US Citizens Starting To Rebel Against Wall Street

Quote from Mr Pain:

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 don’t understand this but the managers do. This percentage they get is why many places give discounts for paying cash.
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And with fractional reserve lending, that 16.99% a bank is charging you, is really 169.99% that’s why banks have the tallest building in town.
 
Quote from Rickshaw Man:

This crisis has caught everyone off guard, know one saw this coming, not even the Federal Reserve chairman. Everything was contained, so people kept spending thinking these guys know what there talking about.

These are un presented times, and there affecting everyone. Jobs are just not there, know job no money to service debt.


It's really to bad know one saw this comming.


http://www.marketwatch.com/story/job-openings-down-50-from-the-peak-in-2007-2009-09-09
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Dude, I hope English is not your first language.
 
Quote from Ivanovich:

Dude, I hope English is not your first language.
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As a moderator, is it your job to criticize ones grammar? Why do you feel the need to put someone down. Does that make you feel superior?
 
Let me see if I have got this right.

The guys who didn't see the credit collapse/recession coming were the same guys appointed to fix it and they are now the same guys who are declaring a victory over the problems that they fixed after they didn't see them coming.

sosueme
 
Quote from AyeYo:

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.
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Dropped the reg on, what that? I see your trying to relate to the fix it yourself guy, but whats the"reg" ???????
 
Quote from lrm21:

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.
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I never said she wasn't playing "business." It's all the people that are giving her the moral high ground that I'm disgusted with.

The banks are crooks, no one is denying this. As pointed out, they're stealing from us all in many different ways. That's all beside the point though. The character (good or bad) of the banks is NOT a valid argument for ceasing to pay them the money they loaned you.

Before I award her the moral high ground and a metal of honor, by default (like many are doing), my questions to her are:

WHY is she in debt?
WHY has she been only paying the minimum?
WHY has she not choosen to pay off the card instead of defaulting?


People are taking what I said the wrong way and jumping to conclusions. I NEVER said that all debt is bad. I NEVER said not to take a $30k auto loan at 5%, if you can afford it. Debt is a fact of life. I have debt (student loans). What I said is that CC debt at 9999999999% is bad. The only reason to carry such debt IS because of hard times that leave no other option. However, the majority of America uses their "30%" credit cards to finance toys they can't afford, and then carry that debt at the $3 minimum payment for YEARS. That's NOT the smart way to use a credit card! Then they go all over youtube and whine about how the CC companies are raping them. Tough shit. Until she proves otherwise, this is what I'll assume because it encompasses the vast majority of cases.



As a side note: Like I mentioned before, why didn't she just cancel the card? Is it not true that you accept new terms by default if you do not cancel the card when the changes are made? Is it not true that, if you cancel the card due to unwanted changes, the CC company will freeze purchases on the card, but allow you to continue paying off the card at your old rate?

I believe that THIS is what a responsible person would have done. She's just looking to get out of her debt obligation.
 
Quote from Rickshaw Man:

Dropped the reg on, what that? I see your trying to relate to the fix it yourself guy, but whats the"reg" ???????
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reg...istration

In CT you do not pay tax on unregistered vehicles and are not required to carry insurance on them either.
 
Quote from AyeYo:

I never said she wasn't playing "business." It's all the people that are giving her the moral high ground that I'm disgusted with.

The banks are crooks, no one is denying this. As pointed out, they're stealing from us all in many different ways. That's all beside the point though. The character (good or bad) of the banks is NOT a valid argument for ceasing to pay them the money they loaned you.

Before I award her the moral high ground and a metal of honor, by default (like many are doing), my questions to her are:

WHY is she in debt?
WHY has she been only paying the minimum?
WHY has she not choosen to pay off the card instead of defaulting?


She is out of work.

People are taking what I said the wrong way and jumping to conclusions. I NEVER said that all debt is bad. I NEVER said not to take a $30k auto loan at 5%, if you can afford it. Debt is a fact of life. I have debt (student loans). What I said is that CC debt at 9999999999% is bad. The only reason to carry such debt IS because of hard times that leave no other option. However, the majority of America uses their "30%" credit cards to finance toys they can't afford, and then carry that debt at the $3 minimum payment for YEARS. That's NOT the smart way to use a credit card! Then they go all over youtube and whine about how the CC companies are raping them. Tough shit. Until she proves otherwise, this is what I'll assume because it encompasses the vast majority of cases.



As a side note: Like I mentioned before, why didn't she just cancel the card? Is it not true that you accept new terms by default if you do not cancel the card when the changes are made? Is it not true that, if you cancel the card due to unwanted changes, the CC company will freeze purchases on the card, but allow you to continue paying off the card at your old rate?

I believe that THIS is what a responsible person would have done. She's just looking to get out of her debt obligation.
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Quote from AyeYo:

reg...istration

In CT you do not pay tax on unregistered vehicles and are not required to carry insurance on them either.
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Then they can tow it off if it's not garaged. I think someone would have to complain that your race car is an eye sore.
 
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