Should have thought for that before having a kid. :roll:
They paid for that mistake. How about these asshats filing chapter 7 pay for theirs.
Should have thought for that before having a kid. :roll:
I screw credit card companies all the time and I encourage everyone here to do the same. My tried and true method really piss them off. Some say I am not playing fair but I think its fun. Best part is it always works, guaranteed.
The steps:
1) Never hold a balance.
2) Ignore those mailers and keep two cards max.
3) Never hold a balance.
4) Only get no-annual fee cards.
5) Never hold a balance.
6) Get cards with rewards. I have one that gives me 5% cash for purchases at supermarkets, pharmacies, and gas.
7) Never hold a balance.
8) Never take a cash advance.
9) Never hold a balance.
10) If I don't have the cash in the bank to pay for it, I don't buy it.
11) Don't hold a balance.
Heh heh..... boy it sure can be fun sticking it to the greedy credit card companies.
The steps:
1) Never hold a balance.
2) Ignore those mailers and keep two cards max.
3) Never hold a balance.
4) Only get no-annual fee cards.
5) Never hold a balance.
6) Get cards with rewards. I have one that gives me 5% cash for purchases at supermarkets, pharmacies, and gas.
7) Never hold a balance.
8) Never take a cash advance.
9) Never hold a balance.
10) If I don't have the cash in the bank to pay for it, I don't buy it.
11) Don't hold a balance.
Heh heh..... boy it sure can be fun sticking it to the greedy credit card companies.
Like "iwearnosox" said, just get your credit report from the three primary bureaus. But please consider your other options before filing bankruptcy. Bankruptcy, like divorce, was meant to be a last-resort for those who tried every other conceivable means to resolve their issues. Unfortunately, both of these have been abused and are now seen as an easy-out when things aren't going as planned.
I will refrain from lecturing, but consider these other options -- such as consumer credit counseling, getting a part-time job, or borrowing money from friends/family. Once all other options are exhausted, then you'll want to contact an attorney and obtain those credit reports.
Originally posted by: mugs
<kramer>they just write it off!</kramer>I think he meant the people filing for bankruptcy should pay off their debt INSTEAD of filing.
Correct. I could accept writing off the interest, but they should at the very least have to pay the principal.
Give me a break, I'm making myself look dumb? How the hell did you get me having problems with banks equating to ALL businesses? I guess, insurance, pharmaceutical, and oil companies are just like any other innocent mom and pop business too, right? Gee it's funny, after the banks got their stricter bankruptcy laws in place that they've been pushing for a long time, pretty much ALL banks doubled the minimum payments. Do you think this was coincidental? Banks don't want you to pay off your balance so why would they double the minimum payment? Do you think they increased the minimum payment to recoup the losses they incurred due to people filing for bankruptcy? No, they are already making HUGE profits. They increased the min to break people on the edge, so they can generate MONSTEROUS profits from charging late and overlimit fees. Bad customers (as banks would refer to people that pay their balances off in full each month) are not effected by this. This strategy is intended for the people right on the edge, just able to make the minimum payment. And let me tell you, those are the CC companies' BEST customers. Are those debtors most likely just financially negligent? Most likely. But there is no need to rape someone when they can't move. Are the banks within their lawful right to impose such rules? Yes. Are people within their lawful rights to file bankruptcy? Yes. The people charging knew the rules when they applied for the CC. But the CC companies also knew the rules (US laws) when they decided to create their business. Everyone is operating within the law. There is no such thing as morals in business, it's just business.
HardcoreRobot
Lifer
- Nov 7, 2000
- 16,403
- 3
- 81
Banks don't believe it is morally wrong to rape you, so you shouldn't feel it's morally wrong to file Chapter 7. Business is business.
That's how they work.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
You are an idiot with absolutely no knowledge of finance, economics, or business. The banks raised the minimum payments on CC's because the Fed required it. One, as a means to encourage people to quit borrowing so much debt, and Two, because the Fed has been steadily raising the discount rate (with the express intention of future raises) and that increases the Prime Rate which credit cards are based on. If the minimum payments were not increased, then those borrowers who pay only the minimum would have seen their balances negatively amortize.
It's funny, your paranoia here is almost Orwellian. Just a few years ago, credit card providers lowered their minimum payments as the Fed lowered the Prime Rate. Now as the Prime goes back up, and credit card minimum payments along with it, you can't see the correlation, just a false conspiracy.
Credit card providers' best customers are the merchants who pay the hefty transaction fees, and those customers who make their payments on time. That is where they make their money. Sure, banks have money to lend, and so they want to lend it and keep it lent out, but borrowers who slow-pay their debt are the credit card providers' worst customers, as the banks lose money on the high cost of servicing their accounts.
And no, Jack, you've never "taken care of" me. I know you don't understand this, but bluster doesn't win arguments, and that's all you ever argue with. You want to switch now to arguing finance and economics with me, I'd be more than happy to make you look bad again.
IronWing
No Lifer
- Jul 20, 2001
- 73,091
- 34,387
- 136
By the time most folks reach bankruptcy they have probably paid the credit card companies far more than they ever borrowed in principal. At 18%+ interest it doesn't take long for the interest to far exceed the principal. By declaring bankruptcy (over credit card debt) folks aren't so much screwing the card companies out of the principal as they are cutting into future profits to be made off the loan.
Yes, it is a moral judgement on MY part, but I guess that's why I don't make a good business man either. If a business chooses to ignore morality and put the almight $ before all else as long as they operate within the law, I will make an exception for them and do business the same way.
Vic
Elite Member
- Jun 12, 2001
- 50,422
- 14,337
- 136
"It doesn't take long"... LOL... you realize that this length of time is exact mathematics depending on the interest rate, right?
Also, you're extremely confused if you believe that all of the interest goes to the bank/credit card provider. I know this sounds wierd, but banks borrow the money they lend, and pay interest too. And credit cards aren't financed by depositors' savings accounts, but on Wall Street, with the appropriate cost of risk factored in (which in turn is dependent on portfolio profile). In other words, it costs credit card providers more money to lend to high-risk borrowers than to low risk borrowers.
Yeah. That's sure showing them! They'll never make any money!!!
Oh wait, I forgot about the blanket % they make on every time you *use* the card.
Please, don't lecture me on how CC companies do business, I've worked for them and know EXACTLY how they do business, and why they do what they do. And like I said, you are a fvcking joke, and I refuse to get into ANY debate with someone that has to resort to lying when debating. You are fvcking worthless Vic. I have NO respect for a liar such as yourself, and I'm definitely not going engage in a debate with someone like that.Originally posted by: Vic
You are an idiot with absolutely no knowledge of finance, economics, or business. The banks raised the minimum payments on CC's because the Fed required it. One, as a means to encourage people to quit borrowing so much debt, and Two, because the Fed has been steadily raising the discount rate (with the express intention of future raises) and that increases the Prime Rate which credit cards are based on. If the minimum payments were not increased, then those borrowers who pay only the minimum would have seen their balances negatively amortize.
It's funny, your paranoia here is almost Orwellian. Just a few years ago, credit card providers lowered their minimum payments as the Fed lowered the Prime Rate. Now as the Prime goes back up, and credit card minimum payments along with it, you can't see the correlation, just a false conspiracy.
Credit card providers' best customers are the merchants who pay the hefty transaction fees, and those customers who make their payments on time. That is where they make their money. Sure, banks have money to lend, and so they want to lend it and keep it lent out, but borrowers who slow-pay their debt are the credit card providers' worst customers, as the banks lose money on the high cost of servicing their accounts.
Yeah, you're right. It's hard to get rid of a liar.
Um, you think they're making money off Windogg? Is that why CC companies would LOVE to get rid of people like him? Because they make so much money when he "uses" his card? Hate to break it to you, but I know for a FACT that at least one LARGE CC company doesn't like people like Windogg. It actaully came out of a the CEO's mouth during a meeting. They were actually trying to find a way to get rid of those people, without looking like they were trying to get rid of them.
Credit card companies make more with the transaction fee then they do from interest rates, penalties and annual fees combined. A lot of people that rack up the huge fees and interests are deliquent, and credit card companies spend a lot of money trying to collect on non payers. This part of credit card companies income is not as lucrative as the merchant fees.
Remember credit card companies get around 3% to 7% of each purchase. There were around $2,000,000,000,000 in credit card transactions last year. Multiply that by 3.5% transaction fee charged to merchants (3.5% is just a estimate and a average of varying rates merchants are charged) and that is $70,000,000,000 just from merchant fees.
$70 billion a year from merchant transaction fees. Now your telling me credit card companies do not want people that pay their account off each month? You got to be kidding me.
You're right. I'm done with this discussion. CC companies LOVE people that pay their balance off each month, and are just like any other nice little businesses out there. Sounds good to me.
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