I've had a credit card since I was about 19 years old, I'd say. Pretty much as soon as I could get one. I like to think I was pretty good with it - I never made any ridiculous purchases and almost always made monthly payments towards the balance.
And yet, I've never really understood how credit cards work. I didn't have a conventional upbringing where I might have been passed on such financial insight. Gladly, I was always responsible enough to know that a credit card isn't something you play loosely with, so I've avoided any serious financial stress.
This past week I received my very first debt collector phone call! It's not a moment you feel proud of. I'm not in any trouble really, it's just that I've moved to the other side of the world and banks are making it difficult for me to pay towards my balance from here.
I usually use my Canadian account to transfer money to my Canadian credit card. But now I can't deposit to my Canadian account and therefore I can't transfer money to my credit card. The debt collectors clearly noticed that I skipped the country and racked up my (low limit) credit card with European backpacking travel expenses. I assume they think I am trying to bail on my debt and now trying to locate me. They certainly failed at that. Instead, they contacted and harassed my parents in Montreal, who then had to contact me to tell me I was being sought out by debt collectors. How very, very embarrassing.
Thing is, I would love to pay towards my credit card! I have money! But it seems I can't and no one's in any rush to help me out. So I'm trying to figure out how to transfer money to Canada and now I'm late on my payment. As it turns out - the only way for me to transfer money to my credit card is to do an International Money Transfer... which costs 22$ a transaction!!! So, not only am I paying towards my balance and my interest, I'm also adding a whopping 22$ to each transaction?! NOW I have serious financial stress.
Perhaps I could just mail a certified cheque to my bank? Well, NO, because cheques can't be mailed internationally to addresses that are PO Boxes and... you guessed it! My bank's address is a PO Box.
It seems like the savviest solution is to get a line of credit here and pay off my Canadian debt with it? That way I have easy access to online banking payments, will likely be paying less interest and won't have to worry about 22$ transaction fees! Easier said than done.
I am now on hold, long distance with my Canadian bank, trying to finalize my options. I have been on hold for 45 minutes and this call will likely take at least 10 minutes to complete. This phone call will like cost me 30$. The past three calls probably cost me around 50$.
The amount of stress and frustration that comes with money matters is overwhelming. Nonetheless, I sit here are write about this because I deem such stress as necessary. Without money stress, we wouldn't take into account how much of a hold banks and other institutions have hold on our everyday lives. Without such stress we wouldn't be pressed to work out solutions to our seriously pressing money troubles.
I realize there are many out there who repress such stress and therefore choose not to act upon these pressing situations. I can completely understand such a reaction. But I urge you! Financial woes tied to institutions should not be set aside! These institutions have a hold over our lives and power over situations we don't want to relinquish power over to. I won't dwell but it's necessary to be concerned with credit scores, mortgages, even just being able to access to your own money.
There are ever so many sad credit card debt and other related financial stress stories. They happen to a huge percentage of the population where I come from and I don't doubt it's any different here. Without meaning to preach here, I'm just projecting my thoughts and feelings here, saying: institutions won't help with this clearly present and ever-spanning credit problem. It's ironic that such credit-related spending only amounts to a catch-22 of a situation resulting in a faltering economy.
Only you can help yourself! And at least we have that?!
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