Wow. Something went right for once.
Last April, Dad bought a new pair of glasses, and instead of putting them on the credit card, he took out a consumer loan through Lenscrafters and GE Capital. The idea was, pay off the balance in six months, there’s no credit. Go over the six months, and you pay all the interest, and it turns out the interest rate was a Holy Crap 29.99% APR.
The parents don’t share much in the way of finances with me. I run errands, occasionally buy things online for them, but that’s about it. But with Mom in Kansas and Dad having really bad memory and hearing problems, when this came up, I got to deal with it. A notice arrived saying the terms on the loan/credit card were changing.
That thing is still out there?
No sign of statements. No bills. Can’t find the original paperwork. As far as we know, Dad took out the loan and then completely forgot about it. Grace period was over in October. Late fees of $25 a pop apply since then. Not only are we looking at a balance that’s going to be 150% of its original size, but their credit rating has surely taken a hit as well.
I finally get all the info together, call GE Capital, and discover that one of my parents paid off almost the entire balance back in July of last year. There’s an itty bitty tiny balance left over, easily charged to the credit card that has a much lower APR. The CR removes the one late fee because the reason we didn’t have any statements was because the post office kept returning them as having an incorrect address. (Neither the CR or I could figure out what was wrong with the address.)
So: balance paid off, unnecessary account/credit card closed, significantly less money gone than predicted, stress removed from both me and Mom, and Dad actually said he would ask my opinion on financial matters in the future. It’s a pity he won’t remember saying that, but I’ll take what I can get.