Damn Credit Card
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Anonymous
| I'm twenty one and made the stupid decision to fund a mac laptop on a barclaycard. The interest is around twenty percent monthly. This was a bad decision I acknowledge this. Moving on I bought the computer last year almost exactly and didn't pay off the computer in a year. Today I saw a 250 interest charge. In short because I didn't pay off the computer in a year I now have to pay the accumulated interest. Is there anyway I can get out of this extra charge. I literally feel like this card is whooping my ass. I can pay the remainder due for the computer but not the accumulated interest charge on top of the interest I pay each month. I don't know what I would say when I call Barclay. I would appreciate guidance. |
Anonymous
Payoff as much as you can now. Get a job and earn enough to pay off the rest. |
Anonymous
|
Hi OP - Sorry that you had to learn this tough lesson but consider yourself fortunate that it was only $250...its actually a pretty cheap life-lesson for you as I am willing to bet you will never make this mistake again.
There is zero chance they will forgive the $250. If it were a simply late fee of $25 maybe but not a year's worth of interest. FWIW many of us have been in your shoes when we were in our 20s as well. You aren't the only one who has made this error in judgment - which is why banks are flush with money! You're interest charges are actually paying Barclay shareholders and they thank you very much for that. This is also the reason why universities are trying to crack down on credit card companies peddling their cards to students. they are fully aware that you will most likely NOT be able to pay off the merchandise in the time allotted and are banking (literally) or your lack of impulse control. You just have to dig out of your mess slowly. tear up the card but don't cancel it as it will screw up your credit score. just don't use it anymore. pay as much as you can every month and eventually you will be done with it. good luck |
Anonymous
They won't reduce it or waive it. That's the business model behind these "one year, free interest" deals -- they know a large percentage of people won't pay it off in time. |
Anonymous
| It won't be waived. Your only other option is to do a balance transfer to another card with 0% interest and pay it all off within the period. |
Anonymous
| Your mistake was wasting thousands on a mac. |
Anonymous
Bingo! Don't purchase something you can't afford. |
Anonymous
| Why should they waive it? You used the money for free for a year then didn't pay it off. |
Anonymous
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you may be able to ask for a reduction in interest charges. that isn't a ton of $ to pay off. Be glad you didn't do this on a car or something.
Pick up a second job or gig babysitting or something and just pay it off ASAP. Figure out what you can cut in your budget for the next few months. |
Anonymous
This is the only useful answer. Signed, A bankruptcy attorney |
Anonymous
If this were a responsible adult we're talking about then I agree with this approach...I do this as a means of making my money work for me instead of for the credit card company. So in the right hands, yes this is a very good financial tool but in the hands of OP? A 21 year old who didn't realize that his/her impulse purchase would eventually have to be paid for? All this is doing is putting off the inevitable. If OP cant get a whopping her computer paid off- what makes you think putting it off onto another card for another year will help? OP will most likely do what he/she did with the first card. Put it away and forget about it until D-Day. Hell, at this rate she will have upgraded to another computer and still be paying for as computer that is now in a landfill. Having said ALL that, if this were my kid I would have them move it to a 0% card and then monitor them to make sure it was getting paid off. Perhaps we can all become his/her parents and have him check in with us monthly with his pay-off progress 
OP - Do you want to rent some responsible DCUM parents for a year? We won't charge you 
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Anonymous
Np. Can I do this with my student loans? |
Anonymous
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You had a year to pay it off! That's a long time!
Cheap lesson though, suck it up, you're a big boy now. |
Anonymous
| OP here. Thanks for the feedback. I actually have the money to pay to off in my savings so I will be using that. This wasn't an impulse by .. I thought about my decision while waiting in line. Really though lesson learned. |
Anonymous
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OP - I hear you. I'm the one who called it an impulse purchase. Probably should not have shit on you as you're already feeling beat up.
But yes, this is a pretty cheap lesson learned. It will hurt to pay the card off but it will only snowball otherwise. |