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Posted: Tue Mar 20, 2007 6:17 am

How many of us really read the fine print while applying for payday loan or requesting credit card?

Posted: Tue Mar 20, 2007 6:43 am

I do for credit cards, ever since I got stuck with a $150 yearly fee on a card with a $250 limit . . . . Learned that leason!

Posted: Tue Mar 20, 2007 6:46 am

I have gotten to where I have too, after some hard lessons learned. We are constantly getting offers for credit cards and such and I too have gotten to where I read the back of the offers. There are high yearly fees, application fees, processing fees, etc. By the time you get teh $300 credit card, you've already got over $200 worth of charges on there from all these fees!

Payday loans, well won't have to worry about them any more because I am never going to get another loan from them!

Posted: Tue Mar 20, 2007 7:06 am

me too for the same reasons.. I got stuck on a 200 a year for a 400 limit CC...
almost as bad as a PDL... Very Happy

and I have cleaned up my credit and have real cards with real intrest and yearly fees so I do read that fine print...

Posted: Tue Mar 20, 2007 7:26 am

I'll be honest, I didnt before. NOW I do for sure....to even MORE honest, If I didnt come across this site and was offered a credit card I would be like woohoooooooooooo I AM THERE! Smile

Posted: Tue Mar 20, 2007 8:20 am

My husband is real good about not reading all the information. With that being said, he got a credit card and in no time had it over the limit and could not understand how that was so until he got his statement and it showed all the fees that had been applied. I asked him if he even read what they were charging and he said no he didn't. Well needless to say that card went into default and is at a collection agency and as soon as we can get the rest of our situation caught up, we will start taking care of some of this, even if it is sending $5 to everyone. Even after that, he has gotten more offers in the mail and has wanted to use them and I have to make him stop and read everything, which he hates doing, but he is learning that you just have to do that any more or else you are going to get taken advantage of.

Posted: Tue Mar 20, 2007 8:21 am

I have learned the hard way to do this and can tell you when I was actively PDL'ing that I never read it. I was, like most people doing PDL's, desparate to get the cash at any cost.

Posted: Tue Mar 20, 2007 8:38 am

And on pdls, how many have gotten paperwork after you have agreeded (and sometimes over the phone) to accept the loan and have the repayment debited from your account?

Posted: Tue Mar 20, 2007 9:59 am

I have before Sad

Posted: Tue Mar 20, 2007 1:50 pm

Tweety ~ that makes 2 of us. Embarassed

Posted: Tue Mar 20, 2007 1:55 pm

Sorry- Had to be honest......

Posted: Tue Mar 20, 2007 6:04 pm

When I got my last car in 2003, I sat in the finance guy's office and read the contract for about 30 minutes. He was staring at me and tapping his pen, and playing drums on the desk. I eventually got sick of him trying to rush me, and I said "This might take me a while. If you want to go grab some coffee or something, I'll let you know when I'm finished." He actually did leave for a few minutes and then came back (he probably had to go ask the salesman "what's up with this guy").

Aside, in the last 4 years I've probably closed about 2400 various loans. Of those loans, I can honestly say only 2 people ever made me wait for them to read the contract.

Posted: Tue Mar 20, 2007 6:30 pm

Guilty as charged but not anymore Smile

Posted: Tue Mar 20, 2007 7:04 pm

Debtcruncher,
Like the old saying, Let the buyer beware, right? Good on you to do that and I wish I had gotten that lesson through my thick skull sooner...

Posted: Tue Mar 20, 2007 7:39 pm

I've gone to apply for a few credit cards and I can honestly say that I did read the fine print. Never did turn in the applications. As for the ipdl contracts, I did read them. But, I'm not sure who writes them. I had a difficult time understanding all the mumbo jumbo, which looking back on it, was probably done on purpose to confuse the consumer. Twisted Evil

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