- Report: #396869
Complaint Review: CARE CREDIT- GE MONEY BANK - El Paso Texas
-
Author Confirmed
Why?
CARE CREDIT- GE MONEY BANK
PO BOX 981438 El Paso, 79998 Texas, U.S.A.
Phone:
866-893-7864
Web:
N/A
Categories:
Business Rating:
(0)
Tell us has your experience with this business or person been good?
CARE CREDIT - GE MONEY BANK FINANCE CHARGES RIP OFF El Paso Texas
I TOOK OUT A $3.000 DENTIST LOAN WITH CARE CREDIT LAST YEAR. BEING UNAWARE I HAD FREE INTEREST FOR A YEAR I PAID IT AS SOON AS POSSIBLE WITH ONE PAYMENT LEFT I FELL BEHIND THEIR CUT OFF DATE BY 2 WEEKS. NEXT BILL WAS FOR THE BALANCE OF $381.50 PLUS THEY TACKED ON THE INTEREST FOR THE WHOLE LOAN WHICH WAS $786.22. I SENT IN THE LAST PAYMENT OF $ 381.50 AND NOT THE HUGE INTEREST THEY TACKED ON MY STATEMENT ARE SHOWING A $20.00 INTEREST PAYMENT EVERY MONTH I LET GO BY WITHOUT PAYING IT INTEREST IS 22.9%
I THINK I SHOULD ONLY PAY INTEREST ON THE BALANCE I HAD OF $381.50
NOT THE WHOLE $3.000
I HAVE PERFECT CREDIT AND HAVE NEVER BEEN LATE WITH A PAYMENT THIS WILL RUIN MY CREDIT FOR LIFE. AND WITH EVERY MONTH THAT GOES BY THE BALANCE IS GETTING BIGGER.
Ree
Redding, California
U.S.A.
I THINK I SHOULD ONLY PAY INTEREST ON THE BALANCE I HAD OF $381.50
NOT THE WHOLE $3.000
I HAVE PERFECT CREDIT AND HAVE NEVER BEEN LATE WITH A PAYMENT THIS WILL RUIN MY CREDIT FOR LIFE. AND WITH EVERY MONTH THAT GOES BY THE BALANCE IS GETTING BIGGER.
Ree
Redding, California
U.S.A.
2 Updates & Rebuttals
Paul
Tulsa,Oklahoma,
U.S.A.
too often its missed
#2Consumer Comment
Sat, January 03, 2009
Too many ignore the fact that interest free deals usually will add the interest back in retroactively.... #1 best way to handle it is to take the debt that is free and divide it by the # of pay periods needed to pay it off before duedate. In my own case I have a $1500 chiropratic deal that I have 12 months at zero% to pay it... Since I billpay most things weekly, I have 52 payments to pay $1500 and usually try to beat the due by 1-3 weeks. so $1500/50 = $30 per week.... very easy. But then gemoney has a automatic payment plan that I usually iniitate so I end up paying it off even quicker. The automatic biling is to get the minimum done...the $30/wk is what I billpay unless I have $$ problems a given week.. Same with buying a pc I bought $$2800 worth of pc & related for 24months at zero, and my end deal after I paid other $$ on it was $19/week for the 100 weeks.
Bankworker
PITTSBURGH,Pennsylvania,
U.S.A.
Sorry, that's not the way it works.
#3Consumer Comment
Tue, December 02, 2008
Whenever you have an interest free period, the loan agreement normally specifies the date that you must have your balance paid in full before RETROACTIVE interest is billed. RETROACTIVE meaning interest accrued since the loan was originated. There is no ripoff, it is all in your loan contract. If the balance wasn't paid, you would owe the full amount of interest as if you never had the interest free period. That is what the incentive for those types of loans are.
