Credit card companies and banks amaze me...

If they paid live people to call, that might turn the whole economic problem around... Millions of new jobs...

It seems bankruptcy is the 'in' thing these days.

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Michael LeCompte



Edited 1 time(s). Last edit at 09/18/2009 10:43PM by pikespeakgtx.

NoCoast Wrote:
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> No, the amazing thing is that they're not calling
> me, a machine is.



Hey kid,

There was a time not so long ago when a bank teller would call you before they bounced a check so you could have an opportunity to make a deposit. (Believe it or not).

Customer service died long ago, even before the disgusting "New World Order" of rally began.

Good luck with your bank and their scum sucking lawyers.





Edited 1 time(s). Last edit at 09/18/2009 07:07PM by Jens.

Hey Grant, bummer about the situation but I'm very very very empathetic. We just moved, I've got no job, and I'm max'd out on student loans. I've still got to finish dissertation, and because my wife's new gig is so time consuming, I'm basically 100% stay-at-home dad for the 2 and 5 year old. I'm deep in credit card debt, possibly (probably) twice what you owe, and my student loans will go into repayment. I'm about to spend $1200 to register for 2 credit hours so that I can get health insurance for me and the kids through the university, which will cost $4800 for the year. Basically I'm so screwed that I'm unlikely to see the financial light of day for a decade or more. I've considered bankruptcy or just saying fuck it, but I just can't bring myself to do it as long as I can scrape up the minimums. "Pay for your mistakes" and all that...

I think most creditors are full on fucking evil. MBNA sucked me in when I was totally naive about credit cards and gave me, an unemployed 18 year old, a card with a whopping $5k limit and an equally whopping 21% interest rate. Even while making payments (often in full), they kept jacking the interest rate until it was 26%. By that time I'd finally gotten a glimmer of a clue but was already screwed. I actually think that 18 years later that I'm still paying for some part of that original $5k of debt since I've never been out of debt since. Fuck 'em.

On another note, IMHO, medical doctors for the most part are overhyped and overglorified mechanics and engineers. Don't get me wrong, I'm glad we have them but in general their arrogance and ego greatly contribute to their own obscene malpractice insurance and our insurance premiums. I say this with full knowledge that there are exceptions and there are alternatives, but that is another long and convoluted debate.

In any case, do whatever you gotta do Grant and remember all of this is a construct of our making anyway. Some abide, some don't, but we all suffer either way.

Apparently no one paid attention in math class, accumulative interest and such isn't to hard to grasp.

Ever notice that when the government sets more money aside for student loans that the schools raise tuition, think maybe the schools know there is more money out there and they want more of it? Ever wonder why it is major Universities don't pay taxes yet have billions of $$$ in the bank and still raise tuition ... Just saying something funny in this business plan folks.

One of the best thing to do when considering a loan or large credit card purchase IMHO is run down to the local book store and get an amortization book. The book show loan amounts interest rates and years required to pay off the loan. Spend a little time going through such a book and thinking hard about 3, 4, 5 years or more of payments vs saving up the payments and buying with cash or doing without.

The great depression was caused by easy credit, buying of stocks on "the margin" (a loan against the stock value) where people did not have the money to pay for the stock if it fell in value, and the payment was called due. This should have been learned in US history and the point driven home. If you do not have the money in hand you cannot afford it. What happends when one is out of work for any reason, layoff/injury doesn't matter the loan payment is still called due where do the funds to pay come from?

The lack of funds and the over price of value is the reason so many of us cannot or do not rally a this time even though we have cars sitting ready to go ...

A $1,000 credit card "loan" making minimum payment due will take 20+ years till pay off ... Minimum payment doesn't get one any where and costs one a huge amount in interest, we are talking several thousand dollars in interest will be paid over the life of this loan, more then the original loan amount several times over, wouldn't you like to be on the receiving end of that?

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As always IMHO

SEAN TENNIS KF7JJR
SEATTLE, WASHINGTON
SAAB 99, SAAB 850
SAAB V4, SAAB 99T

http://customsites.yahoo.com/financiallyfit/finance/article-107752-2691-0-how-one-family-shed-106000-in-debt?ywaad=ad0035


I read this and have 2 reactions....1) good for them.


2)what a bunch of fucking suckers.

Ever wonder why major bank credit cards are HQ'd in NYC or SF, but you send the bill to bumfuck South Dakota, or Maryland, or some random place? Because charging 26% interest in CA or NY is illegal...its called LOANSHARKING, too bad the loophole is so easy.

This guy, a normal family man, wasted 5yrs of his life grueling away just so citibank or whoever can keep their thousands of dollars of bullshit interest. And I wonder how much money those credit card companies got in bailout.


I'm all about paying back what I borrow as well, but some where there needs to be a line drawn between 'fair borrowing' and 'fair payback'.

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Jon Burke - KI6LSW
Blog: http://psgrallywrx.blogspot.com/

Maryland's limit is 24%.

There are lots of big financial institutions, WTCI, and it neighbors D.C.

It happens to be the #1 richest state in the US.

Doesn't seem like a such a random place to send money anymore, does it?

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Michael LeCompte



Edited 3 time(s). Last edit at 09/19/2009 04:01PM by pikespeakgtx.

I fully understood and understand interest rates. In fact, I actually understand how car leases work too.
The thing is, at least in my case, when I was younger my income was growing so fast that I had a lot of disposable income. Convince us at a young age that our credit score is really important and that we have to start building good credit and this convinces silly youth to get credit cards. I used mine to pay for everything in this desire to build credit. I paid them off every month but I was also making over 30K per year and lived at home. When I moved to Colorado is when it really got bad. Throw in September 11th and that I worked in home electronics retail and 100% commission, a few paychecks in a row at minimum wage and things really got bad. Then a ended relationship in 03, finishing undergrad, getting married then divorced, etc. I always paid more than the minimum, always paid on time and electronically. But I'm smarter now and know how much money I am going to make now and projected out to future. I will not be able to continue paying what I do now once my student loans come into repayment. I will be better off in 7 years this way. I can start my own business if I want to. I might be able to own a home before I hit retirement age.

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Grant Hughes

Have you talked to a credit union at all about a consolidation? What I thought I'd never have paid off I ended up paying off in 3 years. I also thought there was no way I'd be able to do it without a co-signer, yet I ended up not needing one. My credit is now awesome, I'm looking at buying a house, I took care of my bills myself and all I needed to do it was make a smart choice and have a credit union give me a loan to pay off all the credit card companies. My monthly bill was so much lower and those 3 years went by so quick.

I swear I'd asked you about it previously in this thread and don't recall you are anyone else that is or had been in your situation replying to me about it. Or are you just so settled on bancruptcy that you simply refuse to even try out my suggestion or look into it at all?

For those who can't get approved for what I did, fine, last chance, only option I get it. But to completely ignore that the option may be there for you?

I actually did consolidate once back in 2004 to avoid bankruptcy before.

I created my financial problems. I can give you many reasons, but I will tell you that the majority of it came during relationships with women and the short breakdown period after the breakup.
It's been my own poor choices in life to get me here and I accept that, but on the other side, I am not contributing to the economy when I pay over 100% of my expendable income to the banks. I have a few business ideas, one really good one actually that could get to the point of employing 20+ people. There is some interest from networks about our video productions. That takes serious capital to pursue and is definitely a high risk venture due to initial expenditure required, but if it succeeded and was able to get even one of my friends a meaningful sponsorship as well as get me and my other friends paid while we were doing it...
This is the reason bankruptcy exists. And while I take responsibility for my mistakes that put me to this point, I will also say that the banks have a high responsibility too. Seriously, combined my credit lines exceed my annual income. That's just irresponsible on their part.
PS> Almost no rally expense has been paid for with credit. I worked two jobs and 80-100 hours per week to build the rally car. Sure, I should have used that money to pay off debt, but I wouldn't have been able to justify to myself working that much without the extra income going into something I love and enjoy. We'll see if I end up getting to keep it, but I will be okay with it if I do not.

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Grant Hughes

NoCoast Wrote:
-------------------------------------------------------
> And while I
> take responsibility for my mistakes that put me to
> this point, I will also say that the banks have a
> high responsibility too. Seriously, combined my
> credit lines exceed my annual income. That's just
> irresponsible on their part.

I'm with you there... my current combined credit lines exceeds twice my best years' income... and they keep increasing it. At this point I have over $75k in available credit on three credit cards. It's tempting to run it up and then take out some cash advances to pay for bankruptcy filing.

Whatever... I just can't shake this personal responsibility thing in my head, so I'll continue to try to pay it down a little at a time. But you're absolutely right that you'll likely be in better financial shape than me in 7 years. It is tempting...

credit cards need a 'spending limit' along with a full credit limit.

Sure, you've got $10K on a card, but your spending limit should be more in line with your PROVEN income.....so if you don't have a job? your spending limit is $500/month.

you have a job that pays $3K/month? your spending limit is $1500/month.


of course, that makes sense and wouldn't allow credit card companies to take advantage of people and make more money.

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Jon Burke - KI6LSW
Blog: http://psgrallywrx.blogspot.com/

And it wouldnt work if a person had more then one card, from different companies.

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Welcome to the cult of JVL drink the koolaid or be banned.

Is it any wonder that our economy is in such shambles? Predatory lenders, no common sense, a culture of consumerism and spending and immediate gratification... perfect formula, huh?

Couldn't find a link to the commercial, but I think Chase bank summed it up nicely when they used this as music for one of their credit card ads:

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Andrew Steere
Lyndeborough, NH
KB1PJY