Another thing....if you decide to stop paying or you lose your job and you can't pay your credit score will obviously tank and that will affect your ability to get another job. About 50% of employers nowadays run credit checks as part of a background check. If your score is below X you ain't getting the job no matter how qualified you may be. It's an awful catch-22. You can't get a job because your credit sucks and you can't improve your credit because you can't get a job.
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US Citizens Starting To Rebel Against Wall Street
- Thread starter Banjo
- Start date
I agree but she's gonna be screwed for a long time. She won't be able to get a job anywhere with that on her credit rating. She doesn't get away from this without consequences but I do applaud her for giving BofA the middle finger.
Quote from Misthos:
Here's how I see it.
The banks that own the government changed the lending and bankruptcy laws to favor themselves in 2005.
Then they lent like crazy thinking that they have there bases covered. They were wrong. They mispriced risk and it backfired on them.
So, like little screaming girls with a boo-boo, they go to the government and get bailouts, free fed money, etc...
Up to this point, this woman was paying ON TIME. Then the bank jacks up her rate.
She calls the bank, they say no dice because this is "Capitalism" and people should "honor their debts."
Well guess what - those banks lost ALL MORAL AUTHORITY. And debt default is a civil action - she knows the consequences of default. She made a business decision.
To all the posters here that criticize her:
You're the types that probably have big mouths and small wallets - probably not much more wealth than this woman. But guess what? Unlike you, she has CAJONES. And for that, you hate her.
Get a life, go wave a teabag. She did something REAL. I'm proud of her.
Republicans are the foot soldiers of these large corporations. If she's voting Republican she deserves the shaft.
Quote from Misthos:
To all the posters here that criticize her:
You're the types that probably have big mouths and small wallets - probably not much more wealth than this woman. But guess what? Unlike you, she has CAJONES. And for that, you hate her.
Get a life, go wave a teabag. She did something REAL. I'm proud of her.
Wrong.
I hate her because I pay my CC bills, IN FULL, on time. There's no reason she isn't allowed to do the same.
SHE took on the debt.
SHE decided to carry the debt.
SHE chose to default on the debt rather than pay it off in full.
It's because of whiny, entitlement idiots like her that my sweet 3% cash back card will eventually not pay me a dime. I enjoy making money off the CC companies while they make none off me. It's a simple concept, really - don't spend money you don't have, which will allow you to never carry a balance.
Chase and Capital One haven't made one single penny off me since I got my first card at 18 years old.
I'm sick to death of listening to morons like her whine and complain about the evil CC companies, after THEY put on the debt. These are the people that will carry $10k on a credit card for 15 years at 25%, while continuing to buy cars, homes, toys they can't afford, and going on vacation every other month. Let them burn. I don't care. Let BAC jack her rate to 90%. I don't care. Hell, let Chase jack MY rate to 1000000000%. I couldn't care less because I'll never see it put to action.
Blame the government, the CC companies, banks, the media, society, her family, Obama, Osama... whoever you want... no one FORCED her to take on the debt. If she wants to get mad, look in the mirror. Anyone making minimum payments on their massive CC debt clearly has a sub-kindergarten level of understanding of finance.
As it is, give that bitch another, fresh, zero balance card and history will repeat itself. Let her learn how to handle CC's the hard way.
Hang on, I'm about to go max out all the my cards then tell my CC companies I'm not paying them anything because their interest rates are ridiculous. *eyeroll*
I find this very hard to believe unless you were born into wealth. At age 18 you didn't ever have your muffler fall off your car or see your wheel fly to the side of the curb because it fell off your car while you're driving down the road because all you could afford was a beater? Your furnace never blew up at the wrong time? Your A/C has always gone out while you had plenty of cash in the bank? You've been healthy your entire life and you've never had to buy expensive medications to get well? You've been immune to inflation? You've had parents who would lend you money at zero percent during hard times?
Dude, you were either born into wealth or you're luckiest fucker on the planet because shit happens to everyone, typically at the wrong time -- when you're broke.
Edit: Over the past 20 years I've been through some shit -- cancer, spine surgery, croup, a child with asthma, rear seal on the van goes out, furnace craps out at -12 degrees, A/C at 100. How did I handle most of this stuff? Credit Cards or other forms of financing. You do what you gotta do to survive. Not all CC debt is trips to Vegas. I'm lucky. I managed to find my groove as a trader. If I had to go work for the man I'd probably still be in debt, through no fault of my own. I managed to pay my bills down but it could have gone the other way. I could have had a 20k card go from 9% to 30%, which would have forced me into BK. It happens. You can't be pissed off at every person that gives the middle finger to the banks because you may not know the whole story. Shit happens.
Dude, you were either born into wealth or you're luckiest fucker on the planet because shit happens to everyone, typically at the wrong time -- when you're broke.
Edit: Over the past 20 years I've been through some shit -- cancer, spine surgery, croup, a child with asthma, rear seal on the van goes out, furnace craps out at -12 degrees, A/C at 100. How did I handle most of this stuff? Credit Cards or other forms of financing. You do what you gotta do to survive. Not all CC debt is trips to Vegas. I'm lucky. I managed to find my groove as a trader. If I had to go work for the man I'd probably still be in debt, through no fault of my own. I managed to pay my bills down but it could have gone the other way. I could have had a 20k card go from 9% to 30%, which would have forced me into BK. It happens. You can't be pissed off at every person that gives the middle finger to the banks because you may not know the whole story. Shit happens.
Quote from AyeYo:
Chase and Capital One haven't made one single penny off me since I got my first card at 18 years old.
You're posting on the wrong board.
Here you have be irrational and blame Obama for all your miseries. Forget that most here are the tea-bagging imbecile types who voted for Bush TWICE. They all deserve getting bent by the Shrub.
Here you have be irrational and blame Obama for all your miseries. Forget that most here are the tea-bagging imbecile types who voted for Bush TWICE. They all deserve getting bent by the Shrub.
Quote from AyeYo:
Wrong.
I hate her because I pay my CC bills, IN FULL, on time. There's no reason she isn't allowed to do the same.
SHE took on the debt.
SHE decided to carry the debt.
SHE chose to default on the debt rather than pay it off in full.
It's because of whiny, entitlement idiots like her that my sweet 3% cash back card will eventually not pay me a dime. I enjoy making money off the CC companies while they make none off me. It's a simple concept, really - don't spend money you don't have, which will allow you to never carry a balance.
Chase and Capital One haven't made one single penny off me since I got my first card at 18 years old.
I'm sick to death of listening to morons like her whine and complain about the evil CC companies, after THEY put on the debt. These are the people that will carry $10k on a credit card for 15 years at 25%, while continuing to buy cars, homes, toys they can't afford, and going on vacation every other month. Let them burn. I don't care. Let BAC jack her rate to 90%. I don't care. Hell, let Chase jack MY rate to 1000000000%. I couldn't care less because I'll never see it put to action.
Blame the government, the CC companies, banks, the media, society, her family, Obama, Osama... whoever you want... no one FORCED her to take on the debt. If she wants to get mad, look in the mirror. Anyone making minimum payments on their massive CC debt clearly has a sub-kindergarten level of understanding of finance.
As it is, give that bitch another, fresh, zero balance card and history will repeat itself. Let her learn how to handle CC's the hard way.
Hang on, I'm about to go max out all the my cards then tell my CC companies I'm not paying them anything because their interest rates are ridiculous. *eyeroll*
Quote from the1:
I find this very hard to believe unless you were born into wealth. At age 18 you didn't ever have your muffler fall off your car or see your wheel fly to the side of the curb because it fell off your car while you're driving down the road because all you could afford was a beater? Your furnace never blew up at the wrong time? Your A/C has always gone out while you had plenty of cash in the bank? You've been healthy your entire life and you've never had to buy expensive medications to get well? You've been immune to inflation? You've had parents who would lend you money at zero percent during hard times?
Dude, you were either born into wealth or you're luckiest fucker on the planet because shit happens to everyone, typically at the wrong time -- when you're broke.
I'll grant you that luck does play a roll. A long enough or hard enough streak of bad luck will do anyone in. Understand, though, that I spend VERY LITTLE. I don't live the high life, I drive a pos beater, hell, I don't even have a TV. About the only thing I waste money on is my race car, which I actually just dropped the reg on because I COULDN'T AFFORD the taxes/insurance. But this isn't about me vs. her.
The problem is that you're ASSuming that her debt is due to hard times. That's understandable, IF that's the case.
Maybe she should sell her webcam, computer, and little model car collect behind her and go pay off her credit card with the proceeds.
My issue with people like her is that they're too quick to go cry foul. Is 23% rape? Sure it is. But she agreed to the terms of the card. She re-agreed to the higher rate by not canceling the card (last I checked you can cancel a card with a balance if you don't like the updated card holder agreement, and they'll let you pay it off at your old rate).
You can make a moral argument that these banks shouldn't be raping people while being propped up by taxpayer funds. But I'll be right there to remind that in the VAST MAJORITY of cases, people have simply lived outside their means.
Quote from the1:
Edit: Over the past 20 years I've been through some shit -- cancer, spine surgery, croup, a child with asthma, rear seal on the van goes out, furnace craps out at -12 degrees, A/C at 100. How did I handle most of this stuff? Credit Cards or other forms of financing. You do what you gotta do to survive. Not all CC debt is trips to Vegas. I'm lucky. I managed to find my groove as a trader. If I had to go work for the man I'd probably still be in debt, through no fault of my own. I managed to pay my bills down but it could have gone the other way. I could have had a 20k card go from 9% to 30%, which would have forced me into BK. It happens. You can't be pissed off at every person that gives the middle finger to the banks because you may not know the whole story. Shit happens.
Truth. I think my post was pretty obviously not directed at the handful of people in this type of situation.
Give me your honest estimate on how many cases are truly hard times, such as yours, and how many are simply typical Americans spending money they don't have.
When I live in a land chock FULL of irresponsible people, when I hear someone cry about debt, what am I to logically assume?
The Corporate Banks are worthless and those who work for them are idiots. Period.
People are pulling money for these National Banks and now banking with their Local Bank.
National Banks are not lending, even clients of mine who have net worths in the double digits, millions that is, have had trouble keeping line of credits for their Manufacturing Companies. Thats right, private owners, who keep lines of credit open due to the fact that once machine may cost them 500,000 and up...these guys run 40 machines if not more in their Factories.
The conversations I have been having with my clients....Fuck the banks. These guys operate from cash flow except for the Line of credits for Machine replacement. However, they are telling their banks to stick it up their asses. Some are closing their lines of credit and dealing strickly from cash...100%.
Of course this limits the millions they will give my firm for High Risk Joint Ventures.....but so far, guys are still giving us money. Never the less, the smart money left the National Banks Last year.
More and more guys are starting their own banks. A few of my clients have started two Banks, one in NV and one in AZ. Of course their capital will be less than BAC but new banks will rise, private banks that is and fill the void left by the public sector.
Wall Street is a joke. The markets are not free and are manipulated by the Gov and Fed. Public Traded Companies, for the most part are not doing well and laying off by the 1000s still.
The future is the Private Sector. Private Banks, Private Industry, Joint Ventures in Private RE holdings, etc.
Let Wall Street and the Banking system play with themselfs. At least they will be entertained.
The female in the video makes a good case. Hopefully she is liquid and will not need credit. I have gott'n off the grid. I owe nothing in credit card debt, car is paid for, loft is tak'n care of. I only own Student Loans. My money is in Gold, Oil and phat cash account to spend.
Many are doing the same.
People are pulling money for these National Banks and now banking with their Local Bank.
National Banks are not lending, even clients of mine who have net worths in the double digits, millions that is, have had trouble keeping line of credits for their Manufacturing Companies. Thats right, private owners, who keep lines of credit open due to the fact that once machine may cost them 500,000 and up...these guys run 40 machines if not more in their Factories.
The conversations I have been having with my clients....Fuck the banks. These guys operate from cash flow except for the Line of credits for Machine replacement. However, they are telling their banks to stick it up their asses. Some are closing their lines of credit and dealing strickly from cash...100%.
Of course this limits the millions they will give my firm for High Risk Joint Ventures.....but so far, guys are still giving us money. Never the less, the smart money left the National Banks Last year.
More and more guys are starting their own banks. A few of my clients have started two Banks, one in NV and one in AZ. Of course their capital will be less than BAC but new banks will rise, private banks that is and fill the void left by the public sector.
Wall Street is a joke. The markets are not free and are manipulated by the Gov and Fed. Public Traded Companies, for the most part are not doing well and laying off by the 1000s still.
The future is the Private Sector. Private Banks, Private Industry, Joint Ventures in Private RE holdings, etc.
Let Wall Street and the Banking system play with themselfs. At least they will be entertained.
The female in the video makes a good case. Hopefully she is liquid and will not need credit. I have gott'n off the grid. I owe nothing in credit card debt, car is paid for, loft is tak'n care of. I only own Student Loans. My money is in Gold, Oil and phat cash account to spend.
Many are doing the same.