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Bad credit card debt is expected to reach $100B - 10/20/2008 10:36:08 AM

pahunkboy

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http://www.eastvalleytribune.com/story/128458

it floors me that cc debt waited to go bad. such is not secured by anything. with mortgages they can take the house. but on cc debt- what do they take? cheap plastic used junk from China?

I seen where a guy suggested no one pay their mortgage to protest the bail out. anyhow- I have no plans to pay of my cc-s

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 11:50:27 AM

Aneirin

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From: Tamaris
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That's the one isn't it, the next crunch, the credit card crunch, which will happen, especially as Christmas is coming and so many fund Christmas on credit. What can people say to their ums when they through prudence cannot use credit to pay for that desireable something that all the ums peers have. The question is, will they bend to the pleading of the um, or stand straight in the face of adversity. Will this Christmas be such a Happy Christmas I wonder, but it is about time everyone started to be realistic as Christmas has turned into one massive marketing venture and buy fest.

_____________________________

Everything we are is the result of what we have thought, the mind is everything, what we think, we become - Guatama Buddha

Conservatism is distrust of people tempered by fear - William Gladstone

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 12:02:03 PM

MrRodgers

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quote:

ORIGINAL: pahunkboy

http://www.eastvalleytribune.com/story/128458

it floors me that cc debt waited to go bad. such is not secured by anything. with mortgages they can take the house. but on cc debt- what do they take? cheap plastic used junk from China?

I seen where a guy suggested no one pay their mortgage to protest the bail out. anyhow- I have no plans to pay of my cc-s

ONLY $100 billion ? WOW...that's lunch money on wall street.

Since 1980 the typical montly outstanding c-card debt was $500 billion and $100 billion (20%) past due might be a problem...BUT

Since then...typical monthly outstanding c-card debt is more than $2.5 TRILLION dollars...so $100 billion (4%) is no problem.

You see...Americans are so rich now we can actually 'afford' things and only need to increase our c-card debt by 2500 % over the next 30 years to you know...make end meet.

(in reply to pahunkboy)

Post #: 3

RE: Bad credit card debt is expected to reach $100B - 10/20/2008 12:58:48 PM

LadyEllen

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From: Stourport-England
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quote:

ORIGINAL: Aneirin

That's the one isn't it, the next crunch, the credit card crunch, which will happen, especially as Christmas is coming and so many fund Christmas on credit.

Worry not!

No political party is stupid enough to let itself become known as the "unchristmas party" or the "scrooge party" et al

Watch for the worst of all this to start breaking week 2/3 of 2009

E

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 1:12:56 PM

pahunkboy

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thats profound Lady E.

it goes with the 5.8% cola for Social Security- just in time- for election day.

(in reply to LadyEllen)

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 1:36:26 PM

Aneirin

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From: Tamaris
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That's true, Brown does not want to be named the only prime minister who has ruined christmas, he will stave it off until after, then blame us all for our lack of prudence, like naughty school ums being admonished by teacher.

_____________________________

Everything we are is the result of what we have thought, the mind is everything, what we think, we become - Guatama Buddha

Conservatism is distrust of people tempered by fear - William Gladstone

(in reply to pahunkboy)

Post #: 6

RE: Bad credit card debt is expected to reach $100B - 10/20/2008 1:37:31 PM

kdsub

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There is immediate need of credit card reform...the greedy bastards have been at it again..outlandish basic interest rates....raising interest rates astronomically as a penalty for missed payments completely unrelated to the credit card company.The ridiculous rates are the reason people give up paying.

Let the greedy bastards fall..I do feel for the merchants that will loose income...but there needs to be a correction...and regulation. Time to wipe the slate clean and start over.

It is not time for me to bail out banks or people that purchased beyond their ability to pay.

Butch

< Message edited by kdsub -- 10/20/2008 1:38:27 PM >

(in reply to pahunkboy)

Post #: 7

RE: Bad credit card debt is expected to reach $100B - 10/20/2008 1:45:33 PM

Aneirin

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From: Tamaris
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I agree, let them fall, as without the plastic we all should learn the real meaning of money and all those things we thought affordable because plastic made it possible, is not really that affordable. That also goes for the junk of modern living, the things we oh so desperately need, the electronics with functions you never use, get rid of the crap.

I am not paying my credit card, I have insurance on it, which is paying it, as I am out of work, but the insurers keep trying to get out of their obligation. The insurance is underwritten by the bank that owns the credit card. Slime, all of them, just slime.

_____________________________

Everything we are is the result of what we have thought, the mind is everything, what we think, we become - Guatama Buddha

Conservatism is distrust of people tempered by fear - William Gladstone

(in reply to kdsub)

Post #: 8

RE: Bad credit card debt is expected to reach $100B - 10/20/2008 2:54:04 PM

LadyEllen

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Another reason not to worry about your credit card debt

BBC Newsnight just announced that the excess borrowing the government has done in the last few months now comes out at a tax burden of £100,000-00 per household in the UK

That's about 5 years' taxes from personal income and the taxes on what we purchase, assuming two person households both earning (which they might not be quite soon); pretty good eh?

And no plans to ditch the ID card scheme - another unnecessary imposition with a price ticket of billions

E

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In a test against the leading brand, 9 out of 10 participants couldnt tell the difference. Dumbasses.

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 3:01:22 PM

pahunkboy

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The credit card reform WILL NOT happen. Forget it.

In fact, you should see the new fees planned for you. I am serious. Proposed fees for accessing another database of sorts is in the works. You might have gotten a notice on a % for foreign currencies. Well no problem I deal only in my own country... WRONG. I got a surcharge ordering from Florida. The businesses main bank apparently is in EU. So an extra fee tacked on. How was I supposed to know this?

? Check the TIN? The DUNS number??

Debit card fees they want to charge on both ends. And contactless paying is coming. It is a streamlined system where your card need not be taken out of wallet and you my friend are going to be charged. Think of it like Ib-pass tollway.

Debit fees are coming on both ends.

And anytime the system must skip to another system. It sounds harmless- but does the consumer know when and who uses what and if it changes.

Think of it this way. America fell for a phone that it costs the person to receive a phone call. Pathetic.

You will not see credit card reform.

BTW the OP is measured by charge offs. 120 days late and unlikely to ever pay. That in itself is a problem. They tact on fees and end up with a double write off. They love it.

(in reply to Aneirin)

Post #: 10

RE: Bad credit card debt is expected to reach $100B - 10/20/2008 3:44:51 PM

SL4V3M4YB3

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quote:

ORIGINAL: LadyEllen
BBC Newsnight just announced that the excess borrowing the government has done in the last few months now comes out at a tax burden of £100,000-00 per household in the UK

This really confuses me I mean who is the Government borrowing from if no one has any money.

The Government is borrowing money from the banks to give to the banks because they have no money. I have a simple mind these complex types keep confusing me, which is why they get away with it. Government = Givernment that was a typo but it seemed apt.

_____________________________

Memory Lane...been there done that.

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 4:16:04 PM

pahunkboy

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Lady E.

How is it the UK is so broke? I thought the US was the big spender- living beyond our means. :-)

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 4:28:23 PM

sophia37

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we also need student loan reform. That'll be the next laon crisis to hit.

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 5:35:04 PM

LookieNoNookie

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Joined: 8/9/2008
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quote:

ORIGINAL: pahunkboy

...anyhow, I have no plans to pay off my cc's

At between 12% and 24% interest, I can assure you, the credit card companies will be very glad to hear of your plans.

(in reply to pahunkboy)

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RE: Bad credit card debt is expected to reach $100B - 10/20/2008 6:14:57 PM

pahunkboy

Posts: 33061
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From: Central Pennsylvania
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quote:

ORIGINAL: SL4V3M4YB3

quote:

ORIGINAL: LadyEllen
BBC Newsnight just announced that the excess borrowing the government has done in the last few months now comes out at a tax burden of £100,000-00 per household in the UK

This really confuses me I mean who is the Government borrowing from if no one has any money.

The Government is borrowing money from the banks to give to the banks because they have no money. I have a simple mind these complex types keep confusing me, which is why they get away with it. Government = Givernment that was a typo but it seemed apt.

SHHH!   must you think so much? try not to have logic.   what i mean is logic wont effect how our elected officials will act.

So how do you skin the cat?

well non-logic has gotten us to this point... man oh man. you just had to inform us.   man- there you go thinking.   we arent supposed to think.

man on man oh man.    :-)

[my reply is meant to be comical.   you are indeed correct. :-)]

< Message edited by pahunkboy -- 10/20/2008 6:19:54 PM >

(in reply to SL4V3M4YB3)

Post #: 15

RE: Bad credit card debt is expected to reach $100B - 10/20/2008 6:34:35 PM

Aneirin

Posts: 6121
Joined: 3/18/2006
From: Tamaris
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quote:

ORIGINAL: pahunkboy

quote:

ORIGINAL: SL4V3M4YB3

quote:

ORIGINAL: LadyEllen
BBC Newsnight just announced that the excess borrowing the government has done in the last few months now comes out at a tax burden of £100,000-00 per household in the UK

This really confuses me I mean who is the Government borrowing from if no one has any money.

The Government is borrowing money from the banks to give to the banks because they have no money. I have a simple mind these complex types keep confusing me, which is why they get away with it. Government = Givernment that was a typo but it seemed apt.

SHHH!   must you think so much? try not to have logic.   what i mean is logic wont effect how our elected officials will act.

So how do you skin the cat?

well non-logic has gotten us to this point... man oh man. you just had to inform us.   man- there you go thinking.   we arent supposed to think.

man on man oh man.    :-)

[my reply is meant to be comical.   you are indeed correct. :-)]

Hey, I don't care what happens, but leave the cats alone.

_____________________________

Everything we are is the result of what we have thought, the mind is everything, what we think, we become - Guatama Buddha

Conservatism is distrust of people tempered by fear - William Gladstone

(in reply to pahunkboy)

Post #: 16

RE: Bad credit card debt is expected to reach $100B - 10/21/2008 1:26:26 AM

LadyEllen

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From: Stourport-England
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quote:

ORIGINAL: SL4V3M4YB3

This really confuses me I mean who is the Government borrowing from if no one has any money.

Honestly? I dont really know either.

What I would suspect is that the money has been raised by issuing some overseas country, that has been as busy generating wealth as we have been in shuffling papers about, with bits of paper that say "honest, we will pay it back, with interest" in exchange for money. Those bits of paper then entitle the holders to collect in a few years' time, and collect handsomely too - or the assets concerned will have to be handed over (ie, the taxpayers). Bottom line, all of this has to be repaid from taxation - which means the worker, the shopper, the business.

Of course, all this is to ignore the massive timebomb which we had already set ticking from 1997 by way of PFI - how funny would it be if the "Private Finance" had been provided by............... (wait for it)...............the very banks we just sold ourselves and our descendants for - and they get all shirty 'cause we cant pay up 'cause we bankrupted ourselves, bailing out the banks?

E

_____________________________

In a test against the leading brand, 9 out of 10 participants couldnt tell the difference. Dumbasses.

(in reply to SL4V3M4YB3)

Post #: 17

RE: Bad credit card debt is expected to reach $100B - 10/21/2008 1:46:19 AM

LadyEllen

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From: Stourport-England
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quote:

ORIGINAL: pahunkboy

Lady E.

How is it the UK is so broke? I thought the US was the big spender- living beyond our means. :-)

Similar story as with the US;
- housing price bubble that meant massive overmortgaging and now has burst leaving "bad" loans
- years of exporting real jobs in favour of service jobs,
- a population encouraged to spend heavily on credit (some would say to mask the absence of a real economy behind it all)
- bankers who got involved in the US sub prime thingy and then needed bailout
- the City, left to do as it would totally unhindered by regulation
- total government failure to save anything for bad times (they told us boom and bust were banished under their watch)
- two wars, one stupid and unwinnable, one right but still unwinnable

And one very special thing unique to the UK (I believe)
- the "Private Finance Initiative" whereby private money was brought in to pay for updating our starved infrastructure and services (starved by the Tories) and which had already mortgaged the country to the future. This updating was sorely needed but it hasnt proven to be wise.

The root cause I would put down to the export of manufacturing (which carries many root causes itself) and our willingness to allow others worldwide to determine our fate.

Even when sold for 30 pieces of silver, the value of any slave is only the wealth he might generate for his owner

E

_____________________________

In a test against the leading brand, 9 out of 10 participants couldnt tell the difference. Dumbasses.

(in reply to pahunkboy)

Post #: 18

RE: Bad credit card debt is expected to reach $100B - 10/21/2008 2:03:07 AM

NeedToUseYou

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I don't know what the credit card companies are up to. We have two American Express cards that's it. We've been paying them down. Then they for no reason cut the credit line down on one of them(The one we've been paying off the fastest). But they then halved the minimum payment amount, and none of the interest rates changed, nothing has changed really. So, whatever, I'm just paying them off anyway, we just used it to buy inventory, and to ship stuff, as AMEX gives a 5% discount for fedex shipments.

We'll keep one of them, after words, and since we aren't shipping anymore really. Only need one card.

(in reply to pahunkboy)

Post #: 19

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