Default on your credit cards ...

For just about anything you want to get off your chest about credit cards.
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freedom
 
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Default on your credit cards ...

Postby freedom » Fri Mar 13, 2009 3:23 pm

Greetings fellow card holders ...

some of you will not like my point of view , but i ask that you give it the same respect as you would any one else's....

The us economy is finished , hence credit cards are nothing more now than free money , best to just go out and get everything you've ever wanted and not worry about paying it back ...

i found a video on you tube called "deault on your credit cards" that helped me see the light , if we are entering a depression , then really , what's the point ? unsecured debt is about to just go away ... credit scores are usless ...

:shoot:


1bootcamp
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Postby 1bootcamp » Fri Mar 13, 2009 11:17 pm

Those useless credit scores are what allowed me to buy a home in my dream place. Call them useless but they are being put to good use for me!

freedom
 
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Location: arizona

you are the exception to the rule ..

Postby freedom » Sat Mar 14, 2009 9:22 pm

for MOST people , credit is becoming harder and harder to come by , and this will continue as the economy tanks ...


those of you who understand the concept of LIBOR already know that it is slowly rising , while no where near the level's of september last year , it's steady increase is a sign of the times . not to mention the chinese prermier questiong US t notes ... :eek:

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Cucumber
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Postby Cucumber » Sun Mar 15, 2009 3:50 am

To say credit scores are useless is going too far. Basically you are saying that all of us and the world should be required to save up money before they can buy a house or a car? :confused: That's what you're saying because without a credit scoring system in place there would be no way to gauge whether or not someone is creditworthy.
OBAMA
Stop talking crap about him!

teddy19
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Postby teddy19 » Sat Mar 21, 2009 1:31 pm

LIBOR is not a concept it is the interest rate banks charge each other for short term loans. Now a lot of ARMs were based on LIBOR plus a certain percentage. This is the main reason why so many foreclosures happened. Back in 2004 LIBOR was down to about 2% and most loans addded anywhere from 2% to 7% onto the mortgage rate. 10%

Over the next 3 to 4 years the LIBOR increased to over 5%, about the same time most ARMs were adjusting. A lot of people went for 5% or 6% mortgage up to 7% to 10% rates. This is one of the main reasons why so many foreclosures have occurred and will continue for several more years.

If you believe the economy is going to "tank" yes go ahead and charge everything and don't pay your bills. However, it has never been wise to beat against the US economy.

KC95
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Postby KC95 » Sun Mar 22, 2009 2:21 am

freedom wrote:for MOST people , credit is becoming harder and harder to come by , and this will continue as the economy tanks ...

those of you who understand the concept of LIBOR already know that it is slowly rising , while no where near the level's of september last year , it's steady increase is a sign of the times . not to mention the chinese prermier questiong US t notes ... :eek:


yep to get out of this debt they will INFLATE us out of it and make the value of the debt worthless. it's the biggest scam yet. about china that is why hilary jetted over there a few days ago to give the sales pitch that they should keep buying the junk IOU notes the US govt is churning out.

Floppster
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Postby Floppster » Sun Mar 22, 2009 9:40 am

Oh Boy I hear so many stories such as "Oh my APR increased" and stop paying credit cards....blah blah blah. Did really nobody read their credit card terms and did nobody who signed a ARM Mortgage realize that they can get screwed ?

In my opinion it is not only the banks fault that we are in this mess. It is also the clients fault. "It takes two flints to to make a fire" so we are not only surrounded by bad banks we are also surrounded by "dumb" clients who are not able to read and understand the terms. You are upset about your rate hike ? Well than stop living of credit cards.

Credit Scores are a good way of measuring the clients ability to pay. We will never get around that.

Just to clarify the economy is not finished. As long as there are people who buy groceries, cars, houses and so on the economy is not finished however the economy slowed down quite a bit over the last 6-8 month.

This year we will have the pleasure to run into another ARM mess. They call it optional ARM's but again it is not only the bank who causes this issue. Just read the terms and you will know if you can afford it in the future or not !!!
Intellectuals solve problems. Geniuses prevent them.
- Albert Einstein 1879-1955



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