That Credit Card Debt-Can Anyone Explain This?

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oak2acorn
Level 1

Posted on Apr 20, 2008 1:37 PM

I have worked on and paid off all credit card debt except...and it's a big except...my Bank of America cards...I have 3...bad, very bad...I know. I finally made myself really look at them because it is time to make them go away. They are adding some balances that I just don't understand. I feel like an idiot! I have called them more than once about this and they can't tell me what those balances are or where they came from. They are under the category of Cash Advances...ATM, Bank...with a huge interest rate. I do not ever use a B of A card for cash...I use my bank debit card (different bank...not B of A)...and for debit only (unless some clerk pushes the wrong button...I guess). When I called Customer Service, they told me they didn't know where that came from either...and that if I wanted to have them research to find out where it came from, I would have to pay them $5.00 a statement...lol! Oh...they did come up with "it's probably overdraft protection"...huh? I don't overdraw on my account. This unexplained/mystery balance is incurring a huge finance charge making it almost impossible for me to get to paying off the purchase amounts.

My credit is still good...so far...but this scares me! I am working on a plan to start paying them more...but if they continue this mystery balance, I don't know if I am just spitting in the wind or what. I think I may try to give them a call again today...see what happens. I want to sleep again.

Does anyone have any idea what this is all about? I appreciate any help here.

oak2acorn

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Replies: 4
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oak2acorn
Level 1
1. Re: That Credit Card Debt-Can Anyone Explain This?
Apr 20, 2008 3:01 PM   |   In response to: oak2acorn

So...I am replying to myself :-)...I called them again this afternoon. I got a nice representative this time...but she could not find anything that would cause those "charges". She finally said she'd connect me to a credit analyst...but I got an automated message saying they were going through a major upgrade and could not access my account today...I'd have to call back tomorrow. I explained that I have a job that does not allow me to make phone calls...they said they would be available in the evening hours. I sure hope so.

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myawarenes
Level 1
2. Re: That Credit Card Debt-Can Anyone Explain This?
Apr 24, 2008 2:46 AM   |   In response to: oak2acorn

Why is a $5 fee worrying you when you are probably paying 100 times that in interest charges over a year time?

If they are at fault, then they will reverse the $5 fee (especially if you bring up the issue that they are charging you to correct their problem). Yet, go ahead and find out why the hidden fees are being applied. Worst case is you find out you did something that you need to stop doing.

And, they do work off hours to accomodate the 9 to 5ers who are not able to call. Worst case again is that you need to call during you lunch hour.

One suggestion, look at your anger at the credit card company. This anger may be getting in the way of you handling your debt with them (sounds like you avoided taking action until now and avoided looking at these mysterious charges). Many times debt issues is more about us handling our emotions than the actual money.

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oak2acorn
Level 1
3. Re: That Credit Card Debt-Can Anyone Explain This?
Jun 28, 2009 7:22 PM   |   In response to: myawarenes

It's not a flat $5.00 fee...it's $5.00 per statement over several (as in at least 10 years)...the cost would be insane.
No...I tried taking action a long time ago...but just ran into wall after wall.
They are simply horrible greedy people...but I think we all have a better of that now...over a year later.
Thank you for your reply, though...it is appreciated.

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lcornog
Level 0
4. Re: That Credit Card Debt-Can Anyone Explain This?
Jul 1, 2009 2:42 PM   |   In response to: oak2acorn

The problem with B of A is that they are a big - too big in my opinion. I would suggest paying it off or if you can transferring it to another card and closing the account if you can. I had a bad experience with a B of A Gold Option account - they told me it was an installment loan but it reported as a revolving debt the interest rate was 11.99, but they said it was better b/c it was an installment loan. I moved it all to Discover - and I am done with credit cards. My goal is to only have my mortgage and lots of savings.

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