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My Budget 360
October 22, 2009
- A d v e r t i s e m e n t
The love hate relationship with credit cards for many Americans is probably leaning more in the hate stage at the moment. Americans have over $2 trillion in revolving debt – $1 trillion of that is plastic. The
average American has come to rely on credit cards as a form of supplemental income, like retirees come to rely on Social Security. You would assume with the
Federal Reserve flooding banks with easy money that credit card terms would ease up on consumers. They have not. If anything, terms have gotten more onerous in the last year. Credit card companies are battling with increasing default rates and trying to figure out how to maximize profits. As it turns out, they now have to cannibalize their good customers for their horrid lending practices during the
debt bubble.
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Comment Rules
October 22nd, 2009 at 12:14 pm
Silly stuff!
LearnAboutSilver Reply:
October 22nd, 2009 at 12:41 pm
What’s the point to pay credit cards by throwing money into the wind when you can use that money to buy silver, this metal is so undervalued that it’s set to break records.
Bloomberg released a report yesterday that silver may outpace Gold in mid 2010. Anyway, I recommend learning about silver and specifically “junk” silver coins for barter situations in the coming days: http://www.silverbarter.com
ren Reply:
October 22nd, 2009 at 1:37 pm
Fall of the Republic torrent http://btjunkie.org/torrent/Fa.....5f99a9b2f2
InvestigatEverything Reply:
October 22nd, 2009 at 1:46 pm
I stopped paying all of my credit cards over a year ago. Let them try to take blood from a stone.
Fritz von Fritsch Reply:
October 22nd, 2009 at 2:14 pm
Way to go. You set an example. Now let’s get the rest of the people to do the same and finally bankrupt that corrupt paper & plastic system.
Cheers!
Stop Paying Reply:
October 22nd, 2009 at 3:05 pm
That’s what I was saying years ago, if EVERYONE stopped paying their credit cards all at once, we’d put the banksters out of business! What collection agency is gonna buy that kind of debt? Just the sheer volume of paper work would clog up the system for decades.
kj Reply:
October 22nd, 2009 at 4:21 pm
They are going to find a way to damage your credit no matter what you do. So fuck them I have not payed on my credit cards for years. Bankrupt everything you can while you still can. Everyone is going to have shit credit so fuck it.
Kris Reply:
October 22nd, 2009 at 5:44 pm
How does it feel to steal from your fellow Americans?
Where do you think the credit card company got the money that you stole?
woo hoo Reply:
October 22nd, 2009 at 6:21 pm
I got some information for you INFOWARRIORS.. All Money is DEBT.. the only thing that is worth anything is your signature on the promissory note when u signed up for the creditcard. ALL MONEY IS CREATED via YOUR SIGNATURE..
old maxim of law. Those who create the liability must provide the remedy.. You created the money via a signature you can pay the money via a signature. check our commercial law. That is your key !
all money is fiction. use fiction to pay it. Anyone who is gonna default on their mortgage.. TELL THE COURT/ JUDGE / COMPANY TO PROVIDE YOU WITH THE MORTGAGE THAT YOU SIGNED .. they cannot do it because they got chopped up into securities and sold, re hashed and sold again and again and again called derivatives. Which is the crash we just had.
- Also by law they HAVE to produce the mortgage note.. but they cant cause they sold it. so they cant legally kick you out your home..
)
peace ppl ! inform the ppl !
^Hawk^ Reply:
October 23rd, 2009 at 6:23 am
I think the best thing for many people would be to have the credit score lowered to a point they can’t make any more bad choices. Fastest way to do that is just to stop paying on your credit cards.
The credit business is a risky business, you lend people money and hope they will honor their commitment to pay it back. McDonald’s is a risky business, you spend hundreds of thousand of dollars on a franchise in hope that people will buy your hamburgers. Nothing is guaranteed in this world.
The banks are reaping what they sowed…….I feel really bad for them…….NOT!
ModerationVacation Reply:
October 23rd, 2009 at 10:26 am
I had one CC about 15 years ago. I could tell at 20 years old that they were vampires so I cancelled it and never got one again. I live within my means which are meager at best, but at least I never got sucked into competing with the Joneses over who has the bigger house, faster car and best dressed children.
BanksterCrook Reply:
October 23rd, 2009 at 12:15 pm
Woe is me! What shall we do? People are waking up! They no longer feel the need to pay us back our fiat money with deadly interest. Whatever will we banksterCrooks do?
WAYNE PACIFIC Reply:
October 23rd, 2009 at 6:49 pm
Citibank recently raised my credit card rate from 5.99% to 26% because I was late on a payment. That is criminal and unethical usury. Private individuals are forbidden by law from lending a more than a 10% rate!! I am think of stop paying.
replying to everyone on my case. Reply:
October 27th, 2009 at 10:24 pm
“I’m not saying I’m gonna change the world, but I guarantee that I will spark the brain that will change the world.”
I say each person takes the time and pick up there cell phone or what ever and starts calling there family, friends and people 1 by 1 to try to awake them to the truths, If you cant take that type of simple action, then your really not doing anything.
I personally do it myself daily, people needing help escaping the credit problems so they can afford to live, so they can afford to keep family safe for future, they come to me for help, I teach every single day for FREE by appointments, it nice to know i have job that give me freedom to open minds and help people with REAL issue like credit, and the financial traps the banks try to put us in, credit is something NO American has ever learned in high school or college!
It not anyone’s fault expect our own for not being willing to accept what we don’t know and our willingness to learn, we do have some rights left, especially against the for profit credit bureaus that work for the banks, and in today’s credit driven society it about making them work for you instead of against you, it just system, you either let it control your life or you take control of the system!
If you need help with anything credit, finance, related don’t be afraid to check out our website or blog videos on FREE credit education, we rather teach you there tricks so they cant trick you.
http://www.creditambassador.com
FreedomLover Reply:
October 22nd, 2009 at 12:42 pm
On what do you base that idiotic comment? It’s serious stuff to millions of people. Just wanted to get your name on the post first? Sad, just sad.
None Reply:
October 22nd, 2009 at 12:50 pm
Sounds like someone wanted to be FIRST and is now bitter.
FreedomLover Reply:
October 22nd, 2009 at 2:38 pm
Good grief! I don’t play those high school games!
nextgen Reply:
October 22nd, 2009 at 12:48 pm
If you do have credit card debt, pay it off asap.
The best way is to put it all on a 0% balance transfer card, which is typically 0% for the first 6 months, and then pay it all quickly. This website has 4 discover cards that are 0% for 6 months, and 1 that is 0% for 12 months, after that period, it jumps up to 11.99%, which is pretty low considering most cards are around 20 or 25%.
Again, the credit cards will change their ‘policy’ soon, so do it now before this happens.
If you mess up, you will be looking at 29.99% so I advice you take action now.
grandma Reply:
October 22nd, 2009 at 1:44 pm
yeah, OK.
Griz Reply:
October 22nd, 2009 at 2:03 pm
How about max it out and leave it to run? Screw the banks, they got enough free money to pay off every debt in the US a couple of times, so they rob us, we should rob them!
BanksterCrook Reply:
October 23rd, 2009 at 12:22 pm
Go Griz. They screwed me over, and I paid ‘em off. Wish I could have charged to the max and walked. If I knew then what I know now, I think I would have. They are CRIMINALS.
william b travis Reply:
October 22nd, 2009 at 3:19 pm
cut up that fucking card and throw it in the garbage
go to a local credit union get a card from them
do not repeat do not do any business with multi national
banks that have participated in the bailout theft
semperfortis Reply:
October 23rd, 2009 at 10:00 am
everyone should max out all credit, then not pay it back. if everyone would work together what could the multinational c.c. companies do? i am sure this would benefit all but the very rich. when i was younger i mentioned this in a college business class ” if everyone refused to pay back their debts, who would enforce repayment?” keyword is everyone. who would seize our stuff if all were in on it?
October 22nd, 2009 at 12:15 pm
Greed, Greed and more Greed!!!!
October 22nd, 2009 at 12:22 pm
Rothschild says… http://www.youtube.com/watch?v.....rofilepage
sumsrent Reply:
October 22nd, 2009 at 10:40 pm
The fact is… when you sign the paperwork; with your signature… you’re giving them your word to pay it back. That’s honest, good business.
Our free enterprise system is dependent upon the exchange of the money… hold back from paying your debts and the cycle eventually dries up.
Keeping your word comes with rewards… lower interest rates, better loans, growth, etc.
I like the ole’ handshake method… but unfortunately we have a society that cares less about keeping their word and taking the easy way out.
The problem isn’t with paying back the debts, any arrangements can be made/demanded… it started with over spending. It’s a shame that Amerikanz are duped into NOT keeping up with the “Jones”… but they go all out to keep up going beyond what their limits should be…
If you can’t keep your word to pay it back… don’t borrow money!
Mark Reply:
October 23rd, 2009 at 2:29 am
Bite me loser! I have A+ credit and the banks secretly raised my interest rate to 25%. I wish now i did have high credit card balances (I have no credit card debt). If I did I would stop paying.
Chris~ Reply:
October 23rd, 2009 at 5:40 am
Mark – you have a 25% interest rate because of those that default on thier credit cards and loans. People saying to not pay your credit cards will only work if everyone in the country does it. If everyone does not do it, and only a few do, the ones that pay their credit cards and loans will be the losers.
Dont get me wrong, I am not a fan of the banks and their tactics used to rip off many people with credit card fees and high interest rates. If you really want to hur the banks, use the credit card, but pay off the full balance every month. The banks hate people that do this, as you are using the banks money, for free, for 28-31 days.
louie Reply:
October 23rd, 2009 at 10:08 am
You do not have to stop paying, just stop CHARGING! They will get the message.
sumsrent Reply:
October 23rd, 2009 at 11:04 am
Mark… I’m not a fan of the banks tactics either…
In fact… a credit card reserves the right to raise their rates if you’ve been late on another card or loan that doesn’t have anything to do with them. Not a secret… see your contract… but a crock of shyt…
Simple mistakes such as not being aware of a card having a balance can cause future problems… even one day late.
Unlike your perfect fake azz rich self… most others don’t have the luxury to pay off their credit cards each and every month… so as you whine about your high interest rate that “you” can choose not to use, many are stuck without those options. So take your bragging A+ credit and shove it! You’re the loser… when your whole post is about bragging to others that you don’t have credit card debt! Whoop di damn do!
Advocating not paying off a debt is flat out wrong… terms can be agreed upon, one way or another.
BanksterCrook Reply:
October 23rd, 2009 at 12:38 pm
sumsrent, what planet are you from? Let’s see, bankers print money out of thin air and loan it to us at interest rates that ensure that no one can pay it off. They cheat people on mortgages and other documents, but WE asre supposed to play by the rules. Don’t you realize that they use your very values against you? Yes, when you deal with ordinary people, you should keep your word. Banksters are like snakes. If you can make a deal with a snake, feel free to.
http://www.youtube.com/watch?v=SwRFoxgEcHc
October 22nd, 2009 at 12:32 pm
Cash only.
Barter soon.
Learn survival skills fast.
The only thing the government has for you, is death.
October 22nd, 2009 at 12:34 pm
It used to be called Loan sharking, now it’s called “good business”. I have seen first hand the kind of tricks these companys will play. Don’t ever get a pay-day loan,…in fact try to stay away from credit all-to-gether. Ever notice that the most corrupt company’s (excluding Unions, and Law Firms) are the ones who jiggle numbers and use compounding interest to squeeze blood from stone. Credit…It’s a trick…get an axe!!!
sumsrent Reply:
October 22nd, 2009 at 12:54 pm
Why would you exclude unions and law firms?
Lawyers are some of the best at squeezing the life blood out of people! The injustice and crookedness of this field is only outdone by doctors!
Mm79 Reply:
October 22nd, 2009 at 1:38 pm
No no no…I meant to exclude them as far as using numbers and credit! No I can’t stand layers
(professional liers). Unions had a place in this country until they got into bed with the government and started caring more for their coffers than for their clients. No, no argument here. Doctors…there are good ones and bad ones mostly good (I would not be walking were it not for my doctor and the advances in our health care system) Layers…mostly all bad IMHO.
October 22nd, 2009 at 12:36 pm
Sure the credit card banks don’t make that high interest on people
who pay off every month. We keep a small running balance on our
single credit card and get a good deal; well as good a deal as
you get dealing with criminal banks. What do you think, should we
GET RID OF CREDIT CARDS ALTOGETHER?
FreedomLover Reply:
October 22nd, 2009 at 12:45 pm
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
Make up your own mind.
Whitney Reply:
October 22nd, 2009 at 10:21 pm
The Holy Bible
Sirach 13. A rich man will exploit you if you can be of use to him, but if you are in need he will forsake you; he will drain your resources and he will not care. When he needs you he will deceive you, he will smile at you and give you hope.
Sirach p. 13: He will not show partiality in the case of a poor man; and he will listen to the prayer of one who is wronged. 14. He will not ignore the supplication of the fatherless, nor the widow when she pours out her story. 15. Do not the tears of the widow run down her cheek as she cries out against him who has caused them to fall?
Sirah 4-9 Deliver him who is wronged from the hand of the wrongdoer; and do not be fainthearted in judging a case.
Sirach 21. When a rich man totters, he is steadied by friends, but when a humble man falls, he is even pushed away by friends. If a rich man slips, his helpers are many; he speaks unseemly words, and they justify him. If a humble man slips, they even reproach him; he speaks sensibly, and receives no attention. When the rich man speaks all are silent, and they extol to the clouds what he says. When the poor man speaks they say, “Who is this fellow?” And should he stumble, they even push him down.
Sirach 4. My son, deprive not the poor of his living, and do not keep needy eye waiting. Do not grieve the one who is hungry, nor anger a man in want.
Sirah 33 – 21 The bread of the needy is the life of the poor; whoever deprives them of it is a man of blood. To take away a neighbor’s living is to murder him; to deprive an employee of his wages is to shed blood.
Bullies and exploiters at the workplace:
Sirach, 4 – 20 Do not abuse a servant who performs his work faithfully, or a hired laborer who devotes himself to you. Let your soul love an intelligent servant; do not withhold from him his freedom
Isaiah:
17. Cease to do evil, learn to do good; seek justice, correct oppression; defend the fatherless, plead for the widow.
louie Reply:
October 23rd, 2009 at 10:11 am
Keep using your plastic if you wish and keep paying the crooks, it is your money. Join a credit union and use cash as much as possible.
October 22nd, 2009 at 12:48 pm
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- Fall Of The Republic: The Presidency Of Barack H Obama
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October 22nd, 2009 at 12:52 pm
Can we expect anything else other than to get our nuts squeezed till they’re purple from a bunch of lying, thiving, no good, foreflushin’, sacks of monkey spunk soaked shit like the credit card companies and banks? You deal with assholes, we can expect to be covered in shit.
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Geoph Reply:
October 23rd, 2009 at 1:21 am
BobLee,
Cograts, you have by far the most intelligent and entertaining post.
Thanx, LMFAO!
ME.
rclark23 Reply:
October 23rd, 2009 at 2:46 pm
BRAVO BLee,,
I needed a *Good Laugh today,,,* and You my Patriot Friend had me at “sacks of monkey spunk soaked shit”
Wonder when Alex will mention it’s Now the Time to FLY ALL Our Patriot Flag’s in their proper positions,, God I thought this Day/Revolution would never come!! ARREST THE BANKER SCUM
i.e. You deal with assholes, we can expect to be covered in shit.
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October 22nd, 2009 at 12:56 pm
All my credit cardsare in default. How the hell do you pay off your credit cards when you have had no Job or can not get one like I have for over a year?
Madman Reply:
October 22nd, 2009 at 2:55 pm
The answer is, you don’t.
Bankruptcy will stop the calls, and ruin your credit at the same time, but if it’s already ruined, who cares? Bankruptcy will cost you 1500 dollars easy… heck, put it on the cards, in 200 dollar cash advances, max them out, wait 2 months or so, and then file. Just an idea, not saying you do it.
gabriel Reply:
October 22nd, 2009 at 8:03 pm
helll yea..
sumsrent Reply:
October 23rd, 2009 at 12:40 am
cardog… If this double posts… sorry… waited half an hour…
It’s hard to give advice without knowing your complete situation… however; assuming that there is some sort of income coming in from somewhere… spouse/unemployment.
Call each of your credit cards and request to be put on a hardship program… don’t let them blah, blah with it… be firm and ask for the supervisor if you can’t get satisfactory results such as extremely low interest rates of approx 6% and monthly payments near 30 bucks on $1000.00 limits. These agreements are for usually 12 month periods and you’ll have to reset the program up when that time expires. Keep your word and set up auto drafts so forgetting is not possible.
October 22nd, 2009 at 1:14 pm
If you don’t have the ability to pay off your credit cards, in full every month, you shouldn’t have been using them. The only ones to blame for America’s financial crisis are the end users of the available products. Nobody forced anyone to use the cards, lines of credit or to purchase a home when it was affordable for the family.
America, time to look in the mirror and perform a gut check.
All are accountable.
Madman Reply:
October 22nd, 2009 at 3:00 pm
That’s the one thing most people don’t get kris… the only people who should have credit cards, are those who don’t NEED them to start with.
I look at them, as tickets to enslavement. You go into a store, and buy a 200 dollar item, going, I can pay 50 dollars a month on it, and have it paid off in no time, then life happens, more junk goes on them, you find yourself short of cash somewhere, and throw it on the card, and then when the bill comes in, your mouth hits the floor, and you pay the minimum payment… repeat for a few months, and after a while, you realize you are in hot water, but another company sent you a new card with 0% interest for 6 months, so you go, I can pay this off… 6 months later, you now have both cards nearly maxed… it’s a endless, irresponsible cycle, that feeds off it’s self, until there is no way in hell you can pay it off.
The road to hell is paved with good intentions… the road to financial ruin is paved with good intentions and plastic.
tbech Reply:
October 22nd, 2009 at 4:51 pm
I seen this post and I would like to say something about who should have credit cards and who shouldn’t.
Bare with me I am not an English major.
What about the divorced male that pays 1/3 of his paycheck out for child support, I adopted a child that was not mine so he would grow up with a father in his life. I get divorced and pay just under $200.00 a week for one child. That hurts! That is above and beyond what anyone should have to pay for support. I couldn’t even pay for gas to get to work and sometimes didn’t have food. I didn’t have any credit so stupid me got my first credit card, I was able to pay for gas and food for a change. I guess this isn’t the credit card companies fault but you can’t win with child support, so what is a man supposed to live on? I know there is other men in the same situation I am in, I was a nice guy and doing what was right and I have no problem supporting my son but the system burns the nice guy… Nice guys finish last!
By the way I have 5 credit cards , they are maxed out and I stopped paying almost 10 months ago, Why you ask? I called all of them and asked for them to help me in some way and they all said they couldn’t. Now I have them calling wanting to help me. Now it’s too late I am so far in debt I can’t get out. It’s funny they don’t want to help til you completely stop sending them money….
sumsrent Reply:
October 23rd, 2009 at 12:25 am
Somehow there’s a way to get them to do a review and lower that amount… that does sound like a lot compared to what I’ve seen and heard here in TN.
tbech Reply:
October 23rd, 2009 at 10:31 am
There is a way to get a review, I did ask for a review and they said they wanted to raise it more. I got a lawyer and she did get it down to $150.00 a week. It is better but still way too high. The problem is even if I get a second job to get my bills caught up if they do another review they will use the new amount of income and the support will go up even more. There is no way for me to win unless someone will pay me under the table for cash and not pay taxes on it… See I don’t know how it works in other states but here in Ohio the child support agency figures if you get a raise or get a second job then you will spend more on the child so they raise the support. The way I see it is that if I make more money that is more money I can pay bills with or buy food, not another playstation game for my son or half the car payment for my ex-wife. She has had 3 new cars since we have been divorced, I am still driving the same 12 year old truck with 230,000 miles on it and I hope it will last for another 5 years til I am finished with support.. So you can see where the support money goes!!!! Sorry about going on and on but the whole thing just pisses me off everytime I think about it….
sumsrent Reply:
October 23rd, 2009 at 12:05 pm
I agree with you whole heartedly… it’s a racket… 1/3rd the income… who spends that much on a kid? This is another way that the elitists are driving a wedge in breaking up families further.
How can one “not” have ill feelings towards their ex’s and feel right about turning their teenager away when they come asking for money when they get older.
Fortunately, you’re able to pay… I know of some that are making back payments and others that will be paying for years and years.
Press on there fella… just a few more years… but don’t feel bad for not giving any more. A good ex would be putting a portion of that money away for the kid’s future schooling and housing and transportation instead of living lazily on it.
October 22nd, 2009 at 1:21 pm
Anyone get a penalty for paying on time? If so what card?
Unconquered Reply:
October 22nd, 2009 at 1:49 pm
Hell no and the day I do I’ll be cancelling. Anyone who puts up with that s**t is a fool as there are many other smaller banks that would love to have responsible, paying customers. Or credit unions.
Madman Reply:
October 22nd, 2009 at 3:05 pm
I’ve already had to cancel several cards, because they were jumping the interest rate to 30%… I will continue to do so, as long as card companies act like they can screw me at any given time.
Pay the damn things off, if you can… if not, don’t worry, be happy, cut them up… or my preference, set them on fire and piss on them to put them out… and be done with the card game, period.
I went from 12 business cards, to 1 Amex, and 1 Visa for gas… and I pay each off, each month
witman Reply:
October 22nd, 2009 at 2:45 pm
I pay $100/year for my card. I use it for everything and always pay off the balance. I get vacation points for using it and I accumulated $800 in one year that I put toward a trip. Your credit card should pay you!
Unconquered Reply:
October 22nd, 2009 at 3:59 pm
$100 a year?! I would shop around fo’ sho! I use mine for (just about) everything to get reward points and I don’t pay an annual fee. I refuse. There are too many choices out there. Absolutely right. Make your credit card pay for you!
roaddog6 Reply:
October 22nd, 2009 at 2:47 pm
mac—I got penaliyzed for paying down on my balance last month because I payed to get it below the max. amount, but in the middle of the month, they charged me interest which put it over again, then they charged me a over max fee on top of it. Well I called and complained and they adjusted it, after I sent them some money. But at least they fixed it. They charged me interest on the late fee on top of interest is what they did. holy fuck. It was a 1st financial credit card.
Madman Reply:
October 22nd, 2009 at 4:27 pm
Road Dog,
Cut it up… and look up what unsecured debt means.
http://www.nasdaq.com/personal.....ossary.stm
They have nothing to take from you, because it’s unsecured… you didn’t offer your house up for the card, so there is, in effect nothing they can come after to collect your debt, it’s unsecured.
roaddog6 Reply:
October 22nd, 2009 at 4:34 pm
yeah I know that. There’s nothing they can do if nobody pays the bill. But I’m moving real soon and I’m gonna need it, as much as I hate to admit it.
Madman Reply:
October 22nd, 2009 at 4:35 pm
Use it like a cheap whore… and once you get what you need, toss it out on the street.
Just don’t pay them back, if you can’t afford it.
Kris Reply:
October 22nd, 2009 at 5:28 pm
Anyone want to take a guess why interest rates are so high? It’s this guys attitude that drives up the rates for good customers. What this person is stating is to steal or commit fraud.
roaddog6 Reply:
October 22nd, 2009 at 5:33 pm
no its not. Its something called usury.
Kris Reply:
October 22nd, 2009 at 5:43 pm
Usury has been around for a long time and has always worked out. Debtors need to borrow money, Lenders need to make money. It is not bad to charge a small portion of the debt in order to lend money. What causes problems is non-payment.
Look at it this way.
Bob needs to buy a car but doesn’t have $1000 (this is all hypothetical).
Steve can arrange the $1000 to lend but wants to make a little money on the investment so he charges Bob $200 to borrow the $1000 for 1 year, this is not unreasonable.
Bob doesn’t pay Steve back so now Steve is out the $1000.
In this example Steve gets screwed.
But what if Steve didn’t have $1000 to lend and he needed to borrow it from you Roaddog6, and a couple of your friends.
You are the investors and ultimately have to bear the burden of this bill.
So who’s to blame?
Bob for not paying?
Steve for making a deal with someone unreliable?
Or the investors for allowing the transaction to actually take place?
Was it the usury charged that caused Bob to default on the loan?
Would the investors have lent the money if they weren’t going to benefit?
Madman Reply:
October 22nd, 2009 at 6:57 pm
I simply pointed out that the credit card companies take this risk on any unsecured debt card they issue… and is the reason they have write off’s. I simply pointed out, that in a usury system… if the banks accept that risk knowingly knowing that a certain percentage of people will not be able to ever pay them back, they have raised interest rates to compensate for their losses. I heard of a credit card that is now charging 79.9% interest… so, in my opinion that is outright theft.
ExtraG Reply:
October 23rd, 2009 at 4:52 am
ever heard of a deal with the devil? kris you sound like to make ppl offers they cant refuse
louie Reply:
October 23rd, 2009 at 10:22 am
Everybody needs to read a fantastic little booklet about credit. http://www.justiceplus.org/bankers.htm
October 22nd, 2009 at 1:42 pm
What is with the people gunning for the first post after each article?
Do you not have a job?
If you don’t have a job, then why the fuck aren’t you handing out DVDs or calling in to Neocon & Communist talk shows? What the hell are you good for?
My God Man
Madman Reply:
October 22nd, 2009 at 3:12 pm
Small minds, is my guess… I don’t see what the big deal of posting first is myself… other than to be annoying assholes.
They probably don’t have a job.
Most people will die as they have lived, lives of quiet desperation… without so much as tugging against the chains that shackle them…
October 22nd, 2009 at 1:46 pm
The problem is that they raise their rates to those beyond classical terms for usury w/out any consent.
Is not that a hustle Kris? If I loaned you $100 for a week at 10% interest and then charged you 25% interest at the end of the week would that be fair, legal or binding? Even if I sent you a letter 1/2 way through the week stating that I am raising you rate?
This entire system form eduction to money to politics to religion to military is a GIANT HUSTLE. STOP COOPERATING AND BUILD LOCAL NETWORKS WITH YOUR COMMUNITIES. Have you ever heard of the Ithica Dollar?
witman Reply:
October 22nd, 2009 at 2:47 pm
If you look at your laws, you’ll find that in order for a contract to be binding, both parties must be equal. If both parties are equal, you can send a letter to the credit card company telling them that you are lowering your rate just like they do to you.
October 22nd, 2009 at 1:49 pm
banks, banks, banks, ruining the world for 100’s of years
witman Reply:
October 22nd, 2009 at 2:47 pm
You’re missing a zero on the end! It’s 1000’s of years.
Kris Reply:
October 22nd, 2009 at 5:31 pm
Banks aren’t the problem. Lack of credit training is the problem. Perhaps there should be mandatory school programmes that teach young adults how to use credit to their benefit. This would solve most of the credit crunch problems.
October 22nd, 2009 at 1:49 pm
The statement that Bank of America put out last weekend showed the losses mostly in the secured loans, also they had 3/4 of a Billion in Derivative losses. Frankly if the credit card companies don’t take care of their A accounts they will lose them to other companies that will gladly take the cream accounts from them. I have noticed that also pay by phone now takes 2 days to record to ones account instead of the next day, another ploy to make default rates to kick in even though you paid on time. I have also noticed they are not increasing credit lines like they use to.
John in Texas Reply:
October 23rd, 2009 at 2:55 am
Also Bank of America charges you when you pay by phone…sucks to pay off a card then 3 months down the road find out the balance is $150.00 and you never even used the card. That is such bullshit to charge customer that pay by phone.
October 22nd, 2009 at 2:18 pm
i live with my partner of 20 years.ive never had a credit card in my life and dont owe a penny to anybody.my partner has a credit card and is up to her tonsils in debt.shes supposed to be the sensible one in the relationship,i beg to differ.dont give those scumbags your money,if you need it save for it.
Kris Reply:
October 22nd, 2009 at 5:33 pm
Bingo. If you want it bad enough you are going to have to “cut the fat” to make your purchase. Anyone cares to dispute this statement can feel free to but you need to go no further than a person that is 70+ years old, ask them about savings and they will explain the facts of life to you.
Madman Reply:
October 22nd, 2009 at 7:03 pm
The road to financial ruin is paved with credit card debt.
October 22nd, 2009 at 2:54 pm
support local trading…
October 22nd, 2009 at 3:22 pm
http://www.youtube.com/watch?v.....r_embedded
October 22nd, 2009 at 4:30 pm
A very large credit card company took me to court. Yes, I was served papers by the local sheriff’s office. This was after months of harrassing phone calls to me and my family in other states. As it stands right now the judge ruled in my favor to allow me to present my side of the story.
Folks, the banks want to relegate us to a number, a credit score. That’s all we are to them.This is a system similar to the Feudal system that exsited in the middle ages. They want us to be their slaves. People are waking up. Don’t pay them if you don’t have the money. There are no debtors prisons.
Kris Reply:
October 22nd, 2009 at 5:35 pm
This is the worst attitude. Always someone else’s fault and never due to irresponsible spending habits.
freedomgal Reply:
October 22nd, 2009 at 7:29 pm
Funny, I never said I didn’t get myself in debt. There is a side to my story as to why I can’t pay it back at the exorbitant interest rates they are charging me. Guess I’ll let the judge decide. Glad you aren’t my judge.
Kris, do you think that the American people are the criminals for getting into debt? I am curious as to your line of thinking.
Kris Reply:
October 22nd, 2009 at 8:21 pm
In the end it is the consumer, and since you are asking me about Americans in particular. How about “Cash for Clunkers”. The newspaper/internet/talking heads say recession, recession, recession. And then the opportunity arises that you may be able to exchange your old shitty car as a down payment for a new car. And does the public eat it up? Of course. More loans, more interest, more consumption.
There are lots of examples of poor spending as well as legitimate stories as to why some people can’t pay, but to state “Don’t pay them if you don’t have the money. There are no debtors prisons” promotes a no consequence attitude.
I can only assume that in your case, you must have either the assets or steady income that would warrant a legal action, as the banks are not dumb, they only sue people that they are going to be able to realize a recovery from. Of course I am aware of instances where some banks will sue out of principle because the customer was a real prick.
freedomgal Reply:
October 23rd, 2009 at 11:04 am
You are wrong to assume that the banks take people to court based on their assets or income because I know of a specific man who is on disability income and they took him to court over $900.00. He didn’t even have a permanent home at the time. So what’s your take on that? Why would a credit card company spend money on lawyers to pursue $900? My take on it is either pure greed or total harassment of the american people. How can you defend the very people who are taking all this printed money and hording it further creating an only bigger bubble of future debt in this country? Our children’s children will be paying back this monopoly money through higher and no doubt middle class eliminating, crushing taxes. By the way I don’t think the banks have principles, especially the ones that want to fingerprint you when you try to cash a check.
IrishGal Reply:
October 22nd, 2009 at 6:28 pm
Not yet.
October 22nd, 2009 at 5:20 pm
Credit and credit cards are no worse then the loan sharking mafia. Total BS.
http://Blogging4Bullion.blogspot.com
LibraryGirl Reply:
October 23rd, 2009 at 8:20 am
AGREED
October 22nd, 2009 at 5:38 pm
I cut up all mine. but I also moved into an apt share with someone oblivious to the mess. so that’s really convienient for those times when I order supplements over the internet and a credit card is usefull. Also, I think what the credit card companies may be doing is checking to see where and what you shop. not just if you pay on time.
October 22nd, 2009 at 6:58 pm
If you don’t have the cash, you can’t afford it. Credit cards should only be used for mail order items for which you already have the cash.
I carry no balances and only order something if I have the cash in the bank.
October 22nd, 2009 at 7:17 pm
The middle class worker can’t afford much anymore, so he/she resorts to using the credit card. Of course, the banks profit more on the inability of the average joe not being able to pay the balance every month. If it weren’t for average joe, credit carding wouldn’t be as lucrative?
October 22nd, 2009 at 7:34 pm
I WAS PAYING MY CREDIT CARD BILL 100% WITH NO LATE PAYMENTS. THEN I GOT A LETTER A FEW MONTHS AGO SAYING THEY WERE JACKING MY INTEREST RATE UP TO 19.99%. I WAS PREVIOUSLY AT 9%. THEN I QUIT PAYING THEM. THEY WANT TO PLAY DIRTY, THEN SO WILL I.
gabriel Reply:
October 22nd, 2009 at 8:05 pm
ur catching on’
Bob Reply:
October 23rd, 2009 at 8:24 pm
They did this to me and I rang them and said I aint paying anymore. Boy did these guys go nuts, ringing me up throughout the day all day from an india call centre.
The stress was unbelieveable and my heart was pounding for weeks, I am sure I was close to a heart attack
I cut up all my other cards as I had no choice and the phone NEVER stopped ringing. Anyway I found out what they could do and really its not alot, just arrange to pay back off what you can if they drop there charges and tell them if they want to take me to court let them as you cant get blood from a stone.
I went on with a debt company (uk) the cccs and they really did help, so just pay what you can each month and thats there lot. They will hassle you for weeks after,weeks but once they know theres no point THEY HAVE TO ACCEPT WHAT YOU CAN AFFORD, or they get nought.
They even try to get you to take out a secure home loan to pay off the cards, create a clean sweep, you spend more and then go bust.
My advice avoid credit cards if you have one get rid off it and tell your loved ones to avoid the darn things.
Credit cards are banking fraud , nothing more, nothing less.
I do not now have any credit cards just one basic card with NO overdraft, I check my account prior to even thinking of using it, and my o my I am so much better off, and have stopped buying anything I do not need to live.
But the best thing dumping credit cards is the peace of mind you get, its worth dumping them just for that. Its hard to pull the plug, really if you have relied on credit cards, you feel lost and confused but once you see the benifits you will never touch one again, I suppose its like coming off smoking, once you stop you stop.
Good luck Mathew as I know how you feel…………….
October 22nd, 2009 at 7:59 pm
The only time I don’t use cash is when purchasing online,and then I only use a debit card account through a second party like PayPal.
Credit cards have never been the way to go,deep down inside,you ALL knew that.
Debit and credit cards are more dangerous than cash by the way,somebody robs you,and all you have is a debit card,they beat the pin number out of you…..
October 22nd, 2009 at 10:33 pm
We are challenging credit card companies based on the law and we are eliminating unsecured credit card debt for many people at this time. This is a process we have studied/researched and implemented over the past 2 years with the support and backing of our in-house attorney.
http://www.debtchallengers.com
We are totally transparent and will answer any questions you may have. We do not give legal or financial advice as we ARE NOT a debt consolidation company, credit counselor or legal firm.
October 22nd, 2009 at 11:31 pm
I cancelled Citi Bank and Bank of America credit cards. They had a zero balance. Told them my reason was “I don’t do business with companies that took tarp money”
October 23rd, 2009 at 12:02 am
its’ called usery …where are all the christins?
October 23rd, 2009 at 1:42 am
They already ripped you off by taking TARP money. Since that was your money anyways, Take what you can from those Ass Fuckers, and Drop your cards in the toilet, Where they belong.
Run The Banks.
October 23rd, 2009 at 2:21 am
getting out of unsecured debts like credit cards is an absolute cinch if you have the right knowledge reason being when a bank is pressed on the issue of a [1] lawful binding contract signed by 2 parties ]2] evidence of equal consideration and [3] the big one ”FULL DISCLOSURE” for instance you can write to the bank and say “Did the bank actually loan any of it’s own money to me or did it merely monetise the loan agreement creating a credit on account through bookkeeping entires that it then used to fund the loan?” the banks simply cannot deliver on these questions what you will usually find is that the bank will ignore your letters then it will sell the debt to a 3rd party this is where you can easily get rid of it in fact I am in regular contact with people who have actually got the banks to pay all money back that has been outlayed thru fraudelent interest payments if you have got balls you can really stick it to ‘em they never go to court over your so called debt if you write the correct letters asking the important relevant questions they will generally shut it down you then have to pursue them over credit file blemishes if any usually the whole process takes about 3 months.Here is a link to a website that has basic template letters worth looking at however you really need to learn your stuff and be prepared to stand up to them link here http://www.getoutofdebtfree.org/ heres an example of the type of letter you can send to a ”debt collector” please be aware that the legal bodies an statutory rules used here are Australian so research the relevant stuff for whatever country you reside in enjoy my friends i’m off fishing.
ATTENTION:URGENT ACTION REQUIRED.
THIS IS A REQUEST UNDER THE UNIFOM CIVIL PROCEDURE RULES OF 2005
PLEASE DO NOT IGNORE.
Name:SCUMBAG DEBT COLLECTIONS PTY LTD
Address:666 Collostomy of Cesspit Road HADES
Date:12/05/2009
Dear Sir/Madam
Account details:123456
Thank you or your letter dated******* in which you have indicated that there is an imminent court action should I not respond to your letter.
In your letter you have given notice that ****************** are preparing to initiate legal proceedings over the non-payment of the alleged outstanding balance on the above account.
Given that this matter is now subject to potential legal proceedings, you are now obliged to provide, under the Uniform Civil Procedure Rules 2005, information to ensure that all parties are on an equal footing, and also to ensure the claim is dealt with expediently and fairly, avoiding any unnecessary burden on the Court’s resources.
Under the relevant Pre-action Practice Directions – Protocols of the Uniform Civil Procedure Rules 2005, I request that you supply copies of the following documents within 14 days of your reciept of this registered mail document #______________________.
(1)A true copy of the executed lawful contract signed by both parties and any terms and conditions that applied to the account at the time of default.
(2) All records you hold on me relevant to this case, including but not limited to the following:
1. A transcript of all transactions, including charges, fees, interest, payments and both the amounts of credit and any repayments made to the account.
2. Transcriptions of all telephone conversations recorded and any notes made in relation to telephone conversations
3. Where there has been any event in the account history over this period that has required manual intervention by any person, disclosure of any indication or notes that have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to the account held by me with *****************.
4. True copies of any notice of assignment and/or default notice or enforcement notice that you sent to me, with a copy of any proof of postage that you hold.
5. Documents relating to any insurance added to the account, including the insurance contract and terms and conditions, date it was added and deleted (if applicable).
6. Details of any collection charge added to the account: specifically, the date it was levied, the amount of the charge, a detailed financial breakdown of how the charge was calculated, and what the charge covers.
7. Specific details of the fees/charges levied by any other agency in respect of this account and a detailed breakdown of said fees/charges and what each charge relates to and on what date said fees/charges were levied.
8. A genuine copy of any notice of fair use of my data as required by the Privacy Act 1988.
9. A list of third party agencies to which you have disclosed my personal data and a summary of the nature of the information you have disclosed.
10. Copies of statements for the entire duration of the credit agreement.
This information is required within the next fourteen days. I must advise you that if the information is not forthcoming, it will be reported to the Court that you are trying to deny me the opportunity to review my position in relation to your claim of alleged breach of agreement and any possible counter-claim.
(3) A sworn affidavit in support of your claim under your full commercial liability and penalty of perjury.
Please note that, as you have initiated this action, failure to respond to this letter will place this account in clear dispute and as such you may not:
• demand any payment on the account, nor am I obliged to offer any payment to you;
• add any further interest or charges to the account;
• pass/sell the account or outstanding balance to any third party;
• register any information in respect of the account with any of the credit reference agencies; or
• issue a default notice related to the account.
Should you ignore any of the above, I reserve the right for legal action for redress, and will present to the court this letter. I will also report your actions to ASIC,the ACCC and any other authority that I see fit and will request action that your suitability to hold a consumer credit licence be reviewed.
I look forward to hearing from you in due course.
Yours faithfully,
______________________ [principal creditor]
ALL RIGHTS RESERVED NON-WAIVED WITHOUT PREJUDICE.
October 23rd, 2009 at 3:19 am
I do know, first hand, that one of the major banks is” blanketly” issuing new credit cards to customers. It appears these are now international credit cards. The interest rate and terms were not apparent in the accompanying literature.
To clarify these new cards, one cannot even reach the issuing company and ask a question without punching in identifying credit card numbers. I cannot submit to this compromise of privacy. So, they may quietly lose a stable customer because they provide no alternative to reach them.
Bring back “Main Street USA” and shun impersonal, global institutions. Big business has gotten too big for its own well being.
October 23rd, 2009 at 8:08 am
whats in my wallet?
cash because I don’t have a credit card priceless!
October 23rd, 2009 at 9:46 am
Years before I found Alex I had started to notice the bank cons. They have been behaving like loan sharks for years. They want people to have BAD credit history so they refuse you at the bank, pass you to another company ( which is infact themselves in disguise eg. Lloyds becomes Black Horse )and offer you rip off interest rates because you are a high risk customer!!!!!!!!!!!
They should create a new bank called Shark with teeth around the entrance door and a large life size man eating shark hung outside. That would really get you in the mood.
I now do payment deals direct with shops who can be very obliging.
I,ve got being poor down to an art form. When I say poor I mean cash n pocket. Thank God I saw the storm coming, have no morgage and no debts after years of being a complete financial idiot.
Bought 4 pain a raison yesterday for 1.50 E, one is usually 90 centimes. Its the way to go.
October 23rd, 2009 at 10:05 am
Coach, you need to read this old little booklet. http://www.justiceplus.org/bankers.htm
October 23rd, 2009 at 11:17 am
My youngest daughter was good at paying her credit-card bill on time, she started paying it as soon as she would get the bill.
Funny thing started to happen, the “card” company – I forget which, but, the ‘big’ one – would receive her payment and then hold it in “limbo’ until 1 day after the due date, then, they would charge her late fees + additional fees to cover whatever “made-up” charges they could think of. This usually amounted to an extra $80.00 in additional fees – even though she had proof that she paid them well before the “due date”.
Of course, she contacted them and brought to thier attention her “proof of payment”. At first they tried to deny that they had done anything wrong – but, they couldn’t explain why they kept her payment in “limbo”.
Ultimately, they dropped the “additional” charges, but, stilled tried to nail her with the late fee.
At this point, she politely told them that she wasn’t going to pay any late fee because of thier blatant criminal act.
She then proceeded to cut her card in half and throw it away.
She maintains only 1 card for “emergency” purposes only.
Ahhh…Chase was the card company.
October 23rd, 2009 at 11:52 am
Without credit cards, there would be no source of capital in the country. Why would we ever end that, and go back to actual saving for our things!? LOL. And in regards to the proverbs, according to the same logic, since the credit card did not have money to lend you, but rather lent your own money back to you at interest. Therefore, we are our own creditors and we should stop believing they lent us any money, and we will see that in essence we are slaves to ourselves. However, the same way we create money from credit cards, we could do the same thing by trading in silver bullion rounds. I have some Ron Paul Campaign for Liberty ones in my store at http://www.ZeusCoin.com
October 23rd, 2009 at 12:02 pm
Well as soon as I can,
A) Get my house sold (quit backing out of the deal, damn buyers) and
B) Get my do nothing attorney to get the IRS to stop litterally, unlawfully stealing 2/3 of my GD paycheck,
I will pay off ALL debt and tell the issuing banks to go to hell. No more borrowing!
October 23rd, 2009 at 12:05 pm
Wait til they think they can” CHARGE “you for Not having credit cards,like this Insurance scam called HEATH CARE REFORM!
October 23rd, 2009 at 5:15 pm
We really do live in a welfare state. What I’m hearing, from many of the posters, is spend someone else’s money on crap you don’t need and then refuse to pay it back. Here’s a clue, live within your means and those big bad companies will start to behave. Capitalism is great as long as you receive the capital. To those that spend what they don’t have stop acting like the government, get a plan (budget) and stick to it. Your pain is self inflicted.
October 24th, 2009 at 3:21 am
Ahole credit card companies should be happy they have some people who pay their bill off every month, gives those companies cash flow.
With the way unemployment is blooming there may come a day that many can’t pay anything on their credit cards.
October 24th, 2009 at 10:01 am
Talking about doing in good customers. I just had my gold business card account closed, not because I was in default, but because other customers were and it is driving my bank into insolvency, so they closed everyone’s account. And yes, this bank got some of the bailout money, and guess where it went? Exec pay!
October 24th, 2009 at 12:15 pm
welcome to the new world order
October 27th, 2009 at 2:57 am
I am thinking about taking your advice and max out everything but will the card companies and collection agencies garnish my wages and take my property?
November 3rd, 2009 at 8:09 am
Hey there SKipper hows hanging these days checkout my