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Credir card debt --staggering
- Thread starter NY_HOOD
- Start date
Quote from huh:
LOL LOL LOL Thanks for the laugh. No I have not generated a measly 1% gain. I've already made over 200% gain on that money in the last 10 years while paying a paltry 3.5% a year. Sorry to disappoint you but you're not talking to a financial moron here.
The money you borrow from your CCs are in a CD. 200% gain? Yeah ok. You gonna tell me you have money sitting in CDs but the funds from your credit cards are put into more risky investments? That's idiotic.
Noone sits long term in CC debt unless they have to. If you have any real assets & cash, you can get access to premium credit lines from banks.
Your story seems too familiar to me. The reality is that you are deluding yourself.
Hi again sh!t for brains -- this crisis is all about the consequences of the housing bubble bursting you idiot. And that bubble couldn't have happened without greedy, crazed buyers. The bailout has helped the deadbeats by keeping our financial system from collapsing... that benefits all Americans.
What part of "projecting your own inadequacies on me won't make your miserable life any better" didn't you understand?
Quote from Anaconda:
Yes I know you are retarded and it is a difficult concept for you. Deadbeats have little to nothing to do with the financial crisis. Deadbeats have existed for a very long time, so have home foreclosures and real estate booms & busts. It's obvious you will never understand what exactly is different this time and why there is was a bailout of immense proportion pushed through Congress against the wishes of the nation. A bailout that does near nothing for the actual foreclosures or "deadbeats".
What part of "projecting your own inadequacies on me won't make your miserable life any better" didn't you understand?
Quote from Anaconda:
You're a welfare case & failed trader and only wish you could be the man I am. Welcome to ignore, loser.
Quote from Anaconda:
The money you borrow from your CCs are in a CD. 200% gain? Yeah ok. You gonna tell me you have money sitting in CDs but the funds from your credit cards are put into more risky investments? That's idiotic.
Noone sits long term in CC debt unless they have to. If you have any real assets & cash, you can get access to premium credit lines from banks.
Your story seems too familiar to me. The reality is that you are deluding yourself.
Nope I never stated I generated 200% from CDs. I borrowed the money and invested the cheap money. Once I hit 100% return I took the original cash I took and stuck it in CDs and continue to invest the money I made.
I.E. I borrowed 30K at 3.5%
invested the 30K and over the course of several years made 30K and had 60K in cash.
Put 30K into CDs for safety and re-invested the remaining 30K and over several years made another 30K.
So now I have 30K in CDs, 30K in CC debt, and 60K that I invest which was generated from the original 30K of credit card debt. Took a lot of stupidity, balls, and a lot of luck to do what I did but it worked. So no credit card debt is not bad when done right.
Quote from Trader666:
I didn't say that, I said "one of our biggest problems in this country is too many people buying too much sh!t they don't need with money they don't have. " And it's a fact whether you understand it or not. Much of our recent "prosperity" was over consumption by people using their houses as ATMs and running up credit card debt and the house of cards is finally coming down.
You are right that Americanâs spend too much on stuff they donât need. I think partially this is attributed to the media and government who tell people to go spend money to help the economy. We give $300 rebate checks to the lower income earners because they spend 100% of their income. Will they day ever come when we give them a $300 funded IRA? I donât think so. I for one have never understood why people need all that stuff. Like a new car. I never understood why people spend 30k over 6 years on a new car that can be gone in one second. I drive a 92 Camry. Partially because I canât afford anything more and it was available when I needed it and partially because Iâd rather spend the money on other things. Itâs got itâs issues, but it works. I think this was the earlier models that Toyota built very well. Then when they got market share, they realized pretty quickly the American way. They werenât going to make any money if cars lasted to 200k. So I think their quality has suffered.
My parents are just as guilty as anyone when it comes to using the house as an atm. They will readily admit this. But think of it this way. My mom never worked and stayed home with us kids. That left just my dadâs self employment income. Do you want to know what a lot of the refinancing went to? Medical bills. We went several years with no health insurance. I have glaucoma that they paid for several years out of pocket. I believe a long time ago they had to spend over 20k for my brotherâs appendix. Also I think they had some minor back taxes due to the double taxation of social security on small business taxes (or rather the responsibility to pay both sides). So you see how itâs easiest to sometimes just refinance again and again. It doesnât always go to buy new cars. All of ourâs our more that 10 years old.
I will say one thing about the lower class that spends a lot. I think you guys often wonder why you go buy a $40 pair of shoes, and the poor people walk around with their $150 Nikeâs and $400 North Face jackets. Most of this is just a gratification issue, I guess. But you have to understand it from their perspective. They work crap jobs and see no chance to ever achieve the things that you work and save for. You might save 30k for a downpayment on a house. Or contribute 15% to your 401k. But these people donât think like that. They see houses at 250k and realize they will never own a home making $8 an hour. So they just give up. However a $150 pair of shoes that will garner the attention of people and make you fit in with your friends is achievable for them. My friend owns a clothing store that sells $80 pairs of pants. Does he sell suits to the upper classes? No he sells urban wear. Wanna know why? Because they spend money. You go to a store and ask whatâs on sale and try to get a bargain. They just walk in with $50 and buy stuff. They have nothing else to work for, so they spend all their money on what they can at least appreciate now.
I work at a restaurant. Sales are down as expected. Do you know who is holding the business up. Rich people? No, the poor. The rich go AAAHHHH! The markets tanking, I need to stop spending. The poor couldnât name 2 companies in the Dow Jones. All they do is say I have $20 in my pocket and Iâm hungry, I think Iâll go get a pizza. Of course theyâre the worst tippers though.
So my point in all of this is to that the very high cost of living has attributed a lot to this mess. People borrowed to get stuff that maybe they could have otherwise gotten if wages were higher and cost of living was a lot lower. For the person who hasnât lost his job, the past few months of slight deflation has been an incredible sign of relief.
Quote from Trader666:
So the deadbeats who wanted to live large by buying houses they couldn't afford and using them as ATMs had no role in creating the problem? To you they're probably victims of the evil system. Now I see why you're so bitter... you're a racist pizza delivery boy with credit card debt at high rates and a sense of entitlement who thinks 40 hour weeks is working hard and you're frustrated because you think you "deserve" more. Well you don't. You deserve what you make out of your life and the sooner you admit that to yourself, the sooner you can improve your circumstances. I wouldn't give you a tip either and I'm not black.
I think I already answered your first part numerous times. You just don't want to realize that a lot of the borrowing didn't just go to pay for extravagant lifestyles.
I am not racist. I said 90% of black people don't tip. It's a fact. This is well known in the restaurant industry. I have even heard of some places having code words for them like "Mondays" and "Canadians." They also often complain excessively to try to get their food for free.
You still haven't answered my question. Is it ok for CC companies to raise my interest rate from 8-24% for no reason other than they can? Did you not read the news this week that the Fed approved massive new regulation to curtail these sort of business practices? You are spitting in the face of millions of Americanâs who followed the rules and kept good credit, only for the CC companyâs to triple their interest rates because they can. This is like somebody getting a mortgage, paying on time for 3 years, and then the mortgage company sending them a letter saying they were jacking the interest rate because they can. Youâre an idiot if you donât see this as abuse. I agreed to a contract and followed it. They changed the rules in the middle of the game because they can. If they hadnât, my debt would be much lower. Why donât they just change it to 50% or 75%. I suppose I deserve that for being a loser pizza delivery driver. When Congress and the Fed acutally move on something, you know itâs a problem.
I think your massively mixing up legitimate abuse and unfair advantages of past generations with those that legitamately are lazy and think their owed the world.
And go ahead and keep your tip. Assholes donât tip either. Pick up your damn pizza
Who do you think would be hurt more by the financial system collapsing? The banks and Federal Reserve that rig the system to benefit them. or the poor, stupid, lazy, people that you love to hate who don't even have bank accounts half the time. Wouldn't it be great if the system collapsed and we went back to gold and silver for currency instead of worthless paper backed by nothing.Quote from Trader666:
And "the people" do benefit from the bailouts even though you're too stupid to realize it. They benefit from our financial system not collapsing entirely.
the national debt is staggering..
who is buying more on credit?
who is buying more on credit?
Quote from Sandybestdog:
Who do you think would be hurt more by the financial system collapsing? The banks and Federal Reserve that rig the system to benefit them. or the poor, stupid, lazy, people that you love to hate who don't even have bank accounts half the time. Wouldn't it be great if the system collapsed and we went back to gold and silver for currency instead of worthless paper backed by nothing.
Stop wasting your time, he is a retard filled with hate. Just add him to ignore like anyone else who has not stooped down to his level has.
Quote from huh:
Nope I never stated I generated 200% from CDs. I borrowed the money and invested the cheap money. Once I hit 100% return I took the original cash I took and stuck it in CDs and continue to invest the money I made.
I.E. I borrowed 30K at 3.5%
invested the 30K and over the course of several years made 30K and had 60K in cash.
Put 30K into CDs for safety and re-invested the remaining 30K and over several years made another 30K.
So now I have 30K in CDs, 30K in CC debt, and 60K that I invest which was generated from the original 30K of credit card debt. Took a lot of stupidity, balls, and a lot of luck to do what I did but it worked. So no credit card debt is not bad when done right.
Your example makes sense, but that does not seem to be your situation. Either way, there is no reason to keep the CC debt. Few people would if they had that situation, it really makes no sense. There is leverage in financial markets as well as business ventures available, why leave a 30k debt in your name with the least efficient credit facility out there. Unless you get cash back & perks and are revolving it, hence staying in the grace period. Something business owners do that work inventory turnover, like a close friend of mine.