Before I start discussing this blog I came across today, I would like to share a story with you.

This is a true story told by a friend of a friend. As much as I would like it to be an urban myth, it really isn’t one.

One day, a girl goes into a department store. The girl applied for a store credit card and because her credit was great, she was given a store card with a high credit limit. The girl then shops until her credit limit drops. She buys make-up, perfume, clothes and designer bags. She goes home happy.

A month later, the credit card bills come in the mail.

She ignores it.

She continues to ignore it for many months.

The truth is she never had any intention of paying the store card. But in the end, who really pays the price of her refusal?

Now, in this blog I read today, another woman is extremely annoyed at Bank of America because, even though she pays the minimum payments each month and has never been late, her interest rate is high and she can’t seem to get her bill to go down. She has contacted Bank of America and they have been unable to help her. Because of her anger, she has decided it would be best if she not only just refuses to pay her bill but also post a vile viral post on youtube encouraging everyone to follow her lead and calling Bank of America blood sucking scum and other such nonsense.

Did I also mention that she recently lost her job as well?

Now, being unemployed myself, I understand the frustration that comes from seeing your credit card balances never go down. I also know the anger when emergencies happen and you are forced to use a credit card for a medical bill or a car service bill.

However, according to the article I read, she has been paying faithfully for five years and just recently lost her job.

So then my question becomes, in those five years, she never thought once maybe she should pay more than the minimum? If she didn’t like the interest rate of her card, why didn’t she just close the account and work on paying the debt?

I know it is possible to settle your debt with the credit card companies. I understand they will sell your debt to debt collectors who will then negotiate a pay off settlement with you.

But then your credit score becomes weaker. Your ablility to get a pre-owned car or rent an apartment will suffer because you chose not to pay your bill. You might even ruin your chance of getting a new job.

While yes I hate being forced to pay the minium payments on my cards now (truth be told, I still try to round it up like if they want $123.57, then I will try and pay $130.00…it’s still not great, but it’s what I can do), I know that if my unemployment slump continues into the new year, I will call the credit card company and explain the situation and ask that my account be closed. It will be horrific when an emergency comes up, but I would rather have a good credit score then not.

I think this woman is totally taking the wrong approach. I feel her outrage is not really with Bank of America but with her own self. It is rough when you lose a job and sometimes it is easier to pick a fight with what you perceive as the enemy rather than looking at your self.

I hope this woman will heed the warnings of the people who are advising her to talk with Bank of America. They are not the enemy, even though right now they might appear to her to be her A number one target.

Here’s the article if you want to read it:

http://blogs.moneycentral.msn.com/smartspending/archive/2009/09/15/woman-revolts-won-t-pay-credit-card-bill.aspx

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