First, let’s start with a fun quiz. Guess which of the following didn’t happen to me last week:
- I spent all but $50 of my remaining money to pay for part of June’s medical treatments.
- I received notification of a bill for July’s medical treatments.
- One of my two remaining credit card companies said they are raising my APR unless I cancel the card (and lose all my Amazon points in the process).
- I nearly maxed out the same card paying for car repairs.
- I received notification of another bill for June’s medical treatments.
- My other credit card company lowered my credit so now that card is almost maxed out.
- I received another unexpected bill from my hospitalization in April.
The answer is number six, but only because it happened more than a week ago. In order to help bail me out, one of my remaining creditors (I only have two cards because I cancelled my third earlier this year when they offered me the “cancel or we raise your rates” special) offered me a personal loan at a lower interest rate than the cards so I could consolidate and reduce my debt. Via loan application, our conversation went like this:
Them: how about a loan to help with all your debt?
Me: I’d love help getting rid of my debt. Thank you.
Them: Oops – you have too much debt. Get rid of it and then we’ll give you the loan.
I saw a movie (available for online viewing if you have NetFlix) (if you don’t – loser) called Maxed Out which claims a lot of predatory credit companies really love people who can’t pay their bills because the write-off potential will give them more money than the tiny credit card payments. I have heard of other people having their credit reduced with the economy as the excuse, but it seems like I'm being targeted because they since my financial collapse is near.
So, my current money options are a) have absolutely nothing else unexpected go wrong in my life until some of the debt is repaid (at least three months), or b) accept an offer for a new credit card from my bank who promises they will love me forever and they won’t cum in my mouth and if they do decide to bend me over the hood of my car, they will at least use lube. I don’t really want a new card, but I have no remaining wiggle room in my financial life so I think I’ll apply for it and see what happens.