1st Financial Bank First Financial Bank excessive finance charges, sky rocketed interest rates, not willing to work with you, and just an overall nothing but bad experience N. Sioux City, South Dakota

This is not a rip off by the bank, but a result of the situation you put yourself into.  There are a lot of kudos you give yourself about making more than the minimum monthly payment, but making more than the minimum monthly payment is not something to congratulate yourself over.  Even making payments on time is nothing to celebrate or get extra credit on.  So let's stop with the pat on the back because that earns you nothing with anyone in the credit card company, or here.

What I don't understand is why if you're as impoverished as you claim, why are you not taking a student loan?  Such a loan would cover your tuition and would not need to be paid back until you graduate and start working.  That frees up your cash to do other things.  Those loans, depending on the program, come at a rate of about 7%.  I mean you can't default on a loan like that, but right now, you've got debt of 25% and paying off debt you don't need to if you applied and received a student loan....  Paying the default rate because you decided to miss payments is not smart either.

I would personally drop out for a year, and work full time to pay off the loans, or go part time to school and focus on getting a full time job until you pay off the card.  Once you start working, I would consider applying for another card, and possibly do a balance transfer off the 25% card to something that might be 0% for 6 months, though I would watch the balance transfer fees.  Another option is if you have a relative you can borrow the $2600 from at 7% (put it in writing) and take the offer the credit card company is giving you.  Then figure out how you're not going to let this happen again and move forward.  Best of luck to you.

" I couldnt continue to make payments around June of 2011. "

" Around June to July 2011, I decided to stop making payments in order to negotiate something with them. "

   This is where you screwed yourself.   When your balance and interest rates are at their highest and you stop paying, your done for.   You appear to think that this gives you negotiating leverage, but the exact opposite is true.  My whole  point has been to try and illustrate that YOU dug yourself into the financial hole that you are in.   It really doesn't matter what company issued the card, you'd still be in the same hole.  It's hard to single out this bank as a ripoff in that respect.    Your insistence that this was a ripoff because they would not lower your interest rate is unrealistic.  That doesn't happen when you stop paying on any credit card.  Four years of on time payments mean nothing when you are past due.

   The terms and conditions for credit cards are remarkably similar from bank to bank.   In a nutshell, they all suck.    It is one of the riskiest ways to borrow money.  This bank is offering you an out that most banks would not.   

   And to answer your question, No, I have not been taken adantage by a credit card company.   I have actually read the terms and conditions attached to credit cards and have found them to be ridiculously one-sided.   Borrowing money under those terms is not what I would consider a wise financial decision.   

It takes more than four years to build a credit history viable of low (or lower) interest rates. If you were given a lower rate it would be an insult to the borrowers that spent much longer than four years establishing a credit history worthy of lower interest rates.

"like your some kind of credit card company CEO"
"Your gonna tell me"

I'm disappointed that a college student doesn't know the difference between your and you're.

you're getting in a total snit about it.

He gave you good information and advised what he thought of the credit card deal you got.

But, you just go on playing games with the company....they are NOT obligated to cut you ANY kind of deal.

By using the card, you implicitly agree to THEIR terms and conditions.

It's not their fault you haven't any money left at the end of the month for snacks or ANYTHING else.

If you had read any of Flynrider's comments on ROR, you would have realized he's not just hassling you or anyone else.

I don't work for the credit card industry or anyone else, I'm retired and I CAN read and comprehend.

You may have had an expectation of assistance from them, and you got some, but you're obviously not happy with it.

They are NOT, repeat, NOT, ripping you off.

Did you read the complaint at all? I made payments ON TIME beyond the monthly minimum payment for 4 YEARS! I seriously think you should take a reading test or improve on your reading skills...

I had great credit and its what got me through my college years. I am student loans BY MYSELF with NO DEPENDENTS. I am paying rent, food, cell phone bills, my car bills, and now student loans soon. ALL i asked the credit company was if i can lower my interest and they completely IGNORED my request saying that it wasnt possible "DUE TO THE ECONOMIC CRISIS"

They couldnt do that but now that i stopped paying (AGAIN I REPEAT...after 4 years of payments ON TIME)...they are halving my debt to $2600. What happened to their excuse of "economic crisis".

They have made loads of money on a 25% interest already so they are not cutting me slack by making this deal. It is not an advantage for me, theyve already taken advantage of me. I NEVER wanted a credit card, but how else am i going to BUILD CREDIT?

How else did i go through college if i hadnt taken this credit card? I dont have or know anyone who is willing to cosign for me. I did it all by myself and i am trying to figure out how i can pay this debt back. 

Now read this very carefully before you decide to comment back, like your some kind of credit card company CEO. Your gonna tell me that youve never had a credit card company take advantage of you?

" I was trying to come in terms of agreement with them by lowering my interest. They wanted to raise my interest from 25% to 30%.  "

    You want them to cut you a deal and lower your interest.   That is what you call a "ripoff"?? Here's the part that I think you're not getting.    In the world of credit, if you do not make your payments, your interest rates go higher, not lower.   You become a greater risk to anyone who loans you money.   This is particularly true with credit cards, whose contracts allow them to alter the terms whenever they want.

   In short, your expectation that this company should somehow give you a break on the interest rate is not realistic.  When you don't pay, the exact opposite happens.     This is a basic misunderstanding of how credit cards work, as just about any credit card company would do the same thing.    The only exception is that most credit cards would not let you off the hook for $2600.  I was not kidding when I said this was a very generous offer (as long as it's in writing). 

  Good luck.

Ryan, I feel your pain but you created the debt.  Where you really screwed up was...

"Around June to July 2011, I decided to stop making payments in order to negotiate something with them."

You should always keep making your minimum monthly payment.  Who told you that if you don't pay you will get a lower intrest rate?

"excessive finance charges, sky rocketed interest rates"

You agreed to the interest rate and finance charges when you applied for and used the card. Then you posted a Ripoff Report because the finance company expects you to make good on your end of the agreement. You must learn to accept responsibility for your actions.

Im not sure if you understand or if you should take some literary classes. I UNDERSTAND i need to pay it back. I was trying to come in terms of agreement with them by lowering my interest. They wanted to raise my interest from 25% to 30%.

I was 17 going on 18 when i entered college by the way. So i was at the beginning of starting my college courses. EVERY college student has to start somewhere to build their credit, right? Maybe you didnt go to college. If you read the payment plans right, my choices basically were:

-In order to cut my $5000 debt in half to $2600, i would NEED to make a payment of $1300 for 2 months. 

OR

-Pay the full $5000 (NOT 2600) at $400 a month for a year to pay off my debt.

Im a college student trying to find every way to pay off this debt. Not to mention my student loans coming up, rent, food, car expenses, etc. I didnt ask the credit card company to cut my debt in half, I asked them to lower my interest. They were hypocrites themselves when they are offering to cut my payments in half when they DIDNT even want to lower my interest months back due to their excuse of "current state of the economy". We are in worse condition today then months back nearly at the beginning of the year!

   Did you take any economics classes in college?  This is pretty simple.

   You borrowed $4,500 at a high interest rate.   What did you think was going to happen when you didn't pay?   

   Odd that you admit borrowing the money, but now that it's time to pay up it's the lender's fault. 

   What you are experiencing is what happens to everyone who doesn't pay their bills.  Do you think things would be different if you tried to pull this with any other lender?    I guess you can consider this an education that you apparently didn't get in college.   When you agree to borrow money, you are expected to pay it back as promised.  

  The lender's offer to settle this for $2600 is extremely generous.   Rather than writing a ripoff report, you should be doing everything you can to take them up on their offer (as long as they have agreed to it in writing).    The alternative is to have the original amount owed, plus interest and collection costs hanging over your head for years.