Posted on 11/28/2011 4:55:23 PM PST by Nachum
There's that lie again.
Could also be that going Galt is growing.
>>The credit card companies are going to kill the goose that laid the golden egg. I havent used a credit card in years and I hear more and more people say theyre going to pay them off and go to using a debit card.<<
No need. If you pay your credit cards down to zero every month (as EVERYONE should), there is no charge. I haven’t paid a dime in interest or any charges in 20+ years. And it is good to have the credit available in case of emergency (it would have to be a heck of an emergency since I keep 6 months’ gross pay in a liquid account).
A debit card is a bit more dangerous, since it is your money. I like to use the other guy’s money for a few weeks.
LLS
>>31% interest rates can do that to you.<<
I see here http://www.creditcards.com/credit-card-news/credit-card-interest-rate-report-1123-holiday-1276.php that the very worst credit is around 25% — the national average is around 15%
Do you have bad credit? Or did you find a particularly bad credit card servicer?
I work in the home office of a mid-level mall-based retailer and everyone from the office has to work at least four hours at a store on Black Friday. I spent most of my shift helping bag purchases so I got to see the transactions up close. I would say that it was about 85% credit cards, 15% cash. We had one woman who wanted to pay with a check, but the store manager told her that they don't accept them anymore. We had one declined card, but the woman just pulled out another card.
Years ago we had about five cards total. Paid them off in 2000 and have not used credit for anything, including our vehicle purchases.
We do not impulse purchase anymore but we plan for our needs and then our wants.
It was hard at first but we are so used to not having any bills, other than our utilities, that the mental burden has been totally lifted. We can never envision having debt again.
The rate is allowed ~ doesn’t matter if that’s what they charge or a lower rate.
I wonder if they’re hoping for bailouts. Some might lose incentive to keep the payments up to date if they think the government will bail them out if they fall behind.
>>The rate is allowed ~ doesnt matter if thats what they charge or a lower rate.<<
Ah. Bigger government and more government intervention is ALWAYS a solution. And next time, you can always say 57% or 92% interest — the same logic applies.
The market will sort it out (as it has — that is why there is a big difference between good credit and bad credit risks). And, as I said in another post, if you pay it down to zero every month then the interest rate is 0%
Not to mention the fatcorps and Wall Street.
Where do I sign up for my bailout, and how many bailouts we allowed?
/nutshell
Sub-prime is like being the Johnny-on-the-spot plumber.
An extremely unseemly business to be seen in, volatile...but very lucrative.
They’ve learned the desparate are profitable.
Sub-prime is like being the Johnny-on-the-spot plumber.
An extremely unseemly business to be seen in, volatile...but very lucrative.
They’ve learned the desparate are profitable.
I stopped reading right there. This rag just lost all credibility with that statement.
Articles like this really get me going. The people who compose this drivel are stupid, ignorant or dishonest.In 1995 it too 3.5 percent of my take home pay to fuel my vehicle for the week. Today with a more efficient vehicle it takes 16 percent. Most of it is due to increase in prices. Some is due to less income.
Even the best of our representatives with hundreds of thousands of dollars of income refuse to understand this. I feel I am not being represented by anyone in Washington.Surely not by Democrats who consider jobs to be union and government jobs only ,also surely not by the NAFTA supporting Republican types.All of our Representatives are in the tank for big banks and businesses.This is how they get elected. This amount of money does not change hands without guarantees. We have been Sandoskied.
Usury is a crime ~ always has been. It’s one of the traditional targets for vigorous state action.
I use my one cc constantly but I keep it paid off constantly also so I don’t pay any interest. I also don’t carry cash anymore so the constant drain from my pocket on chips and coffee and stuff like that has ceased. I have more at the end of the month.
Loved the movie BTW.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.