For Reasons Unknown

Happy 2010! It’s a new year and a time for renewal, rejuvenation, new things, new songs, new words and hope for a an even happier 2011. I planned on starting to write (on the urging of a very good friend). I was not, however, planning on it being in the form of a blog. Sometimes you gotta just take what you can get. Other times, one thing leads to another. Life is full of surprises. It was an online friend that led me to the world of blogging, which I immediately jumped on as a not-so-serious form of writing. Somewhere that I can just ramble on in my ‘stream-of-consciousness’ way and possibly get some of this useless minutiae off my lil’ pea brain.

I am more than hopeful for the year ahead of us. For so many reasons, both personally and globally. I sit here smirking as I think, “It can’t get much worse.” While at the same time, thinking - “Oh hell yeah, it can get soooooo much worse.” Occupationally speaking, it has been and with the slightest shift it could be again. It’s been a rough year. Last year was a rough year. Not just for me, but for the majority of the masses. That being said, so many people have it so much harder than I. I am so grateful that I still have a business, a job, a house, a car. Actually, not much of my life has been affected and for that I am supremely grateful. Comparatively speaking to my late teens and most of my twenties, I am rich. One of these days, I might go into the stories of my meager and penniless years. Trust me, there are chapters upon chapters. As far as our economy goes, our current state has been in the building for years upon years. It’s a result of greed and nothing else. And in case you have forgotten or have been mislead - our economy is not determined by one man - whether his nickname is “W” or “O”, whether he is black or white. I could throw in “whether he is intelligent or not” - but I’ll leave that to the political ‘experts.’

I could write tonight about my recent accomplishment of knitting my first scarf. Honestly, that was gonna be the debut story of my blog. I am so proud of not only finishing a brand new project, but also of the thought behind it and even more so the accomplishment behind knitting in the first place. After 27 years, I’ve managed to quit smoking, and I feel good about it. My house and clothes are starting to smell good and I’m happy about it. I’m happy that I’m not jonesing for something that I know damn well is no good for me. I breathe better. I taste better. I smell better. I feel better. Life is freakin’ better! Indeed.

Now for my rant…..my Erin Brockovich moment, or one of many to come. I started my own business nearly 7 years ago. Upon the advice of financial guru, Suze Orman, I financed my business on credit cards. By the spring of 2008 I was over $60,000 in credit card debt. Just shortly before the beginning of 2009, I received notices from all three banks that my interest rates were being raised to 29.99%. Which I would argue even if I had been late on a payment, or missed a payment. Funny thing is (as I bite my cheek) I haven’t been late. One of these accounts I’ve always paid on time for almost 12 years, and the other two accounts for 5-7 years. I made a payment under 30 days late one time to one of these banks - as it is noted on my credit report. I must have just screwed up. I don’t remember making the payment late and have no idea why it was late. I digress…

Take $60,000 and add in 30% interest. Imagine the monthly payment. There was no way I would survive. My business was down, I had already surrendered my paycheck to my company, absolutely no way I could make any more money than I already did. I called the banks and begged and pleaded for them to reduce my interest rates, even telling them I’d settle for 18% even though my previous rates had been lower. I just wanted to be able to pay my bills and stay in business. All three companies informed me that it was nothing personal and was no reflection on my excellent credit history - that it was just an across the board interest hike. I was told there was nothing they could do about it.

Funny thing is, as predicted, I was not able to make a couple of payments and it’s amazing how my interest could be lowered then. One account was lowered to 0% for 6 months, after which the interest would be 13.99% and the other lowered the rate to 16.99%. ( .99, I’m convinced is because 13 sounds so much better than 14 and 16 sounds so much better than 17...pfft). One year later, I can proudly say that I’ve reduced my debt in half - paying off $30,000. Actually - I’ve probably paid more off by now. I haven’t added it up lately. I have paid two Citibank accounts off and I have reduced my balance with Chase Bank from $27,000 to $2300 - technically $3445, let me explain…..In June of 2009, my balance with Chase Bank was approximately $22,000. In July ‘09, my husband and I put a 2nd mortgage on our house and I sent them a payment of $18,000. With the business expenses I had to charge in July, my ending statement balance on my Chase account for July was $2388.42. In case you were wondering, that’s about 10% of the previous month’s balance. Wouldn’t you be happy if a debtor paid you 90% of their balance? I would. But Chase…..no. Not enough. Not even close.

Less than a month later an account assessor from Chase called my business to reassess my credit. I was so excited, thinking that the company was finally seeing that I was serious about paying off my debt and was going to at last lower my interest rate. Um, no. After asking me a few questions about my business, this man (I use the term very loosely) asked me about my personal income. First of all, this is credit account was opened in my business name, based on my business income. No personal finance information was ever requested or provided by me to Chase Bank. When I told the man that I had no personal income due to the fact that I surrendered my paychecks to my company, he told me that if I did not provide personal income information that he would be lowering my credit limit from it’s current amount of $30,000 to my current balance of $2300. My blood started to boil, I admit and I got a little combative at this point. The conversation between us was much longer and much more heated than I’m going to go into. I have no shame in the fact that I got irritated, angry and unpleasant. He was much the same toward me, and I’m pretty certain a lot of the things he asked and things he said were against the policy and procedure of Chase Bank. The conversation came to an end with him reducing my credit limit and also closing my Pier 1 credit account that I have had for 15 years. I spouted off “I will not send your damn company another penny” before the line went dead. I am a woman of my word.

Six months later, I have still not sent Chase another penny. My balance has risen to $3445 from penalties and interest. I ignored their phone calls for a couple of months, but it got to the point they were calling several times every day and I couldn’t take it anymore. I have been talking to Chase Bank representatives on at least a weekly basis for at least 3 months now. Most of the conversations become pretty heated, because I won’t cave a millimeter and these folks have the goal of collecting money. I got so overwhelmed with daily life and business a couple of months ago, I offered to settle with the company for the amount of $2388.42 - the amount I owed in July. Which would be less any penalties and interest since I made my last payment. I was told that my account in not eligible for settlement, and when I asked why I was told that they didn’t know. They couldn’t tell me. That my account would never be eligible for settlement and they can’t tell me why. I think I can sum up in a few short thoughts here:

1. Thank you, Chase Bank for allowing me to have a credit account with you for 6 years, and for rewarding me for my perfect payment history with you by raising my interest rate from 9.99% to 29.99%

2. Thank you, Chase Bank for taking my countless proactive calls requesting my interest rate not be raised and for giving me absolutely no valid reason for the increase other than ‘everyone else’s interest was raised too”

3. Thank you, Chase Bank for happily accepting my $18,000 check and applying it to my balance, reducing it to $2200

4. Thank you, Chase Bank for reassessing my credit line with you and reducing my credit limit to $2200 and closing my Pier 1 account. God knows, you are saving me from myself and my inability to manage credit.

5. Thank you, Chase Bank for your weekly calls to check in on me. As entertaining as your representatives can be, I’m afraid that I can’t pay you, I can’t tell you why and if it makes you feel any better…’no one else is getting paid either’.