? hint - it's not from people who don't use the cards they issue.
What bank does this?
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Amaris
Guest
They can do that? Even if the balance is zero?
Of course they can - how do you think credit card companies make money? hint - it's not from people who don't use the cards they issue.
What bank does this?
I know for certain that CrossCountry Bank does this.
J.
And how do they define 'lack of use'? What's the cutoff?
For this particular card, "Lack of use" meant that I had used it a few times during the course the year, and had paid the balance in full each time I used it. It was the card I kept for emergency use; I managed to wiggle out of most of my financial emergencies last year without resorting to the emergency card.
They wanted me to carry a balance, or else I wasn't welcome to be their customer anymore. They said in 6 months I could reapply for a card with a higher interest rate. I said, Fuck 'em.
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A
Amaris
Guest
You'll have to ask them that one. In my case, I had only used it once in a year and a half, but I had the balance at zero.
J.
Fuck 'em indeed.
What bank issued that?They wouldn't like me either, since I use my cards the same way you use yours: Pay off the balance in full every time.
Fuck 'em indeed.
They wouldn't like me either, since I use my cards the same way you use yours: Pay off the balance in full every time.
That's why it's good to use all your cards every once in a while so that they remain active. It's good for your credit score. That said, I have one card that I haven't used in about two years, but they haven't dropped me and keep sending me new cards when the old expire (though I never activate them). I've never had a card cancelled for lack of use, even with a credit score in the mid-700s.
There really is no specific rhyme or reason to it.
Yeah I also always pay off my balance in full. Though I do use my VISA quite a bit (this month I put about $1000 of expenses on it; just got the bill yesterday). It'll be paid off on the 18th (well the 19th) when my bill is due.
The cool thing is that over here, there is no such thing as lack-of-use when it comes to CCs. I don't have that problem anyway.
The cool thing is that over here, there is no such thing as lack-of-use when it comes to CCs. I don't have that problem anyway.
Actually this past year was really good for us. Hubby is working non-stop: he works his full-time job and does some side jobs after-hours. I got promoted late in 07, so by Jan. 08, I was making my new pay-rate plus overtime. I made more last year than I ever have before.
Our cars are paid off, we have no student loans, we pay our credit card in full every month, and survived a hurricane with only very minor damage. Our little house will last us several more years.
We are even planing on putting in new floors and buying a new bed. Things are generally good, financially speaking.
Our cars are paid off, we have no student loans, we pay our credit card in full every month, and survived a hurricane with only very minor damage. Our little house will last us several more years.
We are even planing on putting in new floors and buying a new bed. Things are generally good, financially speaking.