We'll see, I'm not concerned. I've had the debt open for almost 10 years with chase, citi, and bank of america and never had any problems. Besides the entire amount I owe I have cash to back it up in a CD ladder so if one of these clowns decides to break their "fixed for life" deals then I will simply pay back the amount on the card the next day. Like I said, I have the cash in a safe place in case I need it.
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Credir card debt --staggering
- Thread starter NY_HOOD
- Start date
We'll see, I'm not concerned. I've had the debt open for almost 10 years with chase, citi, and bank of america and never had any problems. Besides the entire amount I owe I have cash to back it up in a CD ladder so if one of these clowns decides to break their "fixed for life" deals then I will simply pay back the amount on the card the next day. Like I said, I have the cash in a safe place in case I need it.
Exactly. People think they worked so hard and all that, when really they bought cheap stocks and houses and rode the inflation boom of the last 30 years.Then they turn around and say my generation is lazy and has an entitlement attitude. Buy and hold doesnât work. Most of those so called 10% yearly returns over the past 100 years they talk about, were mostly generated in the past 30 years. If Iâm not mistaken, it took until 1954 to get back to the 1929 highs. Imagine waiting until 2033 until we see Dow 14,000 again.Quote from Spooz Top:
some pretty valid points here.....especially on the baby boomers 70`s till now infaltionary boom.......that is one hell of a ride from people whom like to pat themselves on the back more often than not.
One word â bailout. Whoâs getting this money, the people who created the problem in the first place. It certainly ainât going to the little guy.Quote from Trader666:
Lots of points to address but I'll stick to these for now.
Free markets are not about taking from the poor and giving to the rich and that's not my philosophy; it a bunch of crap you wrote that smacks of a victim's mentality, just like your comment "the rich will keep suppressing the poor."
I have had a CC with Chase for 5 years. I have perfect credit history on all of my accounts. Two years ago they changed my fixed APR from 8-24%. I called them and they admitted I had perfect credit, but wouldnât change the interest rate. Why? Because I owe them money. Two months ago when Chase bought WAMU I knew I was in trouble with that card. Sure enough (on election day as it turns out) they send me a notice that they are raising my rate from 12-22%. They gave me the same reason. Fortunately this time I knew that I could close the account and keep the current terms. I worked hard to maintain good credit and now Iâll never be able to use that card again. This is not the rich suppressing the poor? Itâs ok with you that they are allowed to change the rules in the middle of the game? You probably own JPM stock and are happy with this. Well I hope it goes up a few pennyâs for all the interest they jacked from me.
Quote from Trader666:Wake up and realize that you're responsible for your own destiny. Are we in bad times? Yes. Can it be difficult to succeed? Yes. Do some people have stuff handed to them? Yes. But have you noticed that some people seem to always come out ahead?
You speak almost with contempt about hard work. Well it's more than hard work, it's also about working smart but too many of your generation have an unrealistic sense of entitlement and I've actually seen some who expect to start at the top and then throw fits when they don't get their trophy for just showing up.
Here's a quote for you... Edison came up with it a long time ago and it's timeless. Heed it or not, your future is up to you, not Obama or Nancy Pelosi.
"Opportunity is missed by most people because it is dressed in overalls and looks like work. " -- Thomas A. Edison
Here you go contridicting yourself again. You say to work harder, but make it out like people working hard 50 hours a week at their low wage jobs deserve to live in poverty.
Letâs pretend a baby boomer and I are having a race from one end of the football field to the other. They of course win. Why? Is it because they worked harder? No itâs because they started on the 50 yard line and I started at the other endzone. Then when I complain that that isnât fair, you say I have a sense of entitlement. No I just want a level playing field. I know, I know lifeâs not fair. Well, just remember that everytime somethings not fair, that means someone else is getting whatâs more than fair. I will try to make it, and when I do, I want provide opportunity to others, so that they can have a shot at making it too.
And donât tell me I show contempt at hard work. I am one of the hardest working young person youâll ever find. For 5 of the past 6 years I have never worked less than 40 hours a week, and have done plenty of 60-80 hour weeks. I have spent tens of thousands of dollars trying to get ahead by investing and starting businesses. I have failed at all of this. This does not bother me. I will get up and try again. Eventually I will find something that works, and that will make up for more than I ever lost. What bothers me is the fact that everytime I fail and go back to my crummy pizza delivery job, I make less money than before. I used to save over $1,000 a month to use for other things. For the past few months, I have actually been spending more than I make. I will barely make this months bills. I am not sure about next months.
You want to talk about entitlement? Why donât we focus on the black people who never tip. I waste 20 minutes of my time and money to bring them a pizza and 90% of them stiff me. Then, whenever possible, they complain about everything trying to get it for free. They think theyâre owed the world, and hardly even work for it. At least I work my ass off and then ask to have a decent standard of living.
Do you know what the number 1 cause of bankruptcy is? Big screen t.v.âs? Car loans? Mortgages that are too big? D. None of the above. Medical bills. So using your logic, if people donât have money to pay for medical care, they should do without. Tell that to the family who has tapped out every credit card to pay for life saving treatments for a loved one.Quote from Trader666:
Exactly... 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.
Why do you assume all debt is due to an extravagant lifestyle? You still have not addressed the root cause of most of the problems concerning debt. Everything is so damn expensive. Cost of living is continually going up and wages are continually stagnant.Your really reaching now. Your arguments are getting weaker and weaker.
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 financed by credit card debt and people using their houses as ATMs and the house of cards is finally coming down.
Quote from Sandybestdog:
Do you know what the number 1 cause of bankruptcy is? Big screen t.v.âs? Car loans? Mortgages that are too big? D. None of the above. Medical bills. So using your logic, if people donât have money to pay for medical care, they should do without. Tell that to the family who has tapped out every credit card to pay for life saving treatments for a loved one.
Why do you assume all debt is due to an extravagant lifestyle? You still have not addressed the root cause of most of the problems concerning debt. Everything is so damn expensive. Cost of living is continually going up and wages are continually stagnant.Your really reaching now. Your arguments are getting weaker and weaker.
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.
Quote from Sandybestdog:
One word â bailout. Whoâs getting this money, the people who created the problem in the first place....
I have had a CC with Chase for 5 years....Two years ago they changed my fixed APR from 8-24%... Why? Because I owe them money. Two months ago when Chase bought WAMU I knew I was in trouble with that card. Sure enough (on election day as it turns out) they send me a notice that they are raising my rate from 12-22%.
And donât tell me I show contempt at hard work. I am one of the hardest working young person youâll ever find. For 5 of the past 6 years I have never worked less than 40 hours a week, and have done plenty of 60-80 hour weeks.
You want to talk about entitlement? Why donât we focus on the black people who never tip. I waste 20 minutes of my time and money to bring them a pizza and 90% of them stiff me. Then, whenever possible, they complain about everything trying to get it for free. They think theyâre owed the world, and hardly even work for it. At least I work my ass off and then ask to have a decent standard of living.
Quote from huh:
We'll see, I'm not concerned. I've had the debt open for almost 10 years with chase, citi, and bank of america and never had any problems. Besides the entire amount I owe I have cash to back it up in a CD ladder so if one of these clowns decides to break their "fixed for life" deals then I will simply pay back the amount on the card the next day. Like I said, I have the cash in a safe place in case I need it.
Oh I know you're not worried. If you were, you would have paid off your CC debt a long time ago and put your cash into real assets (CDs? LOL!).
Instead you're playing a risky game for a measly 1% gain. Smart use of Credit Cards is to use the credit line to acquire cheap assets you can flip or generate cash flow with. Or emergencies. Not to play wanna-be banker for laughable gains.
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 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.
Hey moron,
Get this through your head. The "deadbeats" get what is coming to them, which is foreclosure & ruined credit. The point is that they, along with everyone else, aren also being put on the hook to bailout those who are actually directly responsible for the mess, while doing nothing for the people. Any bailout is opposed by most people, including those same "deadbeats" you hate so much. I'm guessing you were to stupid to even get a liar loan, cause you were honest about your welfare check situation.
Hey moron, get this through YOUR head... the deadbeats who wanted to live large are just as responsible as anyone else... had people borrowed responsibly, we wouldn't be where we are now. Do you also think McDonalds makes people fat? 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.
Projecting your own inadequacies on me won't make your miserable life any better. Work hard and maybe some day you'll succeed.
Quote from Anaconda:
Hey moron,
Get this through your head. The "deadbeats" get what is coming to them, which is foreclosure & ruined credit. The point is that they, along with everyone else, aren also being put on the hook to bailout those who are actually directly responsible for the mess, while doing nothing for the people.
Projecting your own inadequacies on me won't make your miserable life any better. Work hard and maybe some day you'll succeed.
Quote from Anaconda:
I'm guessing you were to stupid to even get a liar loan, cause you were honest about your welfare check situation.
Quote from Trader666:
Hey moron, get this through YOUR head... the deadbeats who wanted to live large are just as responsible as anyone else... had people borrowed responsibly, we wouldn't be where we are now.
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".
Projecting your own inadequacies on me won't make your miserable life any better. Work hard and maybe some day you'll succeed.
You're a welfare case & failed trader and only wish you could be the man I am. Welcome to ignore, loser.