12-23-2007 Unpaid credit cards bedevil Americans

[dmcowen674]

The real "Trickle Down Economics" staring to kick in now just like I said was coming and all the resident Republicans said no way, never going to happen.

Although I am right along in there with the poor sap Americans I can at least take solice that the resident P&N GOP supporters were 110% wrong in everything.

12-23-2007 Unpaid credit cards bedevil Americans

Americans are falling behind on their credit card payments at an alarming rate, sending delinquencies and defaults surging by double-digit percentages in the last year and prompting warnings of worse to come.

Filing for bankruptcy is no longer a solution for many Americans because of a 2005 change to federal law that made it harder to walk away from debt. Those with above-average incomes are barred from declaring Chapter 7 ? where debts can be wiped out entirely ? except under special circumstances and must instead file a repayment plan under the more restrictive Chapter 13.
=====================================================

What you are witnessing is a mass exodus of Americans going "off-grid".

Essentially joining their "illegal mexican" counter-parts not in the banking system.

How many people in here think this will be a good thing for the country?

 

[Ryan]

Yep, definitely makes you wonder if the recent years of economic "prosperity" have been nothing more than a prop - First the mortgage industry, now credit looks to be heading in the crapper. Yay.

 

[XZeroII]

You have a very unique gift. You can take any story and turn it into a worst case scenario and make others believe that you actually believe it. The real questions is...do you actually believe what you post?

 

[dmcowen674]

Originally posted by: Ryan
Yep, definitely makes you wonder if the recent years of economic "prosperity" have been nothing more than a prop - First the mortgage industry, now credit looks to be heading in the crapper. Yay.

I've said since 2001 it was all false numbers from the Bush Administration.

The labor numbers, tax credit bullcrap, GDP, all of it.

Everything built on a house of cards.

Of course somehow through it all it will undoubtedly 110% be all the Democrats fault.

 

[compuwiz1]

And the car loans in default are getting the same way. Yet, everyday I see people still trying to buy a new car while their mortgages and credit cards are past due and in some cases the car loan they are trying to trade in is also in default. Hello, but some people don't understand that when you get in over your head it's time to quit trying to buy stuff.

 

[dmcowen674]

Originally posted by: XZeroII
You have a very unique gift. You can take any story and turn it into a worst case scenario and make others believe that you actually believe it. The real questions is...do you actually believe what you post?

I have been posting this since 2001. What do you think?

 

[blackangst1]

I have no idea what youre talking about in ANY of your comments, but anyway.

If you think this is suprising, you need to look at statistics for bankruptcy going back 20 years. EVERY year it increases. Im not sure Dave but it sounds like youre not putting blame where it belongs - on the consumer. It's no one's fault but their own. Period. People do not know how to live within their means.

When I was 19 (over 20 years ago) I had a job as a store manager for a rent to own company. 90% of my customers couldnt afford theyre rent payments yet every week they come in to pay for that 50" TV we delivered. This really isnt anything new.

It's no ones fault but their own.

 

[alchemize]

I just wish you'd go "off-grid".

 

[Slew Foot]

Americans will gladly pay for Tvs and cars but expect them to pay for their own housing and health care? Bah humbug, its a "right" of mine, the government should provide it for me.

Cant say Im surprised that CC defaults are rising, you can only pull out so much money from your house.

 

[dmcowen674]

Originally posted by: blackangst1

When I was 19 (over 20 years ago) I had a job as a store manager for a rent to own company. 90% of my customers couldnt afford theyre rent payments yet every week they come in to pay for that 50" TV we delivered.

This really isnt anything new.

It's no ones fault but their own.

Is this not America?

Should they not have a TV or be able to watch TV?

Where is your expectations for what was once the might super power of the world everyone looked up to?

You are looking down at Americans?

Are you doing the right thing?

 

[blackangst1]

Originally posted by: dmcowen674

Originally posted by: blackangst1

When I was 19 (over 20 years ago) I had a job as a store manager for a rent to own company. 90% of my customers couldnt afford theyre rent payments yet every week they come in to pay for that 50" TV we delivered.

This really isnt anything new.

It's no ones fault but their own.

Is this not America?

Should they not have a TV or be able to watch TV?

Where is your expectations for what was once the might super power of the world everyone looked up to?

You are looking down at Americans?

Are you doing the right thing?

No it's not American. Its debt. Looking down? No. Do I think theyre idiots? Yes. am I doing the right thing? Always have. When I was in college I didnt have a TV for over a year. I saved about 200 bucks for one. I did however have a clock radio. Even then I managed to save money. Sometimes it was a single dollar in a week, but it was something.

The most money I've been in debt is 8k and that was for a car I put 70% down on. I use throwaway debit cards for airline reservations and such. I have zero credit card debt.

It's the consumers fault and no one elses.

 

[dmcowen674]

Originally posted by: blackangst1

Originally posted by: dmcowen674

Originally posted by: blackangst1

When I was 19 (over 20 years ago) I had a job as a store manager for a rent to own company. 90% of my customers couldnt afford theyre rent payments yet every week they come in to pay for that 50" TV we delivered.

This really isnt anything new.

It's no ones fault but their own.

Is this not America?

Should they not have a TV or be able to watch TV?

Where is your expectations for what was once the might super power of the world everyone looked up to?

You are looking down at Americans?

Are you doing the right thing?

No it's not American. Its debt. Looking down? No. Do I think theyre idiots? Yes. am I doing the right thing? Always have. When I was in college I didnt have a TV for over a year. I saved about 200 bucks for one. I did however have a clock radio. Even then I managed to save money. Sometimes it was a single dollar in a week, but it was something.

The most money I've been in debt is 8k and that was for a car I put 70% down on. I use throwaway debit cards for airline reservations and such. I have zero credit card debt.

It's the consumers fault and no one elses.

Funny, resident Republicans and Bush have praised consumers all these years for propelling the economy.

Only now all of a sudden when the piper comes a calling do you and the rest change your tunes.

You can't have it both ways.

 

[EagleKeeper]

If the consumers do not propel the economy, what does.

Manufacturing has to have somewhere to unload the goods.

People need to live within their means. If they can not do so, then either obtain higher income or lower their expenses.

No one borrows their way out of debt - ask any Dem about that.

 

[dmcowen674]

Originally posted by: Common Courtesy
If the consumers do not propel the economy, what does.

Manufacturing has to have somewhere to unload the goods.

People need to live within their means.

If they can not do so, then either obtain higher income or lower their expenses.

No one borrows their way out of debt - ask any Dem about that.

Thank you :thumbsup:

 

[blackangst1]

I havent *shrug*

 

[jhu]

i'd like to know what these people are buying and why they aren't able to pay the balance off each month.

 

[BarneyFife]

Got friends that buy all kinds of shit like 4 wheelers/boats/fancy cars and then they have no money. Geez, I wonder why?

 

[WHAMPOM]

Originally posted by: jhu
i'd like to know what these people are buying and why they aren't able to pay the balance off each month.

Gas-go-line, utilities, food, etc.. Those things that have doubled, tripled, or quadrupled in price in the last eight years. Can you say negative savings

 

[Engineer]

Originally posted by: Common Courtesy
If the consumers do not propel the economy, what does.

Foreign manufacturing has to have somewhere to unload the goods.

People need to live within their means. If they can not do so, then either obtain higher income or lower their expenses.

No one borrows their way out of debt - ask any Dem about that.

Corrected that for you.

Real wages stagnant....check.
Savings negative.....check.
Spending up.....check.

Only one way for that to be happening. Not suprising.

 

[teddyv]

I read the whole article, and saw this gem:

"Until recently, credit card default rates had been running close to record lows, providing one of the few profit growth areas for the nation's banks, which continue to flood Americans' mailboxes with billions of letters monthly offering easy sign-ups for new plastic."

So a rise from historic lows = sky is falling?

 

[Shortass]

Originally posted by: teddyv
I read the whole article, and saw this gem:

"Until recently, credit card default rates had been running close to record lows, providing one of the few profit growth areas for the nation's banks, which continue to flood Americans' mailboxes with billions of letters monthly offering easy sign-ups for new plastic."

So a rise from historic lows = sky is falling?

You must have missed the part where they were rising at alarming rates.

 

[Pacfanweb]

Originally posted by: dmcowen674

Originally posted by: blackangst1

When I was 19 (over 20 years ago) I had a job as a store manager for a rent to own company. 90% of my customers couldnt afford theyre rent payments yet every week they come in to pay for that 50" TV we delivered.

This really isnt anything new.

It's no ones fault but their own.

Is this not America?

Should they not have a TV or be able to watch TV?

As long as they can comfortably afford one, yes. If they live beyond their means, that's not any President's fault.

It's about time this happened, really.....people have been living far beyond their means a long time before Bush became President....his policies have had nothing to do with these financial chickens that are now coming home to roost.
And I'm glad they changed the bankruptcy laws....you shouldn't be able to charge up thousands of dollars of goods and just walk away untouched, simply because you bought more than you can pay for.

 

[Pacfanweb]

Originally posted by: WHAMPOM

Originally posted by: jhu
i'd like to know what these people are buying and why they aren't able to pay the balance off each month.

Gas-go-line, utilities, food, etc.. Those things that have doubled, tripled, or quadrupled in price in the last eight years. Can you say negative savings

Gas, yes. Utilities, food...no.

 

[Slew Foot]

Originally posted by: teddyv
I read the whole article, and saw this gem:

"Until recently, credit card default rates had been running close to record lows, providing one of the few profit growth areas for the nation's banks, which continue to flood Americans' mailboxes with billions of letters monthly offering easy sign-ups for new plastic."

So a rise from historic lows = sky is falling?

Said the same thing with foreclosures a few months back too. You used to be able to take out $$$ against your home to pay off your credit cards, cant do that anymore.

 

[DrPizza]

Originally posted by: Pacfanweb

Originally posted by: WHAMPOM

Originally posted by: jhu
i'd like to know what these people are buying and why they aren't able to pay the balance off each month.

Gas-go-line, utilities, food, etc.. Those things that have doubled, tripled, or quadrupled in price in the last eight years. Can you say negative savings

Gas, yes. Utilities, food...no.

Are you kidding? People who have to heat their home with propane or oil are paying a fortune the past two years, compared to what they used to pay.