You do know that they get 2 to 2.5% of everything you charge don't you. I probably charge $30 - 40k a year and pay it off each month. Occasionally the credit card tries to charge me a fee and when I call to get it taken off, the front line folks who work at the credit card donât understand this but the managers do. This percentage they get is why many places give discounts for paying cash.
US Citizens Starting To Rebel Against Wall Street
- Thread starter Banjo
- Start date
You do know that they get 2 to 2.5% of everything you charge don't you. I probably charge $30 - 40k a year and pay it off each month. Occasionally the credit card tries to charge me a fee and when I call to get it taken off, the front line folks who work at the credit card donât understand this but the managers do. This percentage they get is why many places give discounts for paying cash.
Then I bite my tongue and say you're a rare breed. Good for you. I got an uncle just like you. No TV, don't even own a car. He takes the bus. Spends most of his time walking miles and miles each day. He's never been sick a day in his life and probably doesn't even have a CC. Indeed, most people are in debt because of wants, rather than needs. There are quite a few who just fall on hard times though.
I know a guy who just filed BK with 60k of CC debt. Most of it was on vacations to Vegas and the Virgin Islds. That's just pathetic.
I know a guy who just filed BK with 60k of CC debt. Most of it was on vacations to Vegas and the Virgin Islds. That's just pathetic.
While she doesn't get all the facts right in her video rant, fact is she doesn't care.
There is a social contract that exists between people & their elites (whatever form of governence they have).
Its getting pretty obvious to a lot of people that the social contract has been broken. And they don't want to play anymore.
The average american has been marketed to in ways that trick their brain into consuming. We have been told that it is patriotic to consume. We are educated that : 1) the efficient market hypothesis works 2) broad portfolio allocation with weighting in equities minimizes risk and 3)tax deferred accounts create wealth. Should I lump the tooth fairy in there too? Do you really think the average american has a chance with undue influence to consume and stagnant wages?
I do feel bad for the woman because she is probably making an irrevocable decision this way - lousy credit score, poor employment prospects, difficulty in renting and operating in our credit-sanctioned economy. Not to mention a mushrooming debt balance that will probably require an eventual BK7 to wipe out. But, if your employment odds suck long term anyway and you know you are going down to a subsistance type existence, I can't tell her it isn't a rational decision.
While we might be seeing a rise of a new oligarcial society of monied elites ensconced into unassailable positions (resembling a new monarchy of sorts), what's the point? Within 2 generations their offspring will be so decadent that they will be ineffective. And if ultimately, you have all the chips at the table, the game ends. What fun is that?
It would be nice to restore the social contract.
There is a social contract that exists between people & their elites (whatever form of governence they have).
Its getting pretty obvious to a lot of people that the social contract has been broken. And they don't want to play anymore.
The average american has been marketed to in ways that trick their brain into consuming. We have been told that it is patriotic to consume. We are educated that : 1) the efficient market hypothesis works 2) broad portfolio allocation with weighting in equities minimizes risk and 3)tax deferred accounts create wealth. Should I lump the tooth fairy in there too? Do you really think the average american has a chance with undue influence to consume and stagnant wages?
I do feel bad for the woman because she is probably making an irrevocable decision this way - lousy credit score, poor employment prospects, difficulty in renting and operating in our credit-sanctioned economy. Not to mention a mushrooming debt balance that will probably require an eventual BK7 to wipe out. But, if your employment odds suck long term anyway and you know you are going down to a subsistance type existence, I can't tell her it isn't a rational decision.
While we might be seeing a rise of a new oligarcial society of monied elites ensconced into unassailable positions (resembling a new monarchy of sorts), what's the point? Within 2 generations their offspring will be so decadent that they will be ineffective. And if ultimately, you have all the chips at the table, the game ends. What fun is that?
It would be nice to restore the social contract.
That is so weird... like what, the bankers hire the best and the brightest and then get outsmarted by people that are.. .how can I say this... beneath your level of acceptability?
No, the banks have no more foresight than the borrowers...
We already have a form of debtors prison.. you have bad credit, you won't get some jobs, without a job you can't pay your credit.. that is an incentive to stiff the unsecured lenders.. if you get out of work and your credit score falls might as well just stiff them... I did that three years ago, at my age, out of work, forget it, never going to get another job that requires any kind of background check, ever... so I stopped paying them and moved, rented out the old house, don't have credit.. I like it better really...
So many idiots on this ET board have been saying you can't do things without a CREDIT CARD... LOL, you get a DEBIT CARD and you are good to go in all regards, you just have to have the money in the checking account... I've done it all without either.. check cashing places charge a whole 1%, that's less than if you use an ATM and direct deposit if you get a few overdraw charges... I've flown, rented cars, gotten jobs too come to think of it, I was younger and my profession was in demand... once you pass the 90 day mark your credit score doesn't mean a thing... the collectors can't even access public records to find out where you work in many states, they used too so some people would go underground for work... no need for that anymore... public sector wised up, underground workers pay no taxes, my my can't have that now can we?
Wow, you could go on a message board and claim that you are better than they are.. oh wait..
I know a guy that never borrows.. he's totally risk aversive.. I told him not to take a three year loan on a car because he would have to make 36 payments IN A ROW, and what is the chances of something happening 36 times in a row.. he took me serious for awhile.. he never bought real estate either and he's almost old enough to get SSI now... he rents a frickin apartment in a shitty neighborhood.. but he doesn't have any debt, and he NEVER would agree to get a credit card, thank you very much... I think he thinks he's superior too...
Contract was broken when banks held america hostage and took the bailout.
They are stealing in 3 forms
1) They steal via taxes
2) they steal via inflation
3) They steal via interest
I am ok with number 3, i get pissed with number 2, number 1 is a declaration of war.
The current banking oligarchy works because the people believe.
If you stop believing it fails.
Fuck it. Stop believing.
There is no tradition of moral obligation in American contract law or Anglo-Saxon justiprudence. Nor even in English common law, despite debtors' prisons. See "effcient breach" theories of Posner, Becker, et al. Also O. W. Holmes "there is no moral duty..."
Hey AyeYo, you married? Have kids?
You make your pretty wife live in a trailer because you don't want a house note? Or maybe make your kids ride their bikes to school until their 18 because you don't want to buy another car unless you can pay cash? Maybe dress the whole family up in Wal-Mart garb? And use home remedies for every ailment from the common cold to a epileptic seizure, so you don't have to pay these medical costs?
Just living a halfway decent life where you have a well-built home in a safe neighborhood for your family, dependable cars, decent food besides hamburger helper, and clothes that aren't rags is expensive enough. Add to that every other necessary living expense (utilities, fuel, insurance, etc.) and you need quite an income. Not everybody can live like a monk without a TV, or never take vacations. It's difficult to save, and it's not necessarily because of irresponsibility.
Does that mean... that with your argument, it's perfectly legal and moral for everyone to refuse to repay their charges? More that that, it's the RIGHT thing to do?
Just playing devils advocate, if you default on unsecured debt on your person your a dirt bag.
But if I blow billions of VC money on my failed company, he you fail, pick yourself try again.
I understand the terms of agreements we all do.
The woman is prepared for any penalties, she acknowledges she is not looking for a bailout.
She is exercising all her rights and process granted to her as an equal partner in an agreement. She can walk away thats deal, and they can pursue.
Thats business. I don't see why you have to ascribe any right or wrongs judgements.
If the can raise their rates to 30% as per their agreement, she can walk away because the debt is unsecured and its up to them to collect as per their agreement. Thems the breaks.
Also keep in mind most statue of limitations for unsecured debt is 4-5 years check your local state. There is a good possibility they will never collect. Again thats a business decision for both parties, or maybe the come to an agreement.
You can get off your high and mighty horse.