Bad news for Credit card debt!

[tharlanjr]

Who is really gonna get screwed are younger peole like me who are going to have a hell of a time trying to get a loan to buy a home.

lol

They are cheap, but no way is a bank gonna give me a loan right now...

 

[Tom R.]

Do some people have unrealistic expectations? :dunno:

While exceptions may exist, the people who can't get a loan for a house--even today--usually aren't in a financial position to buy one. It took me 12 years and moving to an area with lower housing costs before I could afford my first house.

 

[ZomBrady]

DOn't forget Clintons HUGE screwup of signing NAFTA and causing tens of thuosands of high paying factory jobs to go overseas.

And what party is in charge of the House and Congress? You know, the orginizations that actually control laws in the US and not just a figurehead? Anyone know? DEMOCRATS!!!!!!

Dude, don't be a 'tard. It was a Repulican controlled House and Senate for over ten years before that. They based NAFTA. And if you support laissez-faire support, NAFTA was a fantastic step towards free trade capitilism.

You can't support anti-union and tariff laws that protect the US economy out of one side of your mouth and the bitch and complain when they actually get implemented. Kind of hypocritical if you ask me.

 

[RTicUL8]

But seriously Reagan had a hand in it too.

And he admitted it:

http://www.youtube.com/watch?v=RRUbwnkEPqc&feature=related

.

 

[tbburg]

So, if I've been paying off my entire credit card debt every month, or when I "WAY" overspend, I sometimes carry a balance forward 1 month, I'm going to be hurt how?

Oh, that's right we're talking about the people who have a right (It's probably a God given right, upheld by the 9th circuit court) to carry an extra 10, maybe 12K of unsecured debt. We all know, the normal people,...



Don't,...

:speepin:

Care.

 

[Ecomike]

Nixon took the dollar off the (Bretton wood system) gold standard so the dollar could float. Which made it much easier to print more money and screw with our debtors.

DING, DING, DING, DING, DING, DING, , YOU win first place!

Funny, but you just reminded me that FDR put us on a gold backed paper standard, the Notes were Gold Certificates back then, later they switched them to Silver Certificates, and finally (after calling in and devaluing the Gold and Silver certificates) they made them "Treasury Notes"!

Much cheaper to print paper backed paper, than gold or silver backed paper.

 

[Ecomike]

Who is really gonna get screwed are younger peole like me who are going to have a hell of a time trying to get a loan to buy a home.

lol

They are cheap, but no way is a bank gonna give me a loan right now...

That may not be true. If you have a steady job, sufficient income to make house payments, and not too much debt already, a bank would bust their ass to sell you a foreclosed home right now. Also, you can do what I did when I was 21, I bought my only home in 1981 (still live there now) by assuming someone else's house note, called an assumption. He was 4 months behind and in foreclosure. I paid his 4 late payments, payed him $1,000 and took over the mortgage. The Mortgage holder was delighted not to have complete the foreclosure.

And I never even had to prove my income or even pass a credit check. Just took a lawyer, a title policy, and a closing.

 

[Ecomike]

Dude, don't be a 'tard. It was a Repulican controlled House and Senate for over ten years before that. They based NAFTA. And if you support laissez-faire support, NAFTA was a fantastic step towards free trade capitilism.

You can't support anti-union and tariff laws that protect the US economy out of one side of your mouth and the bitch and complain when they actually get implemented. Kind of hypocritical if you ask me.

:yap::yap::yap::yap:

 

[Ecomike]

So, if I've been paying off my entire credit card debt every month, or when I "WAY" overspend, I sometimes carry a balance forward 1 month, I'm going to be hurt how?

Oh, that's right we're talking about the people who have a right (It's probably a God given right, upheld by the 9th circuit court) to carry an extra 10, maybe 12K of unsecured debt. We all know, the normal people,...



Don't,...

:speepin:

Care.

Just curious, you sound like you have a problem with unsecured debt?

Or is any kind of debt you find to be so heinous.

 

[jpcherokeekid]

he will go down in flames as the President who was in charge when the world came apart.
.

this is the most likely preminition. just another typical backstabing democrat.

 

[DrMoab]

just another typical backstabing democrat.

I don't like Obama. I think I have made that clear but seriously dude...What the hell does that comment have to do with this thread?

Can you come into a thread at all and say anything without throwing a bunch of childish jabs?

I think mostly you and I would agree on a lot of issues but the bomb throwning, name calling crap is just silly.

 

[tharlanjr]

Nice, I am still looking into it. I can make the monthly payments no problem, its the 20,000 down that sux's...

I am still looking into it and talking to more people.

I'm not picky, I would just rather buy something than pay even more for rent, but I will do what I gotta do...

That may not be true. If you have a steady job, sufficient income to make house payments, and not too much debt already, a bank would bust their ass to sell you a foreclosed home right now. Also, you can do what I did when I was 21, I bought my only home in 1981 (still live there now) by assuming someone else's house note, called an assumption. He was 4 months behind and in foreclosure. I paid his 4 late payments, payed him $1,000 and took over the mortgage. The Mortgage holder was delighted not to have complete the foreclosure.

And I never even had to prove my income or even pass a credit check. Just took a lawyer, a title policy, and a closing.

 

[XJEEPER]

Carter had issues? I thought he only had pills!

You just dated yourself there.....

 

[Ecomike]

Nice, I am still looking into it. I can make the monthly payments no problem, its the 20,000 down that sux's...

I am still looking into it and talking to more people.

I'm not picky, I would just rather buy something than pay even more for rent, but I will do what I gotta do...

Take your time shopping, no rush to buy right now, as prices and interest rates will be lower in the very near future. The assumption route has a lot of benefits, no down payment (except possibly a small equity payment to prior owner), you might find an existing mortgage where the owner has a great fixed interest rate, has lost their job and wants out quickly, for little or no equity stake.

I managed a 3 year personal note with the prior owner of mine for his share of the equity, and basically only needed $700 to cover closing costs.

There are books in the library (free) on how and what to do, creative ways to buy a home. Also I did not use a real estate agent (saving lots of money!!!). I hired a lawyer who did real estate deals for real estate agents, and who worked for the existing mortgage company do the paper work for the closing.

I shopped for a good year first so I knew the market values before I bought.

I actually got help finding the lawyer from the mortgage company, and how to instructions based on their rules for assuming a mortgage that was in Foreclosure.

 

[Ecomike]

Back to the credit card topic. I already got one of those nasty notices from Citibank this week that says they are doubling my CC interest rate from about 11% to about 22%. In my case they had no good reason based on my credit score and credit to do this. In fact I still have an open offer from them to transfer up $6000 in other debt to that card at 0% interest for 12 months.

CC companies make most of their money off of people who buy a lot each month and pay it off each month on their CC. So I called them and told them I was not going to opt out of the changes, but that if they did raise my interest rate per the notice I was going to put their CC away, and use one of the 8 others I have (all with $0 balances) for all my future purchases, until they gave back the lower rate. I have not had a running balance on the card for several months.

Anyway, they caved in, and gave me a new rate very close to the old one.

 

[DrMoab]

You made your bed....you get to sleep in it.

Thats a good lesson to never ever use banks like Citi, Capital One, Providean.

They are all scam artists...they always have been.

I deal with my local credit union, I never have an issue.

 

[Ecomike]

You made your bed....you get to sleep in it.

Thats a good lesson to never ever use banks like Citi, Capital One, Providean.

They are all scam artists...they always have been.

I deal with my local credit union, I never have an issue.

Never Dealt with Providian, but I agree Citi and Capital One would have been jailed for usery 30 years ago. I don't trust Bank of America either. Never really had any problems with American Express or Wells Fargo (yet).


What I really find interesting is that Kroger, the grocery chain now offers their own Mastercards.

 

[DrMoab]

What I really find interesting is that Kroger, the grocery chain now offers their own Mastercards.

Probably through one of the nasty ones.

We got a Home Depot account a couple of years ago to take care of some home repairs. Found out it was through GM financial...pissed me off royally.

 

[Ecomike]

Probably through one of the nasty ones.

We got a Home Depot account a couple of years ago to take care of some home repairs. Found out it was through GM financial...pissed me off royally.

Interesting, I think half of my 20 or so CC's (half are just different gas cards) are through Citi, LOL. Including Home Depot.

 

[XJEEPER]

You actually have more that one credit card? Do you carry balances on each?