on 4/11/02 4:44 PM, Peter Cameron at pdwc_at_sympatico.ca wrote:
> on 4/11/02 4:04 PM, Eric L. Strobel at fyzycyst_at_comcast.net wrote:
>
>> I guess I really just don't understand what sort of problem you could
>> possibly have that's that bad.
> At risk of boring everyone to death, here's the story:
> A "clerical error" in crediting my card for a returned item spiraled
> into my credit rating being trashed before I was even told there was a
> problem. This was followed by other card balances, loans and my mortgage
> being called in. It took close to six months to sort out and only ended (for
> the most part) then because I ate the cost of the returned item plus
> interest.
Yeah, that is pretty bad.
> I paid off all the plastic as soon as possible after that (none of the
> companies would guarantee that this sort of hell wouldn't happen again) and
> cancelled the lot.
> All I carry is the bank card (now debit card) that I've used for 25
> years without problems.
I'd suggest, though, that 25 years ago (1977!!) the systems in place aren't
anything like they are today. For one thing, you can check your account on
the web (at least for the likes of Citibank & Discover) and pre-empt any
problems like that. After all, transactions no longer have to wait for the
merchant to mail in the little slips of paper...
Also, a debit card is one thing I'll never carry, at least not until there's
liability limits placed on them. You lose that thing and the finder can
clean out your entire bank account, generally without recourse. (Heck, I
only *just* got an ATM card, mostly because for a while there were a number
of robberies at ATMs, plus I almost never use cash anyway.)
But, I have to say, if you are able to get along pretty well without credit
cards, more power to you. You probably get less junk mail than the rest of
us...
--Eric Strobel (fyzycyst_at_NOSPAM^mailaps.org)
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