Some more great news!

Discussion in 'Economy' started by Terry, Feb 17, 2009.

  1. Terry
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    Terry Shut the $%$ Up!

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    Own a credit card? Well I suggest you pay the balance off pronto or go to a consumer debit counseling service because just like the Sub-Prime mortgage loans banks issued credit card to anyone. I remember reading back in the 90’s how a 8 year old boy got a credit card in the mail. I myself was pre-qualified for thousands of credit cards. (I shredded them all)

    We do own two credit cards sorry to say but we are going to pay them off ASAP because banks are now going to a variable rate starting at 18 percent interest but a lot of other’s are even higher than that. It doesn’t matter if you’ve had an impeccable payment history or not anymore. As a matter of fact if YOU’RE the one that is you are the targeted customer.

    Just a note of warning and I know you all already know credit cards are a bad thing, but we bought into needing at least one for things like car rentals, hotels and deposits. This economy is going to go further in the tank for this. Many will file chapter 13 or do what we are doing and going to Consumer Debit Counseling because at least our interest will be low so we can pay them all off within a year.
     
  2. wimpy77
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    wimpy77 Member

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    i own credit cards, but i have never used them to live off of them. i used mine on things that i could pay them off every month.
     
  3. Andrew2382
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    Andrew2382 Gold Member

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    All I need is my Amex Black card


    /dream
     
  4. Terry
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    Terry Shut the $%$ Up!

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    yes we have too, but some bad times hit us and we were forced to use it more then we wanted to. Our Bad but we at least will get it paid off in a year. I know some that owe a screaming amount to creditors! I know this girl they have 7 credit cards and they are in debt with them over 50 grand! WoW, I cannot imagine that but there are people out there like that.
     
  5. strollingbones
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    strollingbones Diamond Member

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    o can i borrow that?

    <---will dream with ya
     
  6. wimpy77
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    wimpy77 Member

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    my friend got debit counselor and got the companies cut his payments in half and its helped his credit score.
     
  7. driveby
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    driveby Gold Member

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    yep, friend of mine did the same thing, it's worth looking into....
     
  8. Zoomie1980
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    Zoomie1980 Senior Member

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    I owe over $50,000 on credit cards. All of them 6.5%-9.9%. Could pay them all off tomorrow, but I'm still earning 15%+ return, even in this bad economy, (most on foreclosed properties I buy for pennies on the dollar and then rent or re-sell for quick profit) on the money I would normally use to pay them off with.....
     
  9. Terry
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    Terry Shut the $%$ Up!

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    Well good for you but if those rates go up to 29 percent you might have to pay them off. Just a notice to keep watch.
     
  10. Zoomie1980
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    Zoomie1980 Senior Member

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    They won't.
     

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