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Credit crunch for consumers (card rate goes up)
Market Watch ^
| 11/23/08
| Andrea Coombes
Posted on 11/24/2008 6:47:21 AM PST by TigerLikesRooster
click here to read article
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To: TigerLikesRooster; PAR35; bamahead; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; ...
2
posted on
11/24/2008 6:47:48 AM PST
by
TigerLikesRooster
(kim jong-il, chia head, ppogri, In Grim Reaper we trust)
To: TigerLikesRooster
Feh. The card companies will be lining up for a bailout soon enough.
3
posted on
11/24/2008 6:50:51 AM PST
by
Wolfie
To: Wolfie
That would be the first half of next year.
Lehman, Merrill Lynch, AIG would be forgotten. Visa, MasterCard, American Express would be on the headline everyday.
In the background, derivatives would keep blowing up.
4
posted on
11/24/2008 6:53:24 AM PST
by
TigerLikesRooster
(kim jong-il, chia head, ppogri, In Grim Reaper we trust)
To: TigerLikesRooster
They did this,via George Bush in 2005,and look where that got them.Via the “bankruptcy Abuse and Prevention Act”,minimums were increased from 1% to 2%.Increasing it to 5% will kill consumption.
5
posted on
11/24/2008 6:54:35 AM PST
by
quack
("Those Who Sacrifice Liberty For Security Deserve Neither.")
To: TigerLikesRooster
Wow. This is a surefire way to kill the little guy. I know plenty of people who fall into this category.
To: TigerLikesRooster
"They want to close their accounts but closing your accounts is also damaging for your credit score," she said. Damned if you do and damned if you don't!
7
posted on
11/24/2008 7:00:17 AM PST
by
Virginia Ridgerunner
(Sarah Palin is a smart missile aimed at the heart of the left!)
To: quack
The bankruptcy “reforms” were one of the straws that broke this economy's back. Big news today is Citigroup getting a huge bailout. I've said this before but when someone gets a call from Citigroups Indian call center about their past due credit card and realizes his tax dollars are paying that person's salary is when the riots will start.
To: Aggie Mama
It’s also the “little business” that will get killed.Many use a credit card for expenses.
9
posted on
11/24/2008 7:02:29 AM PST
by
quack
("Those Who Sacrifice Liberty For Security Deserve Neither.")
To: TigerLikesRooster
And in December, American Express Co. (AXP American Express Company) will lob a two to three percentage point interest-rate hike across a broad swath of consumers, plus increase the conversion rate for charges made in foreign countries.That "broad swath" includes people who never carried a balance. Ever.
10
posted on
11/24/2008 7:02:58 AM PST
by
CE2949BB
(Fight.)
To: Virginia Ridgerunner
How is closing your account damanging to your credit score?
Assuming you lock in the old rate by doing so, and make payments on time, I see that credit card companies will just lose that higher rate.
Or for those lucky enough, how will it hurt to pay off the balance and close the account, tell them to shove their higher fees?
What am I missing?
To: TigerLikesRooster
I found it amusing that one of the side issues in this story is what to do to maintain a good credit score. That is not a parameter I would optimize around. The goal should be to be debt free. If you are debt free, then you don't need much credit and your credit score becomes irrelevant.
I guess the "culture" still does not get it.
12
posted on
11/24/2008 7:06:40 AM PST
by
mlocher
(USA is a sovereign nation)
To: TigerLikesRooster
I guess this is what they mean by “income redistribution” - except poorer people don’t get any, only those who got us in the mess we’re in now.
Bambi lies, people cried.
13
posted on
11/24/2008 7:08:36 AM PST
by
NTHockey
(Rules of engagement #1: Take no prisoners.)
To: TigerLikesRooster
Something astonishing happened to me last Friday that never happened before in my entire lifetime.
I got a letter from a bank card company saying that since I haven’t used my card in over 24 months, they were closing my account.
Usually, on cards I don’t regularly use I get balance transfer checks (with low or no interest) in the mail each month instead of bills. Come to think of it I haven’t seen any of those in the past two months, either.
This is necessary for the banks to clean up their balance sheets, but is going to kill consumption (as if it isn’t killed already...)
14
posted on
11/24/2008 7:12:45 AM PST
by
Yo-Yo
To: KittenClaws
How is closing your account damaging to your credit score? By lowering the total amount of credit available to you. One of the key factors in determining your score is the ratio between how much you have used and how much is available to you. i.e., your combined credit line. The lower this ratio (the less credit you have used up) the higher the score. Also, if the account is an old one (a few years or so), it will lower the average length of all your accounts. The longer the average, the higher the score.
15
posted on
11/24/2008 7:18:28 AM PST
by
ETL
(Smoking gun evidence on ALL the ObamaRat-commie connections at my newly revised FR Home/About page)
To: quack
They did this,via George Bush in 2005,and look where that got them.Via the bankruptcy Abuse and Prevention Act,minimums were increased from 1% to 2%.Increasing it to 5% will kill consumption. Increasing the minimum payments and interest rates in 2005 pushed many debtors into bankruptcy. I don't see how making them even higher is going to help.
To: ETL
That would be the FICO score, right? I can’t ever figure that out. They issue credit based on a score that doesn’t take into account my salary, length of employment, or debt to income ratio.
17
posted on
11/24/2008 7:34:44 AM PST
by
Right Cal Gal
(Abraham Lincoln would have let Berkeley leave the Union without a fight)
To: SoothingDave
It’s going to kill(even more so)the housing industry and car industry.Taking away money that could have been used to pay a mortgage or car loan,will be a disaster.
18
posted on
11/24/2008 7:35:04 AM PST
by
quack
("Those Who Sacrifice Liberty For Security Deserve Neither.")
To: mlocher
Good point. That's the dirty little secret out there......all that BS hype about keeping a good credit score is just another way for the Masters of Money to keep us all in bondage.....when that becomes irrelevant so will the coming recovery become based on real spending from money earned and saved not borrowed...less consumption? sure. A healthier and happier people? Absolutely !
19
posted on
11/24/2008 7:57:33 AM PST
by
mick
To: mick
Until you want to get a mortgage. Good luck doing that with no credit history.
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