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I'm only trying to help you guys. If you have credit cards....

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Posts: 55

Kennyvegas

Veteran

Joined: Oct, 2002

Posts: 1023

Posted: Oct. 10, 2008 - 9:30 AM ET #26

Lonetree,

What is survival though...that's my problem. In our nation luxury items to our grandparents have become necessities to "survive" I know this is not every family but believe it is a proportion of them. I know I am not in these people's shoes but I question what they consider survival.

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lonetreejj

Veteran

Joined: Nov, 2007

Posts: 2921

Posted: Oct. 10, 2008 - 10:15 AM ET #27

Survival is a roof over your head. Feeding your family. Clothing and educating your children.

Deficit spending to survive.

Many are in this predicament because they did spend beyond their means when living cost less; or when their incomes were sufficient to cover the everday costs of rent/mortgage, utilities, insurance, gas, groceries... you get the idea.

Do you believe the inflation numbers being reported aver the past several years? Low single digit inflation according to our govt.. Last I checked inflation is a measure of the increase in the price of goods and services. As you write the checks for your bills monthly, and your trips to the grocery store... do you notice? Is low single digit inflation a reflection of whats happening in your private idaho? (not trying to be mean, just facetious)

These govt published inflation numbers are used to determine pay increases for most Americans. So most Americans (fortunate enough to still have a job) have had small wage increases, to offset larger than advertised cost of living increases. Couple that with a general lack of discipline, and a prevailing attitude of entitlement (including those- unneccesary- creature comforts); and viola!!!, your fckd; forced into deficit spending to keep your head above water.

Of course, the professional system manipulators, put it all in a corporate name, declare corporate bankruptcy, and start all over again.... allowing all of us to share in their miserable mismanagement.

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BestPlay2Day

Prospect

Joined: Dec, 2005

Posts: 129

Posted: Oct. 10, 2008 - 10:20 AM ET #28

When I got home from work last night, I got a letter from my gold mastercard saying they reduced my limit from $12,750 to $6,000 due to keeping a low balance every month. Doesn't bother me since the most I put on the card is a couple hundred a month.

Wonder if others who are close to their max will get their limits cut in half as well. Can see these people getting letters in the mail very soon and will then be over the limit. Can they actually do this and charge an over the limit fee than? That would be fucked up.

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Kennyvegas

Veteran

Joined: Oct, 2002

Posts: 1023

Posted: Oct. 10, 2008 - 10:21 AM ET #29

Inflation numbers were measured differently as of 1993 or 1994 to artificially report lower inflation to suppress the growth of social security disbursement...John Williams has a website shadowstats that explains this very well.

I am just saying some blame must be put on the citizens themselves who were irresponsible and lived day to day in good times and now can't survive in bad times. Not all the blame but a portion of it.

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ApacheM

All-Star

Joined: Apr, 2008

Posts: 14473

Posted: Oct. 10, 2008 - 5:51 PM ET #30

Quote Originally Posted by BestPlay2Day:

When I got home from work last night, I got a letter from my gold mastercard saying they reduced my limit from $12,750 to $6,000 due to keeping a low balance every month. Doesn't bother me since the most I put on the card is a couple hundred a month.

Wonder if others who are close to their max will get their limits cut in half as well. Can see these people getting letters in the mail very soon and will then be over the limit. Can they actually do this and charge an over the limit fee than? That would be fucked up.

CC companies are in it for the money and would rather have regular payments every month. Like I said earlier, if you useCC's responsibily they are a great tool. My son bought a $20K SVU with a CC @ 2.99 and pays as little(Min.Charge)or much as he wants ea. Mo.. His Ins. is less and the bank wanted 6.75% with all the other BS.

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lonetreejj

Veteran

Joined: Nov, 2007

Posts: 2921

Posted: Oct. 10, 2008 - 6:10 PM ET #31

For those of you wha have cc balances and high rates; call your cc company, explain that your in a predicament and youre concerned about your ability to maintain the debt; and, if you cant get some int rate relief, you may be forced to file for Ch. 7 in spite of the credit ruin you would suffer.

Most of my clients have done that with success. 9-12 months w/ no or low interest.

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be easy

MVP

Joined: Oct, 2006

Posts: 15433

Posted: Dec. 2, 2008 - 1:41 AM ET #32

UUHHHHH- OOOOOHHHHHH

link

pay that debt down now, if you can

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kingme

Banned

Joined: Jul, 2008

Posts: 1317

Posted: Dec. 2, 2008 - 10:35 AM ET #33

Dude that is a crock of shit. You signed a contract when opening your crdit account which details the limit for borrowing, the rate (initial rate, rate in good standing, and the rate if in default/overlimit).

They will always be bound by the contract that is agreed by both parties.

Sounds to me like you heard some internet fear mongering.

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july4433

Rookie

Joined: Sep, 2006

Posts: 521

Posted: Dec. 4, 2008 - 12:42 AM ET #34

CC companies start doing crap like that too much, and people will just default on 3 credit cards and just pay on one CC, or just pay on no CC and default them all. Would not be wise for CC companies to start pulling that rug out from under customers and get people that were sending them monthly payments on all of their CC to just not send them any more money on any CC would it?

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goinggone

Captain

Joined: Apr, 2006

Posts: 8634

Posted: Dec. 4, 2008 - 12:33 PM ET #35

You and I out there buying/spending is ov 70% of the economy. Why would they do that? If they do, everyone Pays.

0

be easy

MVP

Joined: Oct, 2006

Posts: 15433

Posted: Mar. 3, 2009 - 10:04 AM ET #36

Just logged on to check my credit card and make sure everything was on the up and up, and low and behold THEY GOT ME. Reduced my Limit by 2/3

Strange, my credit score is better than ever, and my revolving debt is zero outside my mortgage that i just refinanced to a much lower payment. I have three credit cards, and was gonna figure out which two to cancel, this makes an easy decision on one of them.

I've read that some people that used a credit card to consolidate debt, say 10k debt onto 1 card @ a good interest rate (sub 5%), but are still scraping to get by, NOW the credit card companies DOUBLE THEIR MONTHLY MINIMUM

ouch, good luck paying twice as much as you barely could before.\

This thread was started about 5 months ago, and in the meantime, the Fed has done some serious posturing to avoid rates shooting up. WELL, now Bama needs a couple trill to pay his pork, pet projects, earmarkulus spending bill, and they are auctioning off T-bills in record numbers. What happens if there's no buyers?

Rates start to go back up, to try and get some fish to bite.............. in the meantime, American Consumer about to take it BIGTIME in the ass, be ready because Rd. 2 of financial crisis is right around the corner

Bama gonna ditch all those idiotic plans to try and save housing, which haven't done a lick of good, and start worrying about saving the financials/banks

Pay off your CC's

I read something to the tune that the gov't has some new anti-usury laws coming into effect, where supposedly the CC companies won't be able to jack up rates. But at the same time, the gov't made a law about a year ago forcing banks to double their monthly minimums in hopes of getting people (forcing) to start paying down some debt, rather than just a lifetime of interest. I guess Uncle Sam wants your money and he doesn't want the CC's to have you so strapped that he cant get his!

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goinggone

Captain

Joined: Apr, 2006

Posts: 8634

Posted: Mar. 3, 2009 - 12:05 PM ET #37

80% of all money spent in the American economy is 'credit'.

Link Please

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Paulsy

Banned

Joined: Dec, 2007

Posts: 17651

Posted: Mar. 3, 2009 - 1:59 PM ET #38

all of my money is tied up in cash

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be easy

MVP

Joined: Oct, 2006

Posts: 15433

Posted: May. 28, 2009 - 10:58 AM ET #39

Quote Originally Posted by Paulsy:

all of my money is tied up in cash

ouch what a losing proposition

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Lippsman

Covers Linesmen

Joined: Feb, 2001

Posts: 87445

Posted: May. 28, 2009 - 11:22 AM ET #40

I use credit cards whenever I can for the extra stuff I can get. But I do pay them off every month. Last year I got 2K from Amex for cash back stuff. So as you use them smart they are ok. But we all know most people can't do that. They don't see money leaving thier wallets, it's just a piece of plastic and they can get anything want.

Now for the business I do carry some balances. If you run a business it's just the nature of the beast. Bit part orders and you are in between getting a payment. Now big time when you have bussiness' that are 60 and 90 days behind on payment to for services and labor.

I do have a rather big balance on one of them. Over 40K to be exact. But it's a lifetime rate of 1.99% I was able to haggle. And where it was a lifetime balance loan it won't be able to be screwed with like the other ones. For that one I pay the minimum every month. Could I pay it off, sure I could in a couple of months if I wanted to. But why take 40K out of the machine when I can get a CD that pays back more interest than I am being charged on that amount.

I have it set up on automatic pay so I don't get the ole, "You were late so we are upping your rate to 28%.....You don't think they would love to do that do you ?

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Lippsman

Covers Linesmen

Joined: Feb, 2001

Posts: 87445

Posted: May. 28, 2009 - 11:24 AM ET #41

BTW, I just got a notice from Advanta yesterday that my 30K line I had open to me will be completely wiped out on Saturday.

Even though I didn't have a penny on it that really hurts. And that's what business' are going through right now. That extra wiggle room you might need to make payroll or buy things for the business you need.

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Cyrax

Hall of Fame

Joined: Sep, 2008

Posts: 26498

Posted: May. 28, 2009 - 2:28 PM ET #42

Luckily I only owe 1K on my CC.. I most likely will pay that off in a

few months........I wouldn't want to carry a huge balance on my

CC... I already know how it's like to be in that Position before...

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ApacheM

All-Star

Joined: Apr, 2008

Posts: 14473

Posted: May. 28, 2009 - 2:51 PM ET #43

Quote Originally Posted by Lippsman:

BTW, I just got a notice from Advanta yesterday that my 30K line I had open to me will be completely wiped out on Saturday.

Even though I didn't have a penny on it that really hurts. And that's what business' are going through right now. That extra wiggle room you might need to make payroll or buy things for the business you need.

May 30th, I got the same letter.

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be easy

MVP

Joined: Oct, 2006

Posts: 15433

Posted: Oct. 9, 2009 - 1:52 PM ET #44

Quote Originally Posted by be easy:

and are able to pay the down/off, do it tonite. Link

Lets say your limit is 7000, and you carry a balance of 3500. If your CC decides to lower your credit limit to 3000, that would leave you over the limit, and you could be hit with OTL fees. This shitstorm is gaining momentum, and consumer credit is gonna hit the fan to compound this mortgage shitfest(already had). Debtors have been compounding the problem on their own, as HELOC's were dropped/reduced drastically, the first place people turn to feed their addiction to wasting money is their plastic. and i'm normally slightly ahead of the curve with what i post on these housing/credit issues, so take it for wwhat it's worth, betterr to be prepared. OR, you can run them up, join the mortgage strrike, and hope that you get bailed out too

1 year anniversary

Lippsman, any changes in the status of your lifetime rate of 1.99%?

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rooster010

All-Star

Joined: Jun, 2007

Posts: 10911

Posted: Oct. 9, 2009 - 1:57 PM ET #45

Quote Originally Posted by Paulsy:

all of my money is tied up in cash

not good my friend

i mess pawzy

be easy

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Rush51

Covers Rehab

Joined: Jan, 2005

Posts: 8803

Posted: Oct. 9, 2009 - 2:34 PM ET #46

Quote Originally Posted by LeRinkRat:

agree completely with ApacheM

unfortunately there are a lot of people who, like the late great George Carlin used to say, have a mindset of "GIMME THAT it's MINE!!!" and spend WAY over their means. these are the same people that were "betting on the come" in the housing market and ended up getting bit.

my wife and I have numenous monthly services autopayed by our one and only credit card BUT pay it ALL off when the bill comes. it actually SAVES money because we don't have to send out checks for half a dozen different statements.

This is so true... there are far too many people today that feel they "Deserve" so many things. You only deserve what you can afford.

Reply

0

Quote Originally Posted by LeRinkRat:

agree completely with ApacheM

unfortunately there are a lot of people who, like the late great George Carlin used to say, have a mindset of "GIMME THAT it's MINE!!!" and spend WAY over their means. these are the same people that were "betting on the come" in the housing market and ended up getting bit.

my wife and I have numenous monthly services autopayed by our one and only credit card BUT pay it ALL off when the bill comes. it actually SAVES money because we don't have to send out checks for half a dozen different statements.

This is so true... there are far too many people today that feel they "Deserve" so many things. You only deserve what you can afford.

Grego

Veteran

Joined: Sep, 2003

Posts: 3360

Posted: Oct. 9, 2009 - 3:51 PM ET #47

Quote Originally Posted by Lippsman:

I use credit cards whenever I can for the extra stuff I can get. But I do pay them off every month. Last year I got 2K from Amex for cash back stuff. So as you use them smart they are ok. But we all know most people can't do that. They don't see money leaving thier wallets, it's just a piece of plastic and they can get anything want.

Now for the business I do carry some balances. If you run a business it's just the nature of the beast. Bit part orders and you are in between getting a payment. Now big time when you have bussiness' that are 60 and 90 days behind on payment to for services and labor.

I do have a rather big balance on one of them. Over 40K to be exact. But it's a lifetime rate of 1.99% I was able to haggle. And where it was a lifetime balance loan it won't be able to be screwed with like the other ones. For that one I pay the minimum every month. Could I pay it off, sure I could in a couple of months if I wanted to. But why take 40K out of the machine when I can get a CD that pays back more interest than I am being charged on that amount.

I have it set up on automatic pay so I don't get the ole, "You were late so we are upping your rate to 28%.....You don't think they would love to do that do you ?

Lippsman -- from the other CC thread, I had the same setup, lifetime rate, auto pay, etc and they still screwed it up. Watch the acct like a hawk and expect your minimum to double/triple if it hasn't already...

Reply

0

Quote Originally Posted by Lippsman:

I use credit cards whenever I can for the extra stuff I can get. But I do pay them off every month. Last year I got 2K from Amex for cash back stuff. So as you use them smart they are ok. But we all know most people can't do that. They don't see money leaving thier wallets, it's just a piece of plastic and they can get anything want.

Now for the business I do carry some balances. If you run a business it's just the nature of the beast. Bit part orders and you are in between getting a payment. Now big time when you have bussiness' that are 60 and 90 days behind on payment to for services and labor.

I do have a rather big balance on one of them. Over 40K to be exact. But it's a lifetime rate of 1.99% I was able to haggle. And where it was a lifetime balance loan it won't be able to be screwed with like the other ones. For that one I pay the minimum every month. Could I pay it off, sure I could in a couple of months if I wanted to. But why take 40K out of the machine when I can get a CD that pays back more interest than I am being charged on that amount.

I have it set up on automatic pay so I don't get the ole, "You were late so we are upping your rate to 28%.....You don't think they would love to do that do you ?

Lippsman -- from the other CC thread, I had the same setup, lifetime rate, auto pay, etc and they still screwed it up. Watch the acct like a hawk and expect your minimum to double/triple if it hasn't already...

be easy

MVP

Joined: Oct, 2006

Posts: 15433

Posted: Oct. 9, 2009 - 3:57 PM ET #48

Quote Originally Posted by Grego:

Lippsman -- from the other CC thread, I had the same setup, lifetime rate, auto pay, etc and they still screwed it up. Watch the acct like a hawk and expect your minimum to double/triple if it hasn't already...

grego i'm confused here,,,,did your rate change, or did your monthly minimums go up, but your rate stayed the same? Uncle Sam changed the game on monthly minimums, forcing payments to at least double for most,,,,,if it's a rate rise, that breaks your terms, why in the hell would you pay them?

Reply

0

Quote Originally Posted by Grego:

Lippsman -- from the other CC thread, I had the same setup, lifetime rate, auto pay, etc and they still screwed it up. Watch the acct like a hawk and expect your minimum to double/triple if it hasn't already...

grego i'm confused here,,,,did your rate change, or did your monthly minimums go up, but your rate stayed the same? Uncle Sam changed the game on monthly minimums, forcing payments to at least double for most,,,,,if it's a rate rise, that breaks your terms, why in the hell would you pay them?

Lippsman

Covers Linesmen

Joined: Feb, 2001

Posts: 87445

Posted: Oct. 9, 2009 - 3:58 PM ET #49

It's still the same rate.

Reply

0

It's still the same rate.

Lippsman

Covers Linesmen

Joined: Feb, 2001

Posts: 87445

Posted: Oct. 9, 2009 - 4:05 PM ET #50

Quote Originally Posted by be easy:

grego i'm confused here,,,,did your rate change, or did your monthly minimums go up, but your rate stayed the same? Uncle Sam changed the game on monthly minimums, forcing payments to at least double for most,,,,,if it's a rate rise, that breaks your terms, why in the hell would you pay them?

Exactly, you can opt out and pay your current rate. The card will be closed, but who cares if you keep you current rate to pay it off.

That's exactly what I would do.

Reply

0

Quote Originally Posted by be easy:

grego i'm confused here,,,,did your rate change, or did your monthly minimums go up, but your rate stayed the same? Uncle Sam changed the game on monthly minimums, forcing payments to at least double for most,,,,,if it's a rate rise, that breaks your terms, why in the hell would you pay them?

Exactly, you can opt out and pay your current rate. The card will be closed, but who cares if you keep you current rate to pay it off.

That's exactly what I would do.

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