Tuesday, November 25, 2008

Unintended Humor Behind the "Credit Crunch"

I find the below ironic, and somewhat humorous.

Two years ago, for wedding anniversary number 15, Hubster bought me a lovely diamond anniversary ring from a jeweler that just recently went belly up. The ring was expensive enough that we chose not to pay for it all up front, but to take the "12 months same as cash" financing the jeweler offered at the time. (And yes, I know Dave Ramsey frowns upon this sort of financing...)

Needless to say, we paid the ring off well within the 12 month period (thus incurring no interest) and have never used the credit card again.

However, I forgot to cancel the card.

Fast forward to now.

Today, in the mail, I got a letter from the credit issuer - GE Money Bank (what a goofy name).
They have decided that, "due to a recent review of our account" that they will be closing our account due to the "risk they feel we represent" (HUH?!?!)

I just had to laugh.

First, the balance on the ONE purchase we made has been paid for almost 2 years.
Second, we've never even USED the card since the initial purchase.
Third (and this is my fault), I thought I had closed the stupid account.

Anyway, I found the whole thing rather amusing.

Clearly, the credit crunch is VERY REAL when they are crunching even people with GOOD credit and ZERO balances!

As Whoopi Goldberg would say on The View "WHAT THE HELL?!"
PS: Leave it to the banking/finance industry to act without regard to common sense.... they CLOSE an account for someone who paid a balance OFF quickly and completely, but yet they have WRECKED our country's economy by making HUGE home loans available to people who don't have the ability to pay them back. Hmmmm..... Yes this makes LOTS of sense.
And if this isn't bad enough, why don't WE, as taxpayers, hand them MORE money, pat them on the back, and HOPE that they can just sort of "figure it out".... yeah, let's try that!
I get nauseated when I think of what their avarice and greed have done to our country. It's shameful.


Busy Bee Suz said...

This is just crazy....and funny at the same time.
Good for you to pay it off, and think of closing it.
Everytime (daily) I get asked to open an account to save 10% or 20% I Say, HECK NO, that goes on my credit record. and it does...no matter what your balance is.
Good girl, and funny scenario.

Boquinha said...

Urgh. Don't even get me started on this. :P It BUGS me more than I can say that all this JUNK is affecting people with GOOD scores, GOOD credit, and GOOD sense. Grrrrr.

74WIXYgrad said...

Debt is dumb, cash is king, and the paid off home mortgage is taking the place of the BMW, as the status symbol of choice.

Common sense for your dollars and cents.

Dave teaches us how to act our wage!