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Shattered said:If they're living paycheck to paycheck, they have no business buying things on credit they know they can't pay back... Whatever balance you decide to put on a card should be payable within 30 days, period.
by the time you pay off your card, youve already paid for the bancruptcy you may or may not need to use.GotZoom said:This, right after the new Bankruptcy law changes - which were pushed by the CC companies so they couldn't be included so easily - are going to put a lot people in some serious trouble.
They can change anything they want to, anytime they want to.
You are right - Who reads all that find print.
Shameful.
ScreamingEagle said:So if you got $5,000 in credit card debt and your min pmt is $100 your monthly payment will now become $200! That's a pretty serious increase - especially if you've been budgeting tightly or you got high balances.
How do the credit card companies get away with this? Didn't people accept and charge on their cards knowing that there would be only a 2% min pmt? (who on earth can read the tons of fine print?) What if banks just decided to double your mortgage payments? Maybe we need to read the fine print on our mortages too?
gop_jeff said:I agree. My wife and I are climbing out of debt right now. Both of us combined have ~$5500 in CC debt, plus she's got ~$2800 in student loans left. Really, not too bad.
Markainion said:I agree with you totally. The bigger question should be what kind of economy would the US have if it suddenly had to live with out barrowing?
Currently it is estimated that the US borrows around a billion dollars from foreign countries a day. If this suddenly changes and foreigners decide to stop lending us money, what will happen?
Shattered said:If they're living paycheck to paycheck, they have no business buying things on credit they know they can't pay back... Whatever balance you decide to put on a card should be payable within 30 days, period.
Nobody is responsible for credit card debt except those that run it up. It is funny how guys like you like to blame everybody else. People need to learn to be responsible. It is not the corporate world's job nor the government's job to teach responsibility. Just because I give you a rope, are you going to go hang yourself? (I am sure there are many that wish you would!)Bullypulpit said:That being the case, banks have no business extending lines of unsecured credit to them in the first place.
It takes two to tango in this game...The credit card holder and the credit card issuer. The issuing agency knows they are taking a risk in issuing credit cards to those whose incomes won't support ANY increased debt, yet they continue to do so. They bear as much responsibility in this as do the twits who max out every credit card they have and can't even make the minimum payment which, incidentally, only covers the interest and not the principle.
freeandfun1 said:Nobody is responsible for credit card debt except those that run it up. It is funny how guys like you like to blame everybody else. People need to learn to be responsible. It is not the corporate world's job nor the government's job to teach responsibility. Just because I give you a rope, are you going to go hang yourself? (I am sure there are many that wish you would!)
The blame lies squarely on those that keep running up their PRIVATE (see, there is a reason it is called private) debt. The credit card companies have NOTHING to do with it. As I asked, if I give you a rope am I making your hang yourself with it? This country totally ignore personal responsibility these days. That is how we end up with idiots like you.Bullypulpit said:There's more than enough blame to go around, or didn't you notice? Credit card holders and credit card issuers share the responsibility. And while it's not the responsibility of corporations or the government to teach people how to behave responsibly they do have an obligation to behave responsibly themselves. Something which is sadly lacking on the political and corporate stages these days.
Bullypulpit said:That being the case, banks have no business extending lines of unsecured credit to them in the first place.
It takes two to tango in this game...The credit card holder and the credit card issuer. The issuing agency knows they are taking a risk in issuing credit cards to those whose incomes won't support ANY increased debt, yet they continue to do so. They bear as much responsibility in this as do the twits who max out every credit card they have and can't even make the minimum payment which, incidentally, only covers the interest and not the principle.
Shattered said:If they're living paycheck to paycheck, they have no business buying things on credit they know they can't pay back... Whatever balance you decide to put on a card should be payable within 30 days, period.
-=d=- said:what if it's a 'house payment'....Not everyone paycheck-to-paycheck or steeped in debt is irresponsible.
Discover did that to me a few years ago as well..I never carry a balance, but it pissed me off.-=d=- said:Last year my wife was looking at her AT&T MasterCard? card statement. The payment amounts had been very consistant, but something caught her eye. They had raised her interest rate, without warning, from 10% to 19.5%. Her payment was largely unchanged, it's just less of it was going towards the balance.
Furious, she called them.
"I'm sorry ma'am" the operator told her, "but our profit projections were down some this quarter, so we raised our rates to ensure we'd meet our profit forecasts" (paraphrased).
We paid off the card, and closed the account immediately.
Unforgiveable.
If it were a house payment, this thread wouldn't be about credit cards. C'mon!-=d=- said:what if it's a 'house payment'....Not everyone paycheck-to-paycheck or steeped in debt is irresponsible.
Shattered said:Read what I said... 'buying things on credit', paying the card off within 30 days'...However, actively increasing your debt when you're already up to your ears in debt IS irresponsible.
A house is not an irresponsible purchase, and I don't know any mortgage lenders that will load you up with the cash to buy a house that you don't have an ability to repay.
Bad things can happen to responsible people - that has nothing whatsoever to do with some yahoo that gets a credit card because he wants his 1997 Honda Civic pimped out to impress his friends
freeandfun1 said:If it were a house payment, this thread wouldn't be about credit cards. C'mon!
.
freeandfun1 said:If somebody buys a house for say, $200,000 and they are living paycheck to paycheck making payments on that home and the value of that home drops to say $175,000, they aren't helping themselves as they are living paycheck to paycheck basically for no reason. If they sell the house and can only get $175,000 for it, but owe $180,000, they are screwed.
If you would have encountered a significant medical problem during that time you would have had no choice but to seek bankruptcy protection for the unsecured debt.-=d=- said:My wife and I accumulated a decent amount of debt several years ago because we were forced to buy things like 'food' and 'car repairs' and yes, a 'house payment' or two, on Credit cards. You and others here seem to have little in terms of fiscal compassion on others. You talk about people under sometimes CRUSHING debt; associating them with 'irresponsible' when it could be something like 'circumstance' which creates the hole they are in.
