Wall Street's Financial Mess...

For just about anything you want to get off your chest about credit cards.
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Mogul of Pineapples
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Wall Street's Financial Mess...

Postby Mogul of Pineapples » Wed Sep 17, 2008 9:54 pm

What has happened the last few days and weeks looks like it will have a big impact on credit cards. Strangely, credit card companies will probably end up untouched from this whole mess. I know Visa and MasterCard don't lend money directly and American Express and Discover sell off most of their loaned money. They will be safe because they are making their money off transaction fees whether the customer pays his bill or not. I don't think they will be really hurt because of this but with all the new mergers and acquisitions in the financial sector the issuers will be changing hands.

Bank of America & Merrill Lynch: Both of them issue credit cards seperately and now they will be one company.

Washington Mutual: They're saying this will get bought out because it's in trouble. Citi maybe?

Morgan Stanley: They have some cashback credit cards but more overseas, like the Buy and Fly card. Who will own them now?

Credit limits will be lowered since there is less money to go around. That means if you carry a balance you may have to pay it off or open another card and do a balance transfer to keep your balance below 30% of the credit limit (which will hurt your score if you don't).

This is by far the worst condition Wall Street financials have been in since the great depression. Agree?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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bozell
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Postby bozell » Thu Sep 18, 2008 1:08 pm

what i think we will see is some of the bank-issued credit cards will change ownership. this doesn't effect me the least bit because i've stopped using my bank credit card long ago. i find i get the best interest rates on cards from companies that only do credit cards. i'm not too big on banks i feel they try and nickle and dime you every way they can.

other than that credit card companies are doing fine since they don't loan out their own money. plus it's not like they were gambling with their money and putting it into mortgage backed securities like everyone else was. it's pretty disgusting that insurance companies which are supposed to be frugal and conservative were doing this and now us tax payers have to be responsible for it.

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fffresh
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Postby fffresh » Thu Sep 18, 2008 8:43 pm

Every day the market is in a different direction. Down 400 points. Up 400 points today. Who knows what will happen with all this. I've heard zero talk of credit cards companies being in trouble, now the people that have the cards is another story...

bikermike
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Postby bikermike » Fri Sep 19, 2008 12:35 pm

This bailout today is the biggest crap deal for the tax payers there ever was. Big business gets to keep their fat paychecks and their losses are paid for by the government. Let's not forget the reason they lost some money was they pushed the envelope to make more and more money. There's no reason we should have to pay we have enough to take care of ourselves.

After congress passes a bill to pay off every American's debt then I say they can go help the companies. Until then it's tough **** for them.

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fffresh
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Postby fffresh » Sat Sep 20, 2008 6:35 pm

It is the biggest crap deal! 90% of the people in this country are struggling to make ends meat while they're giving TRILLIONS in free lunches to corporate America. Keep in mind two-thirds of corporations in this country pay no tax at all. Individuals pay 88% of taxes while companies only pay 12%. But it's the companies who reap 88% of the rewards. What this government has come to is absolutely disgusting.

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fffresh
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Postby fffresh » Mon Sep 22, 2008 4:51 pm

It's Monday and so much for that rescue plan by the Fed doing any good.

Dow down almost 400.

Oil up over $20 in one day.

This is shaping out to be one hell of a month!



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