Mo0o
Lifer
- Jul 31, 2001
- 24,227
- 3
- 76
http://forums.anandtech.com/messageview...atid=51&threadid=1630217&enterthread=y
Good money management skills
Good money management skills
OUCH! Nice catch Budmantom.
I actually think everyone should file Chapter 7, so I can laugh when the greedy ass banks come crashing down. I will laugh I tell you!
sell your alienware laptop to pay your debt.
i wouldnt file for bankruptcy unless i was owing $50K to $100K on the creditcards and didnt need to buy a house or car in the near future.
if you are considering filing bankruptcy, make sure you use up all the available credit you have left. that'll teach them to never issue you credit again.
don't feel sorry for credit car companies, now for other people/companies it's not cool, but you can still pay them back later.....don't pay back those credit cards thou, that is asking for trouble, also don't run up all your cards to the max just before filling, bad idea
UsandThem
Elite Member
- May 4, 2000
- 16,068
- 7,383
- 146
I filed for bankrucpy back in 2002 (was discharged in 2003).
It was the hardest decision of my life. I tried for about two years to pay, but with the interest there was no way to start inching ahead (even with reduced rates). I still think that showing up in court in front a ton of people to certify that I couldn't pay my bills was very embarassing and hard to do.
I figured a lot of the people there would seem "trashy", but almost all were people who had made some bad decisions or had some very bad luck.
Now that it has been been two years, I am now just starting to get things turned around financially. It will be on my record for another eight years.
I, for one, am glad I did it.
Now as far as people saying that they have to pay for bankrupcies are not looking at the big picture.
Wells Fargo posted almost one billion dollars in net profits (a record at the time) during the economic downturn after 9/11, even with the increase in people filing for bankrupcy.
These poor credit card companies send me at least three "please get our card" daily.....even with a bankrupcy on my record.
Don't forget that they get the interest and percentages of every purchase that is made. They are not innocent small businesses.
That said, I still do feel bad to this day for having to go into bankrupcy.
It was the hardest decision of my life. I tried for about two years to pay, but with the interest there was no way to start inching ahead (even with reduced rates). I still think that showing up in court in front a ton of people to certify that I couldn't pay my bills was very embarassing and hard to do.
I figured a lot of the people there would seem "trashy", but almost all were people who had made some bad decisions or had some very bad luck.
Now that it has been been two years, I am now just starting to get things turned around financially. It will be on my record for another eight years.
I, for one, am glad I did it.
Now as far as people saying that they have to pay for bankrupcies are not looking at the big picture.
Wells Fargo posted almost one billion dollars in net profits (a record at the time) during the economic downturn after 9/11, even with the increase in people filing for bankrupcy.
These poor credit card companies send me at least three "please get our card" daily.....even with a bankrupcy on my record.
Don't forget that they get the interest and percentages of every purchase that is made. They are not innocent small businesses.
That said, I still do feel bad to this day for having to go into bankrupcy.
yep cedit card companies whine to congress, to stop bankruptcy. but there profits are thru the roof at the same time. they help cause it, there trick is to loan people money at low interest rates, 9 months later they merge or are bought out buy another credit card company, then raise the interst rates high and screw people over
also the credit card companies say they lost all this money, they kinda lie, what they did lose was potential profit, and they make out like they are in the red when they really aren't
get the picture?
get the picture?
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
Every deadbeat who doesn't pay back the money he borrows forces credit card companies to raise their interest rates that much higher. In a way, it's scarcely different than shoplifting, and the calculation of this risk of non-repayment is very similar to insurance underwriting.
You don't have to borrow. No one is forcing you. Don't like the terms, don't sign the papers and take their money.
Get the picture?
Gunslinger08
Lifer
- Nov 18, 2001
- 13,234
- 2
- 81
I hate people who whine about capitalism and the importance of money in our society.. it's always the people who don't have any because they don't have the skills to get it.
well I filed for bankruptcy a while back. afew of the credit card companies were pissed, but a few weren't
one even told me I did the right thing, he said don't worry about us, there insured.
another one was real nice too, they looked thru my records and told me that they still made money on me anyhow since I paid interest for years
one of them even wants to give me another credit card, no thanks
one even told me I did the right thing, he said don't worry about us, there insured.
another one was real nice too, they looked thru my records and told me that they still made money on me anyhow since I paid interest for years
one of them even wants to give me another credit card, no thanks
IronWing
No Lifer
- Jul 20, 2001
- 73,073
- 34,351
- 136
True. By the same token the credit card companies didn't have to offer the the credit. They chose to loan money based on a signature. They thought they could make a lot of money charging a rate that reflected the risk. They probably did, even with the default. Why should anyone feel that the credit card company was wronged. Bad investment, take the lumps, if there were any, and move on.
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