tag:blogger.com,1999:blog-18675105.post4309058412099213268..comments2023-12-30T10:06:37.450+00:00Comments on HousingPANIC - The Housing Bubble Blog with an Attitude Problem, 2005 - 2008: Credit Cardsbloggerhttp://www.blogger.com/profile/06585266242070350399noreply@blogger.comBlogger149125tag:blogger.com,1999:blog-18675105.post-3205775251713180872008-01-14T21:37:00.000+00:002008-01-14T21:37:00.000+00:00I'm Dan Ray, the editor of CreditCards.com, which ...I'm Dan Ray, the editor of CreditCards.com, which was cited in an earlier post regarding the average amount of credit card debt. There has been some argument here over what the true size of household credit card debt, and that's not surprising: The Federal Reserve's own economists don't know either. The problem of "missing debt" was subject of a recent paper by economists with the payments group at the Fed's Philadelphia Federal Reserve Bank: http://www.philadelphiafed.org/pcc/update/2007/winter/winter07_05.cfmBo Belinskyhttps://www.blogger.com/profile/05169294185070202953noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-4406693068704755292008-01-10T03:40:00.000+00:002008-01-10T03:40:00.000+00:00I have been revolving my credit card payments now ...I have been revolving my credit card payments now for about 5 years.<BR/><BR/>I have 6 cards> I pay off one card by borrowing on another. The next month I pay off the previous balance.<BR/><BR/>I started out owning 1500.00, now I owe 31,750.00. <BR/><BR/>The beauty is that I will never have to actually pay off anything. If I ever need something big, I just put it on the circuit.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-65023345854037434342008-01-08T21:55:00.000+00:002008-01-08T21:55:00.000+00:00Theyyyrre Baaack!Just received an unsolicited, pre...Theyyyrre Baaack!<BR/><BR/>Just received an unsolicited, pre-approved, SBA loan offer from CitiBank. These wankers are offering me $50K at prime+4, guaranteed by Uncle Sugar. All I have to do is sign. <BR/><BR/>Man oh man how things have changed since 1992 when my company borrowed $150K from the SBA. They attached everything as collateral, even the officer's homes, and it took three months to get the loan approved and two more months to get access to the funds.<BR/><BR/>This country is screwed.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-37931966358600389732008-01-08T20:38:00.000+00:002008-01-08T20:38:00.000+00:00Nobody makes money with a 0% loan. They just give...Nobody makes money with a 0% loan. They just give you enough rope to hang yourself. If you took the bait and put it in a bank account untouched I guess you're safe. Unless the bank goes under... and you're making 24% interest payments until the FDIC insurance check comes :).NFN_NLNhttps://www.blogger.com/profile/06001682958591046051noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-40256350654242760072008-01-08T20:32:00.000+00:002008-01-08T20:32:00.000+00:00According to the movie Maxed-Out the credit card c...<I>According to the movie Maxed-Out the credit card companies can change the interest rate at will with only 15 days notice. The 0% interest trap was one of the things they talk about. Some people had large 0% loans and the credit card up'd the rate to 24.99%... which apparently was legal.<BR/><BR/>January 07, 2008 11:42 PM<BR/><BR/>--------<BR/><BR/>You missed a key point there Skippy. The 0% is raised to 24.99% if and this is key, so read carefully, you miss a payment.<BR/><BR/>Maxed out like Super Size Me, gives only 1/2 the story. While never lying, they all omit a lot of truth.<BR/><BR/>January 08, 2008 12:31 PM</I><BR/><BR/>Actually ANONYMOUS SKIPPY:<BR/><BR/>"One of those traps according to Warren and other critics is universal default. If you do miss a mortgage payment, you do miss a car payment or any other [payment] it can trigger what is called a universal default. They actually have the right to change it if you miss a payment with another creditor. Or in some cases if there is a change in your credit worthiness. In fact you don't have to miss a payment ... maybe your balances are too high."<BR/><BR/>- Secret History of the Credit Card Part 3; 5:30-6:10.<BR/><BR/>Also here is a Wiki reference: http://en.wikipedia.org/wiki/Universal_default<BR/><BR/>"Normally the default rate is charged when a customer fails to make a payment on a particular lender's credit card, but with universal default, the lender will charge the rate if the customer defaults elsewhere."<BR/><BR/>Normally doesn't mean what they can and will do.<BR/><BR/>I take it, SKIPPY, that you tried to work the system by taking out a bunch of 0% loans, otherwise you wouldn't be so defensive and/or anonymous?<BR/><BR/>Perhaps you put the money in a savings account and can pay it back right away if needed? Perhaps you spent it already and they have you by the balls??? :)NFN_NLNhttps://www.blogger.com/profile/06001682958591046051noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13303563217400497342008-01-08T13:36:00.000+00:002008-01-08T13:36:00.000+00:001 credit card for 22 years. ZERO interest paid in ...1 credit card for 22 years. ZERO interest paid in 22 years.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-55054593586019188022008-01-08T12:31:00.000+00:002008-01-08T12:31:00.000+00:00According to the movie Maxed-Out the credit card c...According to the movie Maxed-Out the credit card companies can change the interest rate at will with only 15 days notice. The 0% interest trap was one of the things they talk about. Some people had large 0% loans and the credit card up'd the rate to 24.99%... which apparently was legal.<BR/><BR/>January 07, 2008 11:42 PM<BR/><BR/>--------<BR/><BR/>You missed a key point there Skippy. The 0% is raised to 24.99% if and this is key, so read carefully, you miss a payment.<BR/><BR/>Maxed out like Super Size Me, gives only 1/2 the story. While never lying, they all omit a lot of truth.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13285809369487979692008-01-08T09:00:00.000+00:002008-01-08T09:00:00.000+00:00NONE. NADA. ZERO. We use my wife's. I pay cash for...NONE. NADA. ZERO. We use my wife's. I pay cash for everything. A nice bi-product of my shitty financial management during my 20s.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-7811865211905164232008-01-08T05:50:00.000+00:002008-01-08T05:50:00.000+00:00How happy we are...http://tinyurl.com/2tk6axHow happy we are...<BR/><BR/>http://tinyurl.com/2tk6axMartin Hristoforovhttps://www.blogger.com/profile/16697312269465297697noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-49043467992899792482008-01-08T05:36:00.000+00:002008-01-08T05:36:00.000+00:00I have an AMEX that gives me 3% cashback on restau...I have an AMEX that gives me 3% cashback on restaurant purchases, 2% on travel, 1% on everything else. I have a Citibank Shell card that gives me 5% cashback on Shell gas, and 1% on everything else. I charge $1500-$2000 a month on these cards and pay them off in full each month. I have five other cards that I don't use much. <BR/><BR/>For a couple of years, I was having some of the credit card companies send me checks with no fee at 0%, or get balance transfers. I would then put the money into my ING and/or Emigrant Direct accounts and earn @5% interest. I'd pay my minimums and at the end of the intro rate, I'd pay the credit cards off in full. I've had upto $40,000 of the credit card companies money working for me at a time. 0% with no fee is getting harder to get, though. I don't know if I've been flagged or if it's harder for everyone. My credit is still 750+. I haven't looked into what deals are out there in months. I think I'm going to see what's out there. <BR/><BR/>$2,000 or so a year isn't a huge amount of money... but why not take it if they're just giving it away?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-28598875900391516182008-01-08T01:52:00.000+00:002008-01-08T01:52:00.000+00:00Great video. I have questions. So the usury laws ...Great video. I have questions. So the usury laws kept the rate low and that kept the economy down. They eliminate usury laws and that lets the economy grow. But then folks get upset about the profits. No one is ever satisfied. That old banker dude talked about his bank having to borrow at 20pc and only being able to lend it out at 12pc so lending did not occur with that upside down ratio. My question is why didn't the usury law that applied to the banker also apply to his lender whomever that was, the fed perhaps? If the government sees its role as having usury laws in the first place to protect ppl, instead of eliminating them, how about changing them to a fixed pc above the rate bank can borrow, say 6pc? So when the old banker borrows at 20pc, he won't cry about 12pc because he'll be able to lend out at 26pc! But then when the 20pc goes to 10, it's 16 now, or 4, it'll be 10. The bank makes money, but not at usurious rates, and the rate moves to accomodate growth. <BR/>JBKAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-60142511140749752352008-01-08T01:48:00.000+00:002008-01-08T01:48:00.000+00:00Definitely not your average American.No mortgage, ...Definitely not your average American.<BR/><BR/>No mortgage, no student loans, no car note, no credit card debt.<BR/><BR/>Zero debt and a 5 figure positive net worth, that is higher after the shorts this week.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-49721298852040501932008-01-08T00:57:00.000+00:002008-01-08T00:57:00.000+00:00I owe $63,000 on my credit cards. I bought a whole...I owe $63,000 on my credit cards. I bought a whole lot of shit: vacation to Hawaii and Las Vegas (staying at nice hotels of course), a big screen tv, video ipods for all of my family, etc... Now, I am behind on my payments and my credit card company actually lowered my interest rates from 21% to 15%. I only make minimum payments and then in June or July of 2008 I will default on my debt. I figure that since the corporations always screwed me, I will screw them.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-45789409923462990542008-01-08T00:53:00.000+00:002008-01-08T00:53:00.000+00:00debtors prisons would solve this problemdebtors prisons would solve this problemAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-38956942509323078182008-01-07T23:42:00.000+00:002008-01-07T23:42:00.000+00:00According to the movie Maxed-Out the credit card c...According to the movie Maxed-Out the credit card companies can change the interest rate at will with only 15 days notice. The 0% interest trap was one of the things they talk about. Some people had large 0% loans and the credit card up'd the rate to 24.99%... which apparently was legal.NFN_NLNhttps://www.blogger.com/profile/06001682958591046051noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-36749132923207706752008-01-07T23:38:00.000+00:002008-01-07T23:38:00.000+00:00"Maxed Out"http://thepiratebay.org/tor/3703775/Max..."Maxed Out"<BR/>http://thepiratebay.org/tor/3703775/Maxed.Out.2006.LIMITED.DVDRip.XViD-ESPiSEAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-72793863465939378322008-01-07T23:32:00.000+00:002008-01-07T23:32:00.000+00:00Now that I've read most of the posts, I have to sa...Now that I've read most of the posts, I have to say that I really like the good vibes on this thread.<BR/><BR/>The trolls sometimes have a point when they say we seem a bit too eager to see other people fall on hard times. But here is proof otherwise.<BR/><BR/>Most HP'rs are supportive and encouraging when people post mature and sober strategies for getting themselves about of debt. <BR/><BR/>Even if you were a complete fool up until yesterday with your money, but you woke up and faced reality this morning, you have friends here.<BR/><BR/>At least that's how I feel about it.TMhttps://www.blogger.com/profile/16972726941993291842noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-13324385056686934612008-01-07T23:17:00.000+00:002008-01-07T23:17:00.000+00:00I have two active cards, one is a cash-back Amex t...I have two active cards, one is a cash-back Amex that I pay off every month. The other is a credit card I keep around for emergencies. It has a zero balance.<BR/><BR/>Gotta love the cash back, but I also enjoy the free interest gain as my money sits one month longer in my interest-bearing accounts than it would if I paid directly for things with my own money (we call this "float" in the insurance industry, and it's a beautiful thing).TMhttps://www.blogger.com/profile/16972726941993291842noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-5714108416238011052008-01-07T22:50:00.000+00:002008-01-07T22:50:00.000+00:00one credit card with limit of $8k. always pay it o...one credit card with limit of $8k. always pay it off; never carry a balance. use it sparingly...trips, mail/internet orders, etc. use cash for pretty much everything day-to-day. one thing i hate the thought of is a company knowing everything about your purchases as well as knowing your whereabouts all the time. i hate the tracking aspect of a cc. i'm not a nut case or paranoid; i just hate the idea of my whereabouts being recorded and stored forever...that's creepy!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-15056396450052375212008-01-07T22:03:00.000+00:002008-01-07T22:03:00.000+00:00I don't even like using debit cards.Anyhow...I hav...I don't even like using debit cards.<BR/><BR/>Anyhow...I have one card...no balance...but I have to have it if I want to get plane tickets online.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-17622964671340371022008-01-07T21:34:00.000+00:002008-01-07T21:34:00.000+00:00Sure they can't pay the cc company back. But they ...Sure they can't pay the cc company back. But they still get to keep the goods they bought. So who is the winner and who is the loser? You paid $0 and got nothing. They paid $0 and got tens of thousands worth of goods and services.<BR/><BR/>Oh and between my wife and I we have 13 credit cards. Yeah I know, crazy right. Total balance carried is $0 every month. We use ccs for everything, eve paying utilities for the cashback and miles.<BR/><BR/>I also like knowing that if we ever really needed money and fast we have access to almost $200,000 between the 13.<BR/><BR/>Funny thing is they keep raising the credit limits all the time. I wonder what kind of logic they use. I see Mr. Dino has $8000 yet the last time he used his card was 2005. Let's up his line to $11,000 and see what happens.Dinohttps://www.blogger.com/profile/08326516434434155181noreply@blogger.comtag:blogger.com,1999:blog-18675105.post-91702567599349634712008-01-07T21:22:00.001+00:002008-01-07T21:22:00.001+00:00So many great comments. Can't read them all.i lov...So many great comments. Can't read them all.<BR/><BR/>i love sexy realtors: [Credit card companies] prey on poor uneducated people...<BR/><BR/>No, they prey on all of us. Well, I guess if you accept that we <B>are</B> the poor uneducated people, maybe you're right.<BR/><BR/>No free lunch, folks. We're all paying higher prices for the privilege of using credit cards and being "rewarded" with miles and cash back. They're skimming off all the credit card users and funneling all that money to the already insanely wealthy. Oh, well, keep playing the cash back game. At least the extra 2% we're paying for everything goes to the merchant when I pay cash instead of to the CC company.<BR/><BR/>Keith, you can run this blog, but you can't track your finances without the CC companies' help? OK.<BR/><BR/>No credit cards here. No cash back. No free miles. No big loss.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-86683920395561030262008-01-07T21:22:00.000+00:002008-01-07T21:22:00.000+00:003 for the family, one joint and two separate. Char...3 for the family, one joint and two separate. Charge almost everything on them and pay balance every month. We also get about $400 a year in "cash back".Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-64321566784250076842008-01-07T21:15:00.000+00:002008-01-07T21:15:00.000+00:00$3800 Discover:-Leftover from college. Was at 5900...$3800 Discover:<BR/><BR/>-Leftover from college. Was at 5900 two years ago w/200 a month payments...<BR/><BR/>Now at 3800 with 100 a month payments. Paying down at 200 a month.<BR/><BR/>3000 Chase:<BR/><BR/>Going to pay it off with my bonus in March. <BR/><BR/><BR/>18000 Car:<BR/><BR/>WRX/STI grad present to myself. I now realize I should have not done that. <BR/><BR/>At least HP saved me from the biggest mistake of my life ever. A House! All my friends are COMPLETELY housepoor; I mean; they can't even go get a StarBucks poor. <BR/><BR/>I just started my career 2 years ago; so I am still in stabilization stage. My plan is to have everything paid off in 2 years; which includes the car and both lines of credit. <BR/><BR/>I see there are a lot of people on here who have no CC's or Loans! I can't wait to get there!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-18675105.post-38559105838139816742008-01-07T20:32:00.000+00:002008-01-07T20:32:00.000+00:00None. I do have a car loan though which I wish I d...None. <BR/><BR/>I do have a car loan though which I wish I didn't have. At the mature age of 30 I'd rather drive around in a shitbox than the nice car with the high car payments I have now.Anonymousnoreply@blogger.com