Nancy
Huntsville,#2Consumer Suggestion
Wed, May 08, 2002
Mike, If you use a payment calculator (available on line) you can solve for term by inserting the principal balance due, the amount of the payment, the interest charged (if it gives you a choice don't forget the HRS compounds daily) and the frequency of payment. Then calculate for term. I had an account with HRS through Best Buy. The minimum payment was $21.00 on a $975.00 account. The interest rate (max allowed by law) 23.9% compounded daily. Using this information, the term on the loan was 136 months. More than 11 years making the minimum payment when the account was at its highest amount. As you pay off the loan, the minimum payment will go down and you will never pay off your purchases. To pay off the account you must pay more than the minimum every month, never late, and stop using the account for new purchases. It will take discipline and a concentrated effort, but the only way to pay off the account is to PAY IT OFF. You must review your statements carefully: Check for late fees Loan insurance such as Credit Life Service charges or membership dues Additional purchases If you see any of the above check my reports on this site dated 14 March 2002 and 4 January 2002. You can search for HRS Household or by report i.d. http://www.ripoffreport.com/view.asp?=10613 http://www.ripoffreport.com/view.asp?=16802 If you have the means to do a balance transfer to a more reasonable credit company (most are designed with higher payments, and a 6 year payoff) or consolidate, making no new purchases on either account, it may work for you. Good luck
Nancy
Huntsville,#3Consumer Suggestion
Wed, May 08, 2002
Mike, If you use a payment calculator (available on line) you can solve for term by inserting the principal balance due, the amount of the payment, the interest charged (if it gives you a choice don't forget the HRS compounds daily) and the frequency of payment. Then calculate for term. I had an account with HRS through Best Buy. The minimum payment was $21.00 on a $975.00 account. The interest rate (max allowed by law) 23.9% compounded daily. Using this information, the term on the loan was 136 months. More than 11 years making the minimum payment when the account was at its highest amount. As you pay off the loan, the minimum payment will go down and you will never pay off your purchases. To pay off the account you must pay more than the minimum every month, never late, and stop using the account for new purchases. It will take discipline and a concentrated effort, but the only way to pay off the account is to PAY IT OFF. You must review your statements carefully: Check for late fees Loan insurance such as Credit Life Service charges or membership dues Additional purchases If you see any of the above check my reports on this site dated 14 March 2002 and 4 January 2002. You can search for HRS Household or by report i.d. http://www.ripoffreport.com/view.asp?=10613 http://www.ripoffreport.com/view.asp?=16802 If you have the means to do a balance transfer to a more reasonable credit company (most are designed with higher payments, and a 6 year payoff) or consolidate, making no new purchases on either account, it may work for you. Good luck
Nancy
Huntsville,#4Consumer Suggestion
Wed, May 08, 2002
Mike, If you use a payment calculator (available on line) you can solve for term by inserting the principal balance due, the amount of the payment, the interest charged (if it gives you a choice don't forget the HRS compounds daily) and the frequency of payment. Then calculate for term. I had an account with HRS through Best Buy. The minimum payment was $21.00 on a $975.00 account. The interest rate (max allowed by law) 23.9% compounded daily. Using this information, the term on the loan was 136 months. More than 11 years making the minimum payment when the account was at its highest amount. As you pay off the loan, the minimum payment will go down and you will never pay off your purchases. To pay off the account you must pay more than the minimum every month, never late, and stop using the account for new purchases. It will take discipline and a concentrated effort, but the only way to pay off the account is to PAY IT OFF. You must review your statements carefully: Check for late fees Loan insurance such as Credit Life Service charges or membership dues Additional purchases If you see any of the above check my reports on this site dated 14 March 2002 and 4 January 2002. You can search for HRS Household or by report i.d. http://www.ripoffreport.com/view.asp?=10613 http://www.ripoffreport.com/view.asp?=16802 If you have the means to do a balance transfer to a more reasonable credit company (most are designed with higher payments, and a 6 year payoff) or consolidate, making no new purchases on either account, it may work for you. Good luck
Nancy
Huntsville,#5Consumer Suggestion
Wed, May 08, 2002
Mike, If you use a payment calculator (available on line) you can solve for term by inserting the principal balance due, the amount of the payment, the interest charged (if it gives you a choice don't forget the HRS compounds daily) and the frequency of payment. Then calculate for term. I had an account with HRS through Best Buy. The minimum payment was $21.00 on a $975.00 account. The interest rate (max allowed by law) 23.9% compounded daily. Using this information, the term on the loan was 136 months. More than 11 years making the minimum payment when the account was at its highest amount. As you pay off the loan, the minimum payment will go down and you will never pay off your purchases. To pay off the account you must pay more than the minimum every month, never late, and stop using the account for new purchases. It will take discipline and a concentrated effort, but the only way to pay off the account is to PAY IT OFF. You must review your statements carefully: Check for late fees Loan insurance such as Credit Life Service charges or membership dues Additional purchases If you see any of the above check my reports on this site dated 14 March 2002 and 4 January 2002. You can search for HRS Household or by report i.d. http://www.ripoffreport.com/view.asp?=10613 http://www.ripoffreport.com/view.asp?=16802 If you have the means to do a balance transfer to a more reasonable credit company (most are designed with higher payments, and a 6 year payoff) or consolidate, making no new purchases on either account, it may work for you. Good luck
#60
Wed, May 08, 2002
Just clearing that this report is about HRS USA not Best Buy. I've never had a problem with Best Buy and think this is a HRS USA issue.