Side Effect of Stimulus Package or Recession or Both?

[Zoom-boing]

The interest rate on my credit card just jumped from 12.9% to 17.9%. Is this the tip of the inflation iceberg?

 

[editec]

The interest rate on my credit card just jumped from 12.9% to 17.9%. Is this the tip of the inflation iceberg?

More like the tip of the DEFLATION iceberg, methinks.

Yes, the credit cared shylocks are still willing to lend you money, but only at exorbitent rates of interest.

There is vitually NO INFLATION, right now, yet these greedy motherfuckers demand 18% interest?!?!

I'm tellin yas, no solution to this problem that does start with the public hanging of some of this industries most egregious examples of greed gone mad is really going to solve a thing.

The salaries that we have allowed this Banking Mafia to extract from our scoeity has become the moral hazard of our age.

All that Obama SEEMS TO BE DOING, as far as I can see is restarting a system which is inherently flawed to begin with.

Our banking industry, which is after all only an auxillery industry to real production projects, has become a parasite on the rest of our society, and one which gets far too much money out of every project.

It has been sucking in the best minds of our society (because that's where the money was) but by doing so it has taken lured lion's share of our society's working capital into essantially NON PRODUCTIVE debt instruments at the same time.

Whenever ANY sector of our society becomes dominate, and begins to get an increasingly outlandish share of the GDP, then that industry bleeds off the investment capital and intellectual capital (human resources) that is probably needed elsewhere to maintain a truly vibrant community.

Thinking that the USA could thrive as a nation of SERVICE INDUSTRIES is a goofy notion, but one which I heard I don't KNOW how many so-called economists tell us was the wave of the future.

Well,, the wave of our future is hitting us right now, and most of us are not very liquid, even if we are UNDER WATER.

 

[KittenKoder]

They have to get paid somehow, since most people using credit rarely pay more than the minimum the lenders have to raise interest rates to make some kind of profit. It's the borrowers who made the mess anyway so fuck em.

 

[Zoom-boing]

They have to get paid somehow, since most people using credit rarely pay more than the minimum the lenders have to raise interest rates to make some kind of profit. It's the borrowers who made the mess anyway so fuck em.

LOL they don't make a dime off of me. Any balance on there is always paid in full by the due date.

 

[KittenKoder]

They have to get paid somehow, since most people using credit rarely pay more than the minimum the lenders have to raise interest rates to make some kind of profit. It's the borrowers who made the mess anyway so fuck em.

LOL they don't make a dime off of me. Any balance on there is always paid in full by the due date.

Then why are you upset or worried?

 

[WillowTree]

They have to get paid somehow, since most people using credit rarely pay more than the minimum the lenders have to raise interest rates to make some kind of profit. It's the borrowers who made the mess anyway so fuck em.

LOL they don't make a dime off of me. Any balance on there is always paid in full by the due date.

One of the truly smart peoples!

 

[WillowTree]

They have to get paid somehow, since most people using credit rarely pay more than the minimum the lenders have to raise interest rates to make some kind of profit. It's the borrowers who made the mess anyway so fuck em.

LOL they don't make a dime off of me. Any balance on there is always paid in full by the due date.

Then why are you upset or worried?[/QUOTE]


A. Zoom made a declaritive statement


The interest rate on my credit card just jumped from 12.9% to 17.9%. Is this the tip of the inflation iceberg?





so how did you extrapolate upset or worried from that..????

 

[KittenKoder]

LOL they don't make a dime off of me. Any balance on there is always paid in full by the due date.

Then why are you upset or worried?

A. Zoom made a declaritive statement


The interest rate on my credit card just jumped from 12.9% to 17.9%. Is this the tip of the inflation iceberg?





so how did you extrapolate upset or worried from that..????

The wording ... people are lucky that there is still a credit system available really, they should have all collapsed instead of being bailed out.

 

[WillowTree]

Then why are you upset or worried?

A. Zoom made a declaritive statement


The interest rate on my credit card just jumped from 12.9% to 17.9%. Is this the tip of the inflation iceberg?





so how did you extrapolate upset or worried from that..????

The wording ... people are lucky that there is still a credit system available really, they should have all collapsed instead of being bailed out.

people like zoom and myself would not miss a credit card.. except for the points we earn for flyer miles that is..

 

[Truthmatters]

I also never carry a balence and have one for the conveinece reasons of renting a car and the like.

The corporations are acting like fucking assholes by going after college kids and charging high rates like mentioned above.

Its them who LENT to people who could not pay back.

 

[Zoom-boing]

They have to get paid somehow, since most people using credit rarely pay more than the minimum the lenders have to raise interest rates to make some kind of profit. It's the borrowers who made the mess anyway so fuck em.

LOL they don't make a dime off of me. Any balance on there is always paid in full by the due date.

Then why are you upset or worried?

I'm neither upset nor worried, just stating that my rate went up. I pay off any credit card debt in full by the due date. I've also taken advantage of a zero transfer balance to pay something large off in interest free installments -- I just make sure the thing is paid off by the ending date of the terms. I do like the convenience of credit card and the extra 'reward' bucks they give me, but I refuse to play the credit card game. Credit should be used wisely.

 

[Truthmatters]

They are in business and lent money to people who now cant pay it back. There solution is to make their good customers pay the differance.


Funny you guys think that is just fine.

 

[Zoom-boing]

I also never carry a balence and have one for the conveinece reasons of renting a car and the like.

The corporations are acting like fucking assholes by going after college kids and charging high rates like mentioned above.

Its them who LENT to people who could not pay back.

I disagree. My daughter is 18 and a freshman in college. We had her open a credit card with the bank but it has a $1,000 limit. The interest rate is higher for college kids because they have unestablished credit and are more of a risk. Her rate is 18.9%. We're teaching her to use it, but to use it wisely. That's what parents are suppose to do. Credit card doesn't mean free, it just means convenience. You still have to pay for your stuff. She also is looking to purchase a car and needs some credit history for insurance. It's good for college students to get a credit card - just one is all they need - and to establish good habits and a good credit history. It will serve them well in life.

 

[jillian]

I disagree. My daughter is 18 and a freshman in college. We had her open a credit card with the bank but it has a $1,000 limit. The interest rate is higher for college kids because they have unestablished credit and are more of a risk. Her rate is 18.9%. We're teaching her to use it, but to use it wisely. That's what parents are suppose to do. Credit card doesn't mean free, it just means convenience. You still have to pay for your stuff. She also is looking to purchase a car and needs some credit history for insurance. It's good for college students to get a credit card - just one is all they need - and to establish good habits and a good credit history. It will serve them well in life.

You're certainly doing the right thing with your daughter. I have zero credit card debt, too. If it can't be paid for by the end of the month, I don't buy it. And certainly college kids should learn that skill, too.

But you aren't addressing the fact that most credit card companies offer credit cards to college kids regardless of credit-worthiness and regardless of whether or not their parents have taught them money management skills. So what happened was that kids were getting into debt, didn't understand what interest rates, penalty and costs could look like in a credit card bill and ended up having huge credit problems. Fact: until they're 18, the kids can disavow the debt, but their credit gets screwed.... unless mom and dad step in, pay the bill and save his/her butt.

btw, default interest on a credit card is approx. 30%... the rate you were given is fairly standard.

 

[Truthmatters]

They are targeting them at schools and not through their parents.

They are approaching kids without incomes. Why do you think they are doing this?


They are scumbags who hope to trap the uneducated consumer into a situation where the parent ends up paying.

You defend them all you want, they are being douchebags.

 

[Zoom-boing]

They are targeting them at schools and not through their parents.

They are approaching kids without incomes. Why do you think they are doing this?


They are scumbags who hope to trap the uneducated consumer into a situation where the parent ends up paying.

You defend them all you want, they are being douchebags.

Chill TM. It's the responsibility of the parents of these kids to educate them about money and credit cards. Ultimately it is up to the kids if they take the card or not but a child who is informed will make a better decision. The companies are out to make a buck -- it's their business. Are you saying we should outlaw these companies from targeting college kids? I think educating college kids is a better way to fight the battle. And the parents paying the bill if the kid gets in trouble? Hows that going to teach the kid anything about responsibility?

 

[Truthmatters]

Bullshit, its the companys responsibility to act in a decent manner, if they dont they should be regulated, PERIOD.

 

[jillian]

Chill TM. It's the responsibility of the parents of these kids to educate them about money and credit cards. Ultimately it is up to the kids if they take the card or not but a child who is informed will make a better decision. The companies are out to make a buck -- it's their business. Are you saying we should outlaw these companies from targeting college kids? I think educating college kids is a better way to fight the battle. And the parents paying the bill if the kid gets in trouble? Hows that going to teach the kid anything about responsibility?

well, sorta kinda... the credit card companies *do* target kids at school in the hopes that their parents didn't teach them or they didn't quite internalize it. They don't send them the credit card offers at home where mom and dad can get hold of it first.

do you know what credit card companies call people who pay their card off at the end of the month?

deadbeats

 

[Zoom-boing]

Chill TM. It's the responsibility of the parents of these kids to educate them about money and credit cards. Ultimately it is up to the kids if they take the card or not but a child who is informed will make a better decision. The companies are out to make a buck -- it's their business. Are you saying we should outlaw these companies from targeting college kids? I think educating college kids is a better way to fight the battle. And the parents paying the bill if the kid gets in trouble? Hows that going to teach the kid anything about responsibility?

well, sorta kinda... the credit card companies *do* target kids at school in the hopes that their parents didn't teach them or they didn't quite internalize it. They don't send them the credit card offers at home where mom and dad can get hold of it first.

do you know what credit card companies call people who pay their card off at the end of the month?

deadbeats

I hear you about them targeting these kids but . . . . ultimately the responsibility falls upon whoever is accepting the credit card. Maybe they should keep them from sending applications to college kids, I don't know. But sooner or later these kids will be faced with credit card offers and no one is going to be riding in on a horse to save their indebted butts.

I know many colleges teach 'Personal Finance' classes, as do some high schools. I always thought that teaching college seniors this stuff was best because they will retain the information and use it sooner. I think I was wrong. Having this as part of high school and college curriculum (not an an elective but as part of the gen ed required stuff) is paramount to getting these kids/young adults to understand that it's not a game and screwing your credit up has serious consequences.

As for parents riding to the rescue -- if it were my kid, I'd pay the bill off to save their credit but I'd make them pay me back, with interest, in order for them to learn the lesson.

 

[Truthmatters]

"I see no alternative to a set of heightened federal regulatory rules for banks and other financial institutions," Greenspan said in a Tuesday evening speech to the Economic Club of New York, Reuters reported. He said he was "deeply dismayed" to realize in mid-2007 that the premise that firms were enlightened enough to monitor their own risks had "failed."
http://rawstory.com/news/2008/Greenspan_says_recession_will_be_longest_0217.html

Even Greenspan now admitts regulations are the only way to trust Corps to do the right thing.