• Report: #20474

Complaint Review: HRS USA or Best Buy Credit Card

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  • Submitted: Wed, May 08, 2002
  • Updated: Thu, May 09, 2002

  • Reported By:oklahoma city ok
HRS USA or Best Buy Credit Card
P.O. Box 15521, Wilmington, DE 19850-5521 Wilmington, Delaware U.S.A.

HRS USA or Best Buy Credit Card Ripoff Wilmington, Delaware

*Consumer Suggestion: Bite the bullet, make more than the minimum payment

*Consumer Suggestion: Bite the bullet, make more than the minimum payment

*Consumer Suggestion: Bite the bullet, make more than the minimum payment

*Consumer Suggestion: Bite the bullet, make more than the minimum payment

*0:

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I got a $1000 credit card from HRS USA through best buy back in 94-95. Here it is the year 2002 and I've been paying on it for 6+ years and the balance is still $1900.
I don't see how it can be so high when I've paid well over $2400 dollars towards this card and still have allmost double the amount still due.

I'm not trying to get out of paying this balance off but I don't see how I can really accomplish that if it's like this after so many years. I'll be honest I'm definately not a good manager of my money but I have never filed for bankruptcy either.

Recently I payed off a Dillards bill that was once $5000.
It took me a few years but this $5000 dollars was on my debit to Dillards well after I had the initial $1000 on the HRS USA card and I've paid it off.

If anybody has similiar problems with HRS USA I would like to know how they went about finding out about this companies odd billing pratices.

Thank you for your time.

Mike
Oklahoma City, Oklahoma

This report was posted on Ripoff Report on 05/08/2002 02:48 PM and is a permanent record located here: http://www.ripoffreport.com/r/HRS-USA-or-Best-Buy-Credit-Card/Wilmington-Delaware-19850-5521/HRS-USA-or-Best-Buy-Credit-Card-Ripoff-Wilmington-Delaware-20474. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 5Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Bite the bullet, make more than the minimum payment

AUTHOR: Nancy - ()

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
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#2 Consumer Suggestion

Bite the bullet, make more than the minimum payment

AUTHOR: Nancy - ()

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
Respond to this report!
What's this?

#3 Consumer Suggestion

Bite the bullet, make more than the minimum payment

AUTHOR: Nancy - ()

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
Respond to this report!
What's this?

#4 Consumer Suggestion

Bite the bullet, make more than the minimum payment

AUTHOR: Nancy - ()

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
Respond to this report!
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#5 0

AUTHOR: - ()

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.
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