People Have Stopped Paying Their Capital One Bills
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- čas přidán 6. 06. 2024
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If I have to eat butter roll for a week to pay that credit bill, that’s exactly what I will do!!! Don’t mess with your FICO
lol
It is sad to say, I think most people were living off of credit to help supplement this period of higher prices for goods and inflation. Now, the bill is coming due. My wife and I swore to never again be beholden to credit card companies.
I also think the ability to get a second job has hampered their ability to repay. It used to be so easy to find work and now that's not the case anymore. I used to work a second job to pay down my debt, I don't think I could easily do that today if I were in a lot of debt.
Simple. You borrowed it you repay it. And working in finance we see what's being charged and it's not emergency health but Uber Eats, Amazon, online shopping. The people complaining now were doing the same years ago. They can no longer rob Peter to pay Paul is the problem.
@KittyKat-vb1nd , I'm really trying to give the food delivery apps a chance but after I see the final price, I empty my cart and back out of the app. 🤣🤣🤦♀️🤦♀️🤦♀️
I have one of those cards. Not only do I pay off on time every month, I double up the payments. I hardly ever use this thing anymore.
facts
C1 lends to a lot of subprime customers, that's why.
I think this is exactly right.👍🏾
was gonna say this. this explains why they are so hesitant to give CLI
Don’t use a credit card if you don’t have the money to immediately pay it off.
Exactly!
Are you sure? Without credit cards as a lifeline for some people, there’d be more visible chaos.
@@BlimpCityFeederthat’s why I said don’t use it unless you can immediately pay it off. I used my Cap One Venture card to pay a $5K+ unexpected tax bill and paid it off 5 days later. I try not to keep balances, let alone large balances on any of my credit cards so if something does happen, my credit utilization remains no more than 1% to 3%.
thanks mom I think I'll make my own financial decisions lol
Absolutely
The problem can be resolved by just not spending the money that you don’t have. It’s like you asked to borrow money you go out shop you travel you spend all the money and then when it’s time to pay up all, I don’t have no money. That’s crazy so if you don’t have money to spend, don’t spend.
It's easy to take your point of view if you have little or no debt. However, you overlook the fact that prior to the current administration, interest rates were manageable and no-one saw the multiple interest rate spikes rammed down the average consumer's throat. Perhaps you owe little or no money in which case, good for you. However, most people have some form of credit card debt. For those who have thus far managed to stay current, the concerns are valid. If interest rates continually go up, eventually there comes a point where one can no longer afford even the minimum payment. Hopefully you will be one of the lucky few that won't be affected by such actions. In which case... GOOD FOR YOU! However, judging by your grammar, I suspect it will come sooner rather than later.
@@IAmSpeaking4MySelfWork in banking. These people have been robbing Peter to pay Paul for years. The new excuse is inflation. Never how to adjust spending and learn a want from a need. We see people who when looking at their charge expenses have done nothing but shop but facing foreclosure. It's a joke.
I'm not seeing how this is Capital One's fault. If you loaned someone money, that they begged you for, whether a little or a lot, and then they couldn't/wouldn't pay you back as they promised, what would you do? And on top of that, they (the borrower) start blaming you for not being more considerate to their breach of repayment!
I don't believe that it's Capital One’s fault, either. However, they intentionally target subprime credit borrowers. So, the number of delinquents and Capital One’s response should not surprise anyone.
@@kingdedede9576 Exactly! They deny me and others with 800 scores and no missed payments. Yet when I first started off with no score they approved me.
@@kingdedede9576yea but isn’t that backwards? how are they making money if people don’t pay makes no sense to approve those people
It's a joke how these people think and explains why so many stay in debt
@@deependmedia The interest owed still accumulates whether borrowers pay or not, which is why Capital One prefers subprime borrowers who will make minimum payments, not borrowers who will pay full statement balances.
Thanks for the update on Capital one, always valuable and current info.
I got rid of Capital One. They’re ridiculous! No respect for long time customers. I’ve been with them since 2005 and was paying them $25 a week since then non stop. Their interest rate went up 30%. I did a balance transfer to navy federal 0 interest to pay off in a year.
I've been with CO since 2007. Their interest rate doesn't affect me because I pay the entire balance every month.
No excuses, people should stop buying junk.
Not everyone buys junk with their credit cards. Some of them are legitimate expenses.
@@drkknght1138Have you seen the price
of repairing a car these days??!! Things happen unexpectedly.
@@drkknght1138 Majority do, 17k isn’t normal. I see a bunch of people in my neighborhood with BMWs, don’t tell me that’s not a waste of money.
Agree, I stopped buying stuff I don't necessarily need 20 years ago. Limit my traveling. Cut cost at every ankle. Just watch your pennies, and those dollars will take care of themselves. 💸 👍
@MuzicTunes-lk6np actually as a challenge I have become extremely frugal for 1 year. Result? $1,500 electric saved. $550 gas for my vehicle. $4,100 at the grocery store..includes cleaning supplies etc..literally beans/rice..I used the money for an emergency fund and credit card pay offs. I will keep some of the extreme measures..spending more on vehicle insurance..will have more $ on a/c
@1:19 did you really say crapital one bill or am I tripping lol 😂😂
As funny and sad saying this, um...
No, ya did not hear wrong. I noticed it off the bat.
@@TrentonMatthewsThat’s what people used to call them before they became more established
The country is CRAZY high right now Man, I stopped fooling with capital one after they took away the debit card payment away so the money comes out as soon as you enter the amount to pay lol.
I have no love affair with banks, but I have ZERO sympathy for the deadbeats that borrowed the money and complain. File BK if you need to but dont blame the bank.
Don’t assume anything or call people deadbeats, life happens, and Bankruptcy is the worst idea.
Yep, unexpected debt never happens, that’s a myth shilled by left wing media!
(This is sarcasm, just in case you are too dense to tell)
@@1pntmm if you dont pay your bills or borrow money you cant repay you are a deadbeat.
I clicked like, but want to be more specific. There are always circumstances that are unforseen. Every persons' case is different..... BUT.... if you can't afford to live, adding to credit card debt until you are over your head then complaining that you can't pay makes you a deadbeat... you should have complained about life circumstances and tried to make difference before borrowing money that you knew you couldn't pay back. THOSE are the deadbeats in my opinion
Funnily enough, those who pay off their credit card statement amount every month are considered deadbeats too. 😂
Last year Capital One asked me if I would voluntarily reduce my credit line from 16 to 10, so they gave me a choice. Last month Capital One gave me a 3.99% rate, lasting for 6 months. For 25 years I've been maintaining a credit score in the 800's, which saves me a couple of thousands a year in my cost of living, since that gives me more choices and leverage in the marketplace.
It does seem a simple concept...If your spending exceeds your incoming, YOU MUST CHANGE BEFORE racking up bills that you can't pay. If you end up in that situation from being stupid in that category, NO SYMPATHY. People that do that MAKE THEMSELVES POORER than they would otherwise be if they acted financially responsible. I've gone through multiple periods of unemployment with 0 income. It's not long term doable, but if you pay attention ahead of time, there are many things you can do to make sure you are NEVER late (like one of the promo balance transfer to have enough cash on hand to meet minimum balances at the very very least). Don't qualify for those, then you made mistakes earlier. Want someone to forgive you for late payment, don't make one late. Financial responsibility isn't hard, it's that people don't want to think about anything.
1:01 👈🏼🤦🏻♂️ Sir, get your math right 😂 a change from 2.22% to 4.48% it’s more than a 100% increase…not a 60% !!
I think he meant to say profit margin mark up. But even then it would be around a 54% profit margin mark up.
I have a Venture X with a $30k as well, I have never gone over $3,300 in any given month. We’ll see if they decide to reduce the CL at some point, but not concerned either way.
making 27000 a year with a credit card and using it is dangerous
Lol some be like but I wanted to give the perfect Christmas gifts and flyer miles
2.2% to 4.48% is over 100%. The rate of increase is on the starting period, not the end period.
Capital One's interest rates are f*g insane! I got a letter offering me a "great deal" for one of their cards. My FICO is well over 800 and they offered me a 29.99 percent card. LMFAO
Now that is SUPER RIDICULOUS!😂
You shouldn't worry about APRs anyway if you were responsible and pay off the full statement balance every single month. No excuses.
I called capital one after watching this video an agent asked me a few questions about my financial situation and I got approved for the hardship program, 9.99% Apr for 9 months. Thanks for the info!!
Thanks for sharing. Love to hear those wins!
You either use your credit card or your debit card. Never both at the same time and dont buy things you know you can't afford. That is the easiest way i know how to manage.
After watching this vid, im sorts glad Capitol One has been stingy with CLI. Currently, i'm at a limit where i use my cards and not go above the 30% each and pay in full at statement closing. Of course I would love to have a higher credit limit, but i do just to raise my score.
Easier said than done for some but live within your means.
I've asked, but what do you do for a living to get these high limits?
I can tell you this, capital one will have the last laugh because they're notorious for filing a default suit and garnishing wages. Don't worry about it.
You go to any turn spot tulum, cancun,miami Jamaica they all there in vip spending $$$$ to party
Should have learned from we Canadians. There is a reason why our banks were untouched during 2008. I mentioned the mortgage scandal of 2008 in American banks designed to 'help' a certain demographic to purchase homes to my bank manager. He laughed and said not only would his bank laugh in the face of such a plan, but his bank would not be ALLOWED to do so due to our heavy regulations.
I understand that you want so much at one time; I have been there, but if you can not afford to pay off in 25 - 30 days, then don’t get it. Medical bills, emergency, I get it but there are other alternatives, medical grants, medical assistance, hospital billing assistance. At least the interest is not extremely high. For others who just can’t control their spending, just discipline yourself. Start a budget, if you have a hundred dollars to spend next month charge your card 100.00, then pay it off next month. Get a financial advisor through your bank. Some of us can do without. No judgement and I do fully understand. God bless.
Most people get into credit card debt because they don't have self control, spend beyond their means and don't have a strict budget. Capital One, Chase, Amex, etc is not forcing anyone to sign up or use their credit cards. Plenty of Americans are financially stupid and have little desire to save or invest for the future, this is why the average credit card debt is $6,500 and rising. Statistics don't lie.
I work FT and PRN I also DD when I need extra money for something...no shame in my game! I have savings, retirement, and a managed broker account!
I don’t charge anything that I can’t afford to pay off. I don’t maintain balances and I keep my utilization under 12%
What's the hardship program with Capital One? Does it affect your taxes or anything?
They did have to call them a buster.
They won't negotiate on interest
The hospitals offer financial assistance but they will want to see a persons tax returns, and any 401k you have to have a serious need to qualify.
Good points
@@calbartonThanks
AT 7:45 I WAS LIKE NO SH#! SHERLOCK
You can't say hell on this channel? What the hell, Cal?
I’d love to pay my Capital One bill but they won’t approve me for a Venture X. Maybe they should actually work with folks who have good credit instead of playing the subprime game.
Made 27k this year how TF did they approve you for a 17k card
Dont use a credit card unless you can pay it off right away.
🤣🤣🤣🤣 how about not using your Credit Card to impress people!?
Like the fact that you mentioned all those debt programs regarding hospital bills. How much you get forgiven depends on income and members in household on a table ofv percentage of US poverty level. Applying for Social Security disability most likely if you got a severe disability you're going to be dead before you get approved. I know someone with a congested heart failure diagnosis took him 8 years to get approved!!!
Same thing I have $300 I need to keep active and they want me to pay $200 a month for three months. Does that make sense?
People living above theyre means...
their
Less credit for people who don't pay.
The banks will be fine. They are insured. You're the one who suffers and the effects are different but still present, whether you try to repay or just bail
From what I’ve noticed hardship program sucks. They won’t offer reduced interest or a payment plan like AMEX. Better to get some money than nothing at all but I don’t think Capital One Thinks like that.
rent is taking all the money and little pay on the jobs.
Minimum payment of $278 on $3600 sounds awful high? What am I missing?
Credit Card interest is ridiculously high. People shouldn't be getting into debt up to their eyeballs, for stuff they clearly can't afford.
@@sues3218 Totally agree, just thinking a $278 minimum payment on $3600, the interest rate must be something unheard of, or including late fees or something.
So many people have a sob story. How many people say the truth about how they're in debt?
I ain’t even going to lie I racked up 17k in credit card debt in 2022. It’s been a tough road my credit dipped like crazy but I had struggles I couldn’t think straight. My payment history is completely 100%. I have 8k left I rather eat noodles till I pay my cards off than to cancel my lines or pay late or not pay at all. I’m doing this and I’m almost there life can be hard but you owe it to yourself to pay your dues and pay what you owe
Cap 🧢 Thts them CPNs defaulting 🤣it ain’t regular folks scammer burning least 2-3 billion in credit yearly
This is why im seeing referral opportunities
The INDIVIDUAL decided to rack up those credit cards, that is on THEM. How about people be more fiscally responsible instead. It isn't the banks fault. Nobody forced you to open that account, or charge all that stuff. I am sick of this younger generation being irresponsible and trying to blame everyone else, instead of pointing at THEMSELVES. Grow up already!
sounds like you said 💩CRAPITAL ONE, and I laughed out loud.....they gained traction by offering credit to sub prime borrowers. They soaked the borrowers with high fees, interest rates....this is about right for them
1:19 - I think you are right
😂😂😂
If you're unable to make payments, filing for bankruptcy might be an option. Capital One, embodying capitalism, may not strictly enforce policies due to credit delinquencies.
This is my fourth experience with Capital One. Over thirty-four years and through two bankruptcies, they have been forgiving. They even increased my credit limit without receiving updated income information from me, which was requested.
I did a capital one hardship & only offered to hold my payments for 3 months but they still report my late payments to the credit bureau... Definitely not the program I think I was paying extra for each month. I was expecting them to not report them late when they paused my payments, basically I was paying for a loss job program on my monthly bill for nothing... Only had balances because I made a big purchase & 2 weeks later no work & then went into business for myself .
All these medical bill examples. Medical bills do not accrue interest and are negotiable. We owed 10k after insurance. We worked out a deal to pay $50 a week for 3 years. No ding to credit, It was affordable, and it wasn't close to 10k. You should always negotiate with the office on every major bill and get it in writing.
Pay off in full each week..if you can't don't use it because you cannot afford it.
no, paying off repeatedy during billing cycle will flag you as suspicious... just pay in full by the due date after the cycle closes... BEST if you autopay full balance and consider what you have in checking less what is on credit card to be available money..
@@ripmyjeans I make payments throughout the month to keep my credit utilization down. Why is that considered suspicious? I leave a small balance at the statement time because that’s when they report to the credit bureaus. Then I pay in full so they don’t make a dime of interest from my use. They could cancel me and not miss me, lol.
@@TiredEmpath My understanding is that the multiple payments makes it appear that you are attempting to use more credit than available or that you are "high velocity" spending. I thought I saw it here on things that can cause a financial review. Paying off in full is great. having enough credit line that what gets reported doesn't make any real difference to credit score is ideal. I usually end up 0.1-2.x% (0.00 is bad). I've never paid interest in my life on CC
@@ripmyjeans Okay, I understand. Thanks for explaining that. 😊 My school of thought is 2 things: 1. Keep Credit Utilization low and 2. I don’t expect the CC to carry my purchase(s) the whole billing cycle since they extended me credit…that’s also why I make more than 1 payment a month as things go from Pending to Posted.
@@TiredEmpath I can say that even when i've reached a 850 credit score (fico 8 -- i wasn't trying though), i didn't pay anything off early, but utilization was under 2%... under 10% doesn't affect credit much except for the current month. i've never been much more than 10% but can say that at 10% it was like 15-20 points off of score for that month. I just strive to have open credit line 50x higher than my average monthly spend and then autopay in full and not stress.
When you give someone credit upfront it takes a really responsible person to pay the money back.If know you aren't responsible don't get credit cards.I learned this lesson when I was younger when I was irresponsible. It's something about giving people money (credit) in advance people don't stay discipline.
My limits are full and pay in full.
Fuck capital one
This comment section don’t no sympathy 😩😂
Many people need to be responsible, and to understand that “afford” does not mean continuing to charge things that you cannot afford.