What's in Your Wallet?

Discussion in 'Economy' started by Hobbit, Nov 24, 2006.

  1. Hobbit
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    Hobbit Senior Member

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    A steaming pile of bullcrap, that's what's in your wallet, at least if you carry a Capital One card. I know this is old, but I didn't think to post it at the time. Clark Howard, a recently syndicated radio financial advisor (and a damn good one, at that) blew the whistle on a horribly exploitative practice being used by Capital One. It seems that if you're running one such card up close to the limit, they'll just send you another one...automatically, and let you run that one over the limit, too. They continue to do this until they have a nice little $350/month overage fee habid strangling you to death. It's sick...and twisted. What's is your wallet? It very well could be an anchor dragging you into the depths of poverty.

    http://clarkhoward.com/shownotes/category/7/40/224/
     
  2. Kagom
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    Kagom Senior Member

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    Credit card companies are bloodthirsty bastards.
     
  3. insein
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    insein Senior Member

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    All the more reason that Finance should be taught at 1st grade just like all the other subjects.
     
  4. red states rule
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    red states rule Senior Member

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    It is not the credit card companies fault if people are to damn stupid to manage their credit

    At one time I worked with HS grads who could not count down their cash register drawer back down to $50.00 and put the rest in their cash bag
     
  5. KarlMarx
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    KarlMarx Senior Member

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    I have one credit card. I use it to buy groceries, gasoline, pay bills and what not.

    At the end of the month, I get a statement, I pay off the balance and life goes on.

    Of course, I'm lucky in some ways, I don't live in an area of the country that has a high cost of living (if you don't count taxes), I have a decent job and I'm not one to live it up. I've had a job of one sort or another since the age of 12, except for brief periods when I went away to school.

    My idea of a vacation is to hang out at home, go on a day trip to someplace nearby, veg out at home and read a book. My parents are the same as I am, they're big savers too. So I guess I've learned it from them. I drive a used car, which I've owned since 1998, pack my own lunches, wear clothes until they're threadbare, I put as much into my 401(k) plan as I can get away with.

    Yes, I'll admit, I'm the biggest bore, definitely not the stuff that a mini series is made of. But I do have something going for me.

    Whenever there is a sudden need for money, I have it. Whenever my son needs money for books, if I have to get something fixed around the house, when bill time comes, I'm all set.

    There is such a thing as living below your means. Once you realize that you don't need the biggest, the latest, the best, you suddenly feel more wealthy. Contentment is a means of achieving wealth. And wealth is not always material, it sometimes manifests itself as understanding and wisdom. Be a good steward of the money that comes your way. Realize that money is a good servant but a bad master.

    When it comes to investing and savings, I think of the fable of the tortoise and the hare. Slow and steady wins the race. Invest and save a part of your paycheck each week, pay yourself first. In time you'll be amazed at how much you have.

    Another fable that is instructive is the grasshopper and the ant. If you plan for the future and sacrifice today so that you'll have what you need tomorrow, you'll very likely do well. On the other hand, if you want to live for today... well, there's always tomorrow, but tomorrow may not be very pleasant!
     
  6. jillian
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    jillian Princess Supporting Member

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    Credit card companies are allowed to do what no other debtor can... charge usurous rates so that if one is making minimum payments, they still can't ever pay off their debt.

    Credit card companies are also allowed to increase your interest rates even if you're paying timely, if you happen to pay another creditor late.

    Financial institutions have one of the most powerful lobbies on capital hill. That's how they were able to get the bankruptcy bill passed.
     
  7. dilloduck
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    dilloduck Diamond Member

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    One has to have a certain amount of intelligence to exist and compete in a capitalistic society. If you don't you are quickly relegated to a status where you have lost what some call freedoms and must depend on the generosity of others to exist. Ignorant losers are angry at thier status and are always angry at the hand that feeds them as opposed to being greatful they are not left to starve.
     
  8. red states rule
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    red states rule Senior Member

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    Try soemthing that is hard a liberal to do Jilly - stop whining and find another credit card (if you have such a good payment history)

    The nerve of people being forced to pay the money they owe! Oh, the inhumanity of it all!
     
  9. Mr. P
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    Mr. P Senior Member

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    I consider the CC companies legal financial predators.
    They are the biggest lobby on the hill, and were the force behind the new bankruptcy legislation. What really is a shame is the CC companies now have a license to steal from their customers, which they are doing in earnest. IMO.
    Not to mention the collection laws that banks do not have to abide by anylonger that other creditors still do.

    What’s ironic is, they thought this new law would reduce their losses, in fact their losses have increased. Bad business practice does that.
     
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  10. red states rule
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    red states rule Senior Member

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    What are you people babbling about? CC companies provide a great service, and if people are to stupid to manage their credit - it is not the fault of the CC companies

    Now it is a crime for people to have to PAY the money they OWE? I wish you people ran a business where your customers were able to walk away from you without paying you the money they owed you
     
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