Never open your credit card bills just before bed. Now I cannot sleep as I feel absolutely sick over bill I just opened from our Chase account. Now let me first say I am well aware I am miring away in my sh*t that I have created. Originally this card was owned by Bank One and when we used it to finance our daughter’s adoption, it had an 8.9% interest rate. As of today’s statement, it is now at 29.99% and we have $9500 on it, with no way to pay it off. Our minimum payment has now gone up an additional $75 and is MORE than we pay on our car. The interest rate has more than tripled since August when Chase officially took over handling our account.
Yes, we had have two late payments but not within six months and one was because I screwed up and was $4 short in my monthly payment, which I discovered and paid online at their site the day after it was due. The majority of the payment was early but nope, apparently, we now have to pay 30% interest.
Let me also say that we have only been 30 days late once on a bill in the entire time we have been paying bills- it was not to Chase but to a different company and that was because we never got a statement.
Our other credit card companies have NOT treated our account this way, even though we are overextended and I have been a day or two late on payments recently due to how we get paid.
I have thought about full-time work but now that I know how much daycare in my area costs for full-time (most of them require at least 3 days and at the rate you pay for less than full-time, you might as well use full-time), plus the rising cost of gas, lunches, clothing, etc, I would have to make greater than $28,000 gross to come out ahead of what I make working two days a week and not paying child care. My current pay rate does not get me that much if I worked full-time and there isn’t full-time work in my job, so I would have to find one that is willing to pay me more than I have made per hour on avg. for the last 3 years. I had just barely hit that mark when I left working full-time in 2003, so I doubt I could land a job that paid what I need very easily. And no, I don’t have child care for even one more day a week as I cannot rely on my mother (particularly since she is having a lot of back pain that is not improving even with the physical therapy and muscle relaxants she has been on).
How on earth do they expect us to try and pay this off?? Oh wait, they don’t want us to so we can pay scads and scads of interest….