Author Topic: Yet another CNN money fail  (Read 4093 times)

Rich M

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Yet another CNN money fail
« on: November 13, 2013, 04:13:56 PM »
http://money.cnn.com/2013/11/13/pf/sheila-bair-store-cards.moneymag/index.html?iid=HP_LN

This is so riddled with Antimustacian silliness as many point out in the comments.  And bonus is that she used to be the chair of FDIC so she should have some sort of basic money sense.

--She says she tries hard not to have department store credit cards but for some reason she can't resist.
--She is buying St John level clothing.  I guess if you used to be the head of the FDIC, you have to wear St. John.
--She can't write a legible check?  Okay, so I let that slide.  but...
--When she get the bill for $2, she can't be bothered with it?  You mean to tell the the former head of the FDIC doesn't think this matters?
--Then she ignores the next bill plus a late fee for months.  She didn't mention interest but I'm better there was some of that too.  I noticed she failed to mention that they probably sent her late notices for those other few months that she apparently ignored.
--And finally, she states she removed the credit card from her wallet and quarantined it.  That's like a smoker who quits but doesn't toss the pack.    She should cancel those suckers immediately and stop shopping at those expensive department stores.
« Last Edit: November 13, 2013, 09:06:50 PM by Rich M »

mlipps

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Re: Yet another CNN money fail
« Reply #1 on: November 13, 2013, 07:51:49 PM »
You forgot the part where 1/2 a percentage point of interest is enough to result in $250 higher payments. I'm too lazy to do the math, but I'm going to guess the house must be pretty pricey.

mlipps

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Re: Yet another CNN money fail
« Reply #2 on: November 13, 2013, 07:55:22 PM »
JK, did the math. Something like $700k mortgage for that kind of difference. Insane.

MrsPete

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Re: Yet another CNN money fail
« Reply #3 on: November 17, 2013, 11:04:02 AM »
Yeah, I'm finding it hard to drum up any sympathy for this self- made problem.

I shop at women's clothing stores, they offer me the credit cards and discounts.  How many times have I accepted?  Zero.  How many times have they whipped out a form for me?  Zero. 

If she can't write properly and doesn't like spending stamps, she should investigate on-line banking.  It's the easiest thing ever. 

And I have no sympathy for the head-in-the-sand, maybe-my-problem-will-go-away approach to a $2 bill. 

Mrs.FamilyFinances

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Re: Yet another CNN money fail
« Reply #4 on: November 17, 2013, 11:22:15 AM »
Two things jump out at me. She's the "victim" of the big bad meany pants clothing store, and, the only reason she got the issue removed from her credit report is her name and ties with the world of finance.

I highly doubt I would be successful having a delinquency of any amount removed from my credit report. The amount was trivial, but still a valid delinquency IMHO. I't sad to see such an intelligent, powerful woman pull the victim card so quickly. I wish she had said " I screwed up, ignored it, and paid a huge price".

SwordGuy

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Re: Yet another CNN money fail
« Reply #5 on: November 17, 2013, 04:12:23 PM »
That predatory store gave her a 15% discount for the cost of a stamp and an envelope.  How predatory is that?  Ok, they made a clerical error and it cost her 2 stamps and envelopes.  Still not predatory in my book.   She's out of line complaining about that.

As for the $2 oops on the payment processing, sh*t happens.

I once sent in a check to the IRS for $3648  (clearly written out in both places on the check) and then my wife and I left the country for several months.  It was processed for $36.48 and I was hit with penalties, interest and the removal of a deduction due to "late" payment.

I stood my ground and got that fixed.   

Shucks, I even bought a $2000 computer years ago on a 6 months no interest plan.  I paid off all but $100 in the 6 months, thinking I would have to pay interest for one month on the $100.  The company sent me a bill for the 6 months of interest on the outstanding balance each month!   Jeesh, was that a surprise!

I called up to complain and found out I was in the wrong, they were right to charge me.  But they didn't because they would rather keep a good customer.

I'm not anybody rich or powerful, and I got both situations fixed, so claiming she got special treatment in this case isn't really justified by the facts in evidence.

cats

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Re: Yet another CNN money fail
« Reply #6 on: November 17, 2013, 05:10:12 PM »
Wow.  I kind of get the point of writing up this experience for others to learn from, but the tone is completely wrong.  No offense to her, but the issue is really that she totally failed to keep up with her bills!  I don't see anything the store did that was misleading, or, to be honest, predatory (she already *had* the card when she bought the suit!).  And really, I've never had a problem with salespeople being overly pushy with store cards.  I have caved a couple of times, if I'm making a large purchase, and then I cancel the card ASAP after I've paid the bill.  No big deal, not difficult.  I definitely wouldn't use a store card on a regular basis, I don't really see the point unless you always get a discount...but my understanding is that those discounts are usually just for the first purchase?