Close To Half Of Americans Have More Credit Card Debt Than Savings

[AntiParty]

Bet America would have hard time clearing it's debt ... What kind of example does that set?

The Americans who cannot afford what they are spending and cannot pay off their debt are just a bunch of little "Americas". The only difference is that America can get someone else to pay her debt for her.

.

The bigger question is who do they owe that debt to...........

You think it's China when it's mostly USA Dictators squeezing every penny out of the citizens trying to buy homes cars and food.

That's right. We owe most of our US debt to Corporations that let America borrow money through the Federal Reserve...

 

[AntiParty]

The Federal Reserve was the Corporate empire for a very long time. Only lately we noticed that all Big Corp had to do was scare American Politicians into using Tax money to fill their wallets via. the bail outs.

One documented proposal of a bank bailout was only 2 pages long...........

Can you imagine? "Yea, I think we are going to do bad. We need Federal Tax money or the economy will go into a depression".........It scared the Politicians on BOTH sides yet both sides blamed the other side for the bailouts....

 

[hipeter924]

Bet America would have hard time clearing it's debt ... What kind of example does that set?

The Americans who cannot afford what they are spending and cannot pay off their debt are just a bunch of little "Americas". The only difference is that America can get someone else to pay her debt for her.

.

The government doesn't have to worry about being put in prison for not paying fines, paying off student loans, mortgage payments, or bankruptcy excluding student loan debt. They just get all the money they need from taxpayers, for bailouts and whatever they want to splash out on.

 

[AntiParty]

Bet America would have hard time clearing it's debt ... What kind of example does that set?

The Americans who cannot afford what they are spending and cannot pay off their debt are just a bunch of little "Americas". The only difference is that America can get someone else to pay her debt for her.

.

The government doesn't have to worry about being put in prison for not paying fines, paying off student loans, mortgage payments, or bankruptcy excluding student loan debt. They just get all the money they need from taxpayers, for bailouts and whatever they want to splash out on.

That's correct.

All of those dues are to CORPORATIONS that squeeze the people dry.

That's the current fight. How much is too much and when do we draw the line? The middle class can't get ahead. Corporations have all time high profits and workers are receiving record low wages. They keep raising prices and getting more money but won't give the workers that run the Corporations any extra wages. The workers are paying the price and the WORKERS need to stand up and draw a line eventually.

 

[AntiParty]

They want you to think it's the lazy collecting disability.........But the lazy can't get disability without a 2% Lawyer or a 2% Doctor signing off on that disability....Hell, they put it in the paper work that once Government disability is given to them, a massive % is directly given directly to the Lawyer..............

 

[Judicial review]

It's a generational thing. People who are retired pay everything with cash and were brought up that way to not buy something unless you can truly afford it. The youunger generations are controlled by businesses that know they can put cheap material out there for obscene prices and these young idiots will buy it, knowing it will only last a couple years.

The difference between American made products and products made from china or japan. They are pretty smart aren't they? Or are we just too stupid? This is what happens when you force manufacturing out of the country.

 

[AntiParty]

See the commercials the 2%

It's a generational thing. People who are retired pay everything with cash and were brought up that way to not buy something unless you can truly afford it. The youunger generations are controlled by businesses that know they can put cheap material out there for obscene prices and these young idiots will buy it, knowing it will only last a couple years.

The difference between American made products and products made from china or japan. They are pretty smart aren't they? Or are we just too stupid?

"People who are retired pay everything with cash and were brought up that way to not buy something unless you can truly afford it" Not true. This issue has been an issue since the Bible was written.

Families like mine and probably yours who had hard times during the depression seem to fixate more on it though.

Today's Corporations have such monopolies (supposed to be illegal) that we can't just pay for things anymore.

Price gouging (also supposed to be illegal) is happening and we can't afford basic medicine or funerals. HELL! THE BIGGEST PRICE MARKUP IN THE USA IS A CASKET! Yes, even a higher markup than popcorn at a theater or a beer at a baseball game.......

 

[Judicial review]

See the commercials the 2%

It's a generational thing. People who are retired pay everything with cash and were brought up that way to not buy something unless you can truly afford it. The youunger generations are controlled by businesses that know they can put cheap material out there for obscene prices and these young idiots will buy it, knowing it will only last a couple years.

The difference between American made products and products made from china or japan. They are pretty smart aren't they? Or are we just too stupid?

"People who are retired pay everything with cash and were brought up that way to not buy something unless you can truly afford it" Not true. This issue has been an issue since the Bible was written.

It's very true. 90% of my sales are retired folks and they all pay cash. I'm talking thousands of customers. We end up talking about it. It's because their parents and them grew up in the great depression. I have hands on experience with them. I'm the guy you would want to talk to about this and listen to.

 

[Judicial review]

Why do you think manufacturers abadoned whool carpets, and why furniture, cars, vacuums went from lasting 20 years to be reduced to 50% life span? Doesn't last as long, does it? It's called mass production for company profits. About the money not the customer, and they know they can get it.

 

[Iceweasel]

It's very true. 90% of my sales are retired folks and they all pay cash. I'm talking thousands of customers. We end up talking about it. It's because their parents and them grew up in the great depression. I have hands on experience with them. I'm the guy you would want to talk to about this and listen to.

Are you calling checks cash? I do a lot with seniors and they always pay by check.

Blaming overspending on corporations is lame, if anything the young have learned to blame everything on somebody else. Well, actually they didn't learn it, it's what children do, they just haven't learned to grow up.

 

[Judicial review]

It's very true. 90% of my sales are retired folks and they all pay cash. I'm talking thousands of customers. We end up talking about it. It's because their parents and them grew up in the great depression. I have hands on experience with them. I'm the guy you would want to talk to about this and listen to.

Are you calling checks cash? I do a lot with seniors and they always pay by check.

Blaming overspending on corporations is lame, if anything the young have learned to blame everything on somebody else. Well, actually they didn't learn it, it's what children do, they just haven't learned to grow up.

If it comes from a checking account as payment in full then yes. Actually corporations have underspent on their products research and design and materials it's made out of. Cheaper to put plastic on the shelves for mass production and it doesn't last for a reason, guess why?

 

[Iceweasel]

Q When did the Bush Mortgage Bubble start?

Bush Mortgage Bubble? WTF? Who is going to take you seriously? Are you a right winger sock puppet lampooning lefties? They do a good enough job on their own.

 

[Iceweasel]

It's very true. 90% of my sales are retired folks and they all pay cash. I'm talking thousands of customers. We end up talking about it. It's because their parents and them grew up in the great depression. I have hands on experience with them. I'm the guy you would want to talk to about this and listen to.

Are you calling checks cash? I do a lot with seniors and they always pay by check.

Blaming overspending on corporations is lame, if anything the young have learned to blame everything on somebody else. Well, actually they didn't learn it, it's what children do, they just haven't learned to grow up.

If it comes from a checking account as payment in full then yes. Actually corporations have underspent on their products research and design and materials it's made out of.

Well, a check is only a promise to pay, it's only payment when and if it clears. However, I buy quality products all the time, I'm not sure what your problem is, maybe someone could tutor you?

 

[zeke]

Blaming overspending on corporations is lame, if anything the young have learned to blame everything on somebody else. Well, actually they didn't learn it, it's what children do, they just haven't learned to grow up.

Isn't that an interesting comment from the icey weasel who claimed just yesterday the it was all someone else's fault that your business sucked. And hasn't benefited at all from the economic recovery.

So who taught you to make your excuses for being a failure iceweasel?

 

[zeke]

Bush Mortgage Bubble? WTF? Who is going to take you seriously?

So who is going to take an iceweasel seriously about anything when you are to stupid to acknowledge that there was a mortgage bubble and that the President when this occurred was named Bush.

Why don't you try and refute the claim? Can't do it can ya?

 

[Iceweasel]

Blaming overspending on corporations is lame, if anything the young have learned to blame everything on somebody else. Well, actually they didn't learn it, it's what children do, they just haven't learned to grow up.

Isn't that an interesting comment from the icey weasel who claimed just yesterday the it was all someone else's fault that your business sucked. And hasn't benefited at all from the economic recovery.

So who taught you to make your excuses for being a failure iceweasel?

That's isn't what I said. And you call this shit a recovery? Stupid lying asshole.

 

[Iceweasel]

Bush Mortgage Bubble? WTF? Who is going to take you seriously?

So who is going to take an iceweasel seriously about anything when you are to stupid to acknowledge that there was a mortgage bubble and that the President when this occurred was named Bush.

Why don't you try and refute the claim? Can't do it can ya?

That isn't what I said, stupid lying asshole. LOL. The words are right there for anyone to read. Your fellow dingleberry claimed it was the Bush Mortgage Bubble, that would have a specific meaning. You must be huffing glue already.

 

[Dad2three]

CC interest rates have nothing to do with national interest rates. They calculate the non payers and costs they incur by lending money. You can thank the dead beats for the high rates. I have no idea what the rates are since I've always payed mine off in full each month.

What a stupid post.
First, what are "national interest rates".
Second, who said that credit card rates have to do with anything.
Third, don't people like you ever get tired of trying to blame things on others. Except you never blame those responsible.

btw, who gave those "deadbeats" a credit card to begin with? Anyone with a lick of sense would wonder who gave a deadbeat credit. Then they find out it was the CREDIT CARD COMPANIES THAT GAVE DEAD BEATs CREDIT.
So they could charge that 22% interest.

And seeing as how you don't know what interest credit card companies charge, why weigh in with such a bullshit post?

So let's make hold financial institutions more accountable / regulated. That means they are going to have apply higher standards to credit card approvals. We went through this with mortgages and it turned into a huge race issue on two fronts:

* Minorities were being denied access to mortgages - Community Reinvestment Act required more mortgages based on skin color and geo regions regardless of credit worthiness metrics.
* High rate of defaults among minorities = Financial Institutions were accused of predatory lending practices.

So, what is the solution? Do we implement credit worthiness standards based on strict financial ratios? Higher interest rates are not punitive to try and deny or exploit an ethnic group. Higher interest rates are reflective of a financial institution's exposure to risk that the customer will not pay back. I am not trying to make the financial institutions out to be saints here. Personally, I hate credit cards. I think egregious debt instruments are a threat to all Americans. But, at the same time, I saw the gaming surrounding the Community Reinvestment Act. It resulted in mortgage levels being extended to more people who by their financial snapshot, should not have received such a high mortgage. The banks say they had a gun to their head to execute the mortgage regardless of financial snapshot and the politicians said that the banks benefitted handsomely on higher interest rates and more mortgages ("predatory lending"). Both were correct in their statements yet the American economy took the hit. To prevent this; we need to have banks adhere to strict financial ratios when extending credit cards and other debt instruments.

Are we going to go through the same political bullshit with credit cards?

So no, after getting your talking points demolished, you've chosen to run away, even though you were online earlier today, lol

More regulations on banks, stricter regulations on consumer loans......which means some people will get denied. Banks don't get to do high interest rates, consumers who can't payback loans don't get them. It's not about Black and White. Its about Black and Red. Simple.

Got it, YOU WILL NOT ADDRESS THE ACTUAL POINT YOU ORIGINALLY BROUGHT UP, THAT SOMEHOW, BANKS WERE FORCED TO LOAN, LOL


It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it.


More than 84 percent of the sub-prime mortgages in 2006 were issued by private lending. These private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year. Out of the top 25 subprime lenders in 2006, only one was subject to the usual mortgage laws and regulations.


The nonbank underwriters made more than 12 million subprime mortgages with a value of nearly $2 trillion. The lenders who made these were exempt from federal regulations.

Lest We Forget Why We Had A Financial Crisis - Forbes



The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed. In March of 2008, Sen. Jon Kyl (R-AZ) blamed loans “to the minorities, to the poor, to the young” as causing foreclosures. Not long after, conservative commentator Michele Malkin went so far as to claim that illegal immigration caused the crisis.

This tendency to shift blame to minorities and poor people for the financial crisis soon developed into a well-honed narrative on the right.

Politics Most Blatant Center for American Progress

 

[Dad2three]

It's a generational thing. People who are retired pay everything with cash and were brought up that way to not buy something unless you can truly afford it. The youunger generations are controlled by businesses that know they can put cheap material out there for obscene prices and these young idiots will buy it, knowing it will only last a couple years.

The difference between American made products and products made from china or japan. They are pretty smart aren't they? Or are we just too stupid? This is what happens when you force manufacturing out of the country.

"This is what happens when you force manufacturing out of the country."

PLEASE how was this done? BTW, MOST of the current debt (state/Federal) is because people the past 33+ years, have refused to pay for services they wanted, instead putting it on a credit card. Generational? Yeah, the bastards the past 33 years have hosed their kids and grand kids!!!

 

[Dad2three]

Q When did the Bush Mortgage Bubble start?

Bush Mortgage Bubble? WTF? Who is going to take you seriously? Are you a right winger sock puppet lampooning lefties? They do a good enough job on their own.

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.

SEE ANYTHING WEIRD HERE:

OR HERE

MORE HERE:


FACTS on Dubya s great recession US Message Board - Political Discussion Forum