Things are clusterizing with the banking industry. There's more trouble brewing too as I understand. I too am in a bad spot. I believe it has to do with ... how to say this without blaming ... how the banking industry works with our trusty gobment. The big huge, too big to fail banks, are still getting access to Federal money. However, smaller more local banks and bank chains are not. Now, I'm not a banking industry expert. I'm sure there's way more to it than I understand. So my statement is just a summary. And because of this, smaller banks are tightening their belts, not extending themselves (not extending money to as many customers), and they are raising their interest rates.
It's all related to ... oh wait, no one wants to believe hard facts these days. So these banking issues must be due to climate change.
This hurts those with lower credit ratings. Who are those people generally? To be honest, my credit rating is not so good now. My problem stems from my willingness to tell a creditor to go F themselves. So, I bought a golf cart a few years back. Yamaha tells me it is 2 years interest free as long as I make the payments. I paid an amount down that should have made my payment exactly an increment of a hundred, a month. Why pay it off if it is interest free? However, when I got the finance papers back from Yamaha, they calculated my payments to be that same increment, plus $2, for the life of the loan. What? That's $2 times the number of payments. Is that a fee? Or is it interest? I tried to get an answer from Yamaha, but they wouldn't or couldn't answer it. So, I made 23 payments of their extra $2 payments. Then for the final 24th payment, I made a payment that paid of EXACTLY the amount I agreed to pay in the beginning. It paid my balance down to $0. But Yamaha kept calling me telling me I owed $48 more. I explained it to them at least twice. But the airheads on the phone cannot do math, so they just ignored me and demanded $48. I told them to go F themselves, they'll get their $48 when hell freezes over. So, after months, they dinged me. On my credit score/report. I've been fighting it, but they're winning. I mostly just don't give a rats behind. I'll live with a lower credit rating. But it is having an effect. I've told myself if it affects me, then whatever I'm trying to buy, I don't need, just forget about it. Oh well. Paying for college tuition now is a greater challenge.