I Saw The Money Grow

28 | trans man (he/him) blog for financial and other resources aimed at trans people

[transfinances]

disclaimer: i am not a finance bro lol. i am not a capitalist, just because we live in shit doesnt mean we have to drown in it. i am transmisogyny exempt. pro-palestine. any attempts at discourse in my inbox will be deleted even if i agree with you. that being said, i am not everyone - sometimes i have blind spots, please feel free to let me know if i'm not considering a certain point of view with regards to finances!

[transfinances]

I hope you don't mind my little soapbox: What happened to ftmblr was not HACKING, it was SPOOFING. (ftmblr version)

>> The orginal version of this post is here! You can rb it there. I had to remake this because some links aren't allowed?

~~~~~

Things are rarely "hacked" anymore. Cybercriminals/bad actors are not high IQ, MIT computer science graduates. Anyone can be a cyber criminal by just impersonating someone (spoofing, what happened here) or phishing. On the flip side, ANYONE can be a VICTIM of this. Anyone can be a victim of social engineering.

"Why do you care if it's called something else?"

Whereas hacking is something that cannot be avoided, we can recognize signs of social engineering and stop it in it's tracks!

I work at a financial institution. A few weeks ago, I helped someone who lost their entire life savings because they received a text claiming to be us. The criminals instructed them to create an account on a digital wallet service (think Venmo, CashApp, Apple Pay), and send some money over to another account. Through additional calls and social engineering, the criminals managed to get the password to that digital wallet account, and transfer all of the customer's money over to them.

While my example isn't as drastic as what happened here, it shows the importance of recognizing these tactics.

More than 90% of cyber-attacks start with an email message.

Email spoofing and phishing have had a worldwide impact costing an estimated $26 billion since 2016.

Some quick tips from me:

If someone is claiming to be from a financial institution, and your gut doesn't feel right about it hang up and look up their general line. You can always double check and ask if it was really them who called.

Use different passwords for different accounts. I don't care how tedious this is. If you use the same password for every website, you're fucked. If one website isn't storing information securely, then cybercriminals have access to your entire online footprint.

DO NOT engage with cybercriminals. If you know you have one on the phone then hangup and block the number. You are not Kitboga.

Here are some websites to learn more:

https://www.fortinet.com/resources/cyberglossary/types-of-phishing-attacks

https://www.proofpoint.com/us/threat-reference/email-spoofing

https://www.ttu.edu/cybersecurity/community/digital-life/digital-identity/passwords.php

https://www.ttu.edu/cybersecurity/community/digital-life/digital-identity/social-engineering.php

https://www.ttu.edu/cybersecurity/community/digital-life/digital-identity/email-scams.php

[transfinances]

I hope you don't mind my little soapbox: What happened to ftmblr was not HACKING, it was SPOOFING.

Things are rarely "hacked" anymore. Cybercriminals/bad actors are not high IQ, MIT computer science graduates. Anyone can be a cyber criminal by just impersonating someone (spoofing, what happened here) or phishing. On the flip side, ANYONE can be a VICTIM of this. Anyone can be a victim of social engineering.

"Why do you care if it's called something else?"

Whereas hacking is something that cannot be avoided, we can recognize signs of social engineering and stop it in it's tracks!

I work at a financial institution. A few weeks ago, I helped someone who lost their entire life savings because they received a text claiming to be us. The criminals instructed them to create an account on a digital wallet service (think Venmo, CashApp, Apple Pay), and send some money over to another account. Through additional calls and social engineering, the criminals managed to get the password to that digital wallet account, and transfer all of the customer's money over to them.

While my example isn't as drastic as what happened here, it shows the importance of recognizing these tactics.

More than 90% of cyber-attacks start with an email message.

Email spoofing and phishing have had a worldwide impact costing an estimated $26 billion since 2016.

Some quick tips from me:

If someone is claiming to be from a financial institution, and your gut doesn't feel right about it hang up and look up their general line. You can always double check and ask if it was really them who called.

Use different passwords for different accounts. I don't care how tedious this is. If you use the same password for every website, you're fucked. If one website isn't storing information securely, then cybercriminals have access to your entire online footprint.

DO NOT engage with cybercriminals. If you know you have one on the phone then hangup and block the number. You are not Kitboga.

Here are some websites to learn more:

19 Types of Phishing Attacks with Examples | Fortinet

Phishing is a cyber threat that uses social engineering to trick people into providing sensitive information that could compromise an organi

Email spoofing tricks users into thinking an email is from someone they know. Learn about email spoofing, the definition, examples and how t

[marxism-transgenderism]

Cannot emphasize this enough, do not sign for a loan with someone you're dating. That shit is already used for so much abuse within marriages but to be financially attached to someone you're not even married to will cause you nothing but problems. Don't do it

[marxism-transgenderism]

Dont co sign for that car your boyfriend of one year wants. Do not take out a joint loan with that person who only just moved on with. And for the love of God do not sign for a mortgage with someone you would not legally attach yourself to in the eyes of the state. That person now can wreck your credit and has unbelievable control over your ability to get loans and housing going forward. Don't fucking do it

[transfinances]

This is a bit rare, but it does happen so I thought I should mention it

If you are a joint on someone's bank account, you break up, they forget about it, and the account goes negative, it WILL show up on your ChexSystems report.

A ChexSystems report is pulled any time you try to open an account with a financial institution. It shows if you have any outstanding balances with a bank or credit union.

In the scenario above, you'd either have to get removed from the account, which typically involves the both of you signing paper work. This can be difficult if you're no contact or cannot find the person you were joint on the account with. The other option would be paying the balance off.

So basically: get yourself removed from any joint accounts ASAP if you're breaking up.

[marxism-transgenderism]

Cannot emphasize this enough, do not sign for a loan with someone you're dating. That shit is already used for so much abuse within marriages but to be financially attached to someone you're not even married to will cause you nothing but problems. Don't do it

[marxism-transgenderism]

Dont co sign for that car your boyfriend of one year wants. Do not take out a joint loan with that person who only just moved on with. And for the love of God do not sign for a mortgage with someone you would not legally attach yourself to in the eyes of the state. That person now can wreck your credit and has unbelievable control over your ability to get loans and housing going forward. Don't fucking do it

[exeggcute]

lol I am in such a stressed-out blind rage today from insurance bullshit that I wrote up a glossary of health insurance terms (things like deductibles, premiums, and copays) because all the free guides online are unnecessarily complicated and the only way you can squeeze a dime out of these bullshit companies is to understand their overly-complicated policies. give em hell

[transfinances]

I'm not a big fan of CareCredit

some quick definitions:

APR - Annual Percentage Rate, used interchangeably with interest sometimes, how much it cost to borrow money from a financial institution. I can also include fees associated with what you're borrowing. These rates can change on many things like credit history and missed payments.

Term - How long you're borrowing the money for, usually in months instead of years. This usually applied to close-end loans, where the money is paid back in full at a certain date. But can apply to open-end credit, like credit cards, where you can keep borrowing money.

Okay, lets say you find out how much you'll need to pay out of pocket for surgery - $5000. Let's take a look at CareCredit.

https://www.carecredit.com/payment_calculator/?amount=5000

CareCredit has promotional 0% APR (annual percentage rate - interest and other fees) periods, where if you pay back the $5,000 in a certain period of time, you will not be paying interest. Financing companies and banks will not let you borrow money for free, so they charge interest. Ideally, you'd like to pay this amount back in full so you don't have to pay more than what you borrowed.

It looks like they have 0% interest for 6, 12, 18 or 24 months. So if you borrow $5000, your monthly payment will be:

$834 for 6 months $417 for 12 months $278 for 18 months $209 for 24 months.

CareCredit also offers reduced APR for 24, 36, 48, or 60 months. Depending on which term you choose, your APR will be different. Typically, lower terms have lower APRs and higher terms have higher APRs.

As of March 20th, 2025, the APR for the above terms are 17.90%, 18.90%, 19.90%, 20.90%. These are subject to change, of course.

So lets say you still decide to borrow $5,000. How much will your monthly payment be, and how much would you have paid in interest?

$250 (+$986 in interest = $5,986 total) $184 (+$1,589 = $6,589) $152 (+$2,291 = $7,291) $135 (+$3,100 = $8,100).

That is a lot of money to be paying back after already borrowing $5,000.

But you still have to qualify for the rates. You still have to apply for CareCredit, and they look at your credit worthiness. If you don't have any credit history, or have poor credit history, you may not qualify at all. Or if you do, you may not get a promotional rate - you might be stuck with their standard APR which is 32.99%. Which is fucking insane and absurd.

It looks like the default minimum payment for CareCredit is 1% of the balance. So $50 for $5000.

I don't know how much you can afford for monthly credit card payments - but most websites will not even let me calculate the payoff time for $50 on a card with 32.99%. One website is straight up telling me "You probably can't payoff this card with a low payment".

The minimum you can do on this website is $138 for that APR and balance. And the payoff amount is 17 years. You do not want to be stuck paying off a card for that long - even if you can afford to pay more monthly in the future.

In conclusion, if you are eligible and can manage to pay off the entire balance in full during the 0% rate period. It's a good deal. However, if you cannot, I do not recommend CareCredit.

[transfinances]

Payday loans are even worse!

Many state laws set a maximum amount for payday loan fees, ranging from $10 to $30 for every $100 borrowed. A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400 percent. By comparison, APRs on credit cards can range from about 12 percent to about 30 percent. In many states that permit payday lending, the cost of the loan, fees and the maximum loan amount are capped.

What is a payday loan? | Consumer Financial Protection Bureau

While there is no set definition of a payday loan, it is usually a short-term, high-cost loan, generally for $500 or less, that is typically

[transfinances]

Texas Federal Court Pauses CFPB Rule Banning Medical Debt from Credit Reports

On February 6, a judge for the United District Court for the Eastern District of Texas issued a 90-day stay on the CFPB’s final rule prohibi

Unfortunate news.

[meezer]

I Saw The Money Grow

[transfinances]

I'm not a big fan of CareCredit

some quick definitions:

APR - Annual Percentage Rate, used interchangeably with interest sometimes, how much it cost to borrow money from a financial institution. I can also include fees associated with what you're borrowing. These rates can change on many things like credit history and missed payments.

Term - How long you're borrowing the money for, usually in months instead of years. This usually applied to close-end loans, where the money is paid back in full at a certain date. But can apply to open-end credit, like credit cards, where you can keep borrowing money.

Okay, lets say you find out how much you'll need to pay out of pocket for surgery - $5000. Let's take a look at CareCredit.

https://www.carecredit.com/payment_calculator/?amount=5000

CareCredit has promotional 0% APR (annual percentage rate - interest and other fees) periods, where if you pay back the $5,000 in a certain period of time, you will not be paying interest. Financing companies and banks will not let you borrow money for free, so they charge interest. Ideally, you'd like to pay this amount back in full so you don't have to pay more than what you borrowed.

It looks like they have 0% interest for 6, 12, 18 or 24 months. So if you borrow $5000, your monthly payment will be:

$834 for 6 months $417 for 12 months $278 for 18 months $209 for 24 months.

CareCredit also offers reduced APR for 24, 36, 48, or 60 months. Depending on which term you choose, your APR will be different. Typically, lower terms have lower APRs and higher terms have higher APRs.

As of March 20th, 2025, the APR for the above terms are 17.90%, 18.90%, 19.90%, 20.90%. These are subject to change, of course.

So lets say you still decide to borrow $5,000. How much will your monthly payment be, and how much would you have paid in interest?

$250 (+$986 in interest = $5,986 total) $184 (+$1,589 = $6,589) $152 (+$2,291 = $7,291) $135 (+$3,100 = $8,100).

That is a lot of money to be paying back after already borrowing $5,000.

But you still have to qualify for the rates. You still have to apply for CareCredit, and they look at your credit worthiness. If you don't have any credit history, or have poor credit history, you may not qualify at all. Or if you do, you may not get a promotional rate - you might be stuck with their standard APR which is 32.99%. Which is fucking insane and absurd.

It looks like the default minimum payment for CareCredit is 1% of the balance. So $50 for $5000.

I don't know how much you can afford for monthly credit card payments - but most websites will not even let me calculate the payoff time for $50 on a card with 32.99%. One website is straight up telling me "You probably can't payoff this card with a low payment".

The minimum you can do on this website is $138 for that APR and balance. And the payoff amount is 17 years. You do not want to be stuck paying off a card for that long - even if you can afford to pay more monthly in the future.

In conclusion, if you are eligible and can manage to pay off the entire balance in full during the 0% rate period. It's a good deal. However, if you cannot, I do not recommend CareCredit.