Full screen recommended.
Epic Economist, 8/31/26
"Banks Are Closing Credit Cards of
People Who Never Missed a Payment"
"Nobody in this video stopped paying. That is the part that does not fit the story we are told about credit card debt. A woman calls her bank for a hardship program and is offered one option: permanent closure. A man loses all three Amex cards after twenty-five years, because he paid people through PayPal. A card with a $1,600 balance never goes down, because a third party has been pulling $24.99 out of it twice a month for years. A $5,880 balance becomes $6,000 the week after a payment, on $143 of interest. And a score that took three years to build falls from 803 to 570 in six months. The pattern is that the payment is not the thing that decides. Interest is charged on the average daily balance, so a payment made after the statement closes barely moves what gets reported. Fees post before payments in most agreements. And the score measures utilization on the day the bank reports it, not the day you paid. What actually changes the math: pay before the statement date, not the due date. Read the line items on your statement every month, because a recurring charge you never authorized will not announce itself. And if you call for hardship, ask in writing what happens to the account afterwards, because "closed" and "closed and reported" are not the same thing. None of these people were careless. Most of them were doing everything they were told to do."
Comments here:
No comments:
Post a Comment