Blame the US Government. The banks are going belly up because no one can pay their credit cards because they charge so much interest, yet because of the bailout money the government gave them, I've seen at least 3 new banks go up in my area. And it's not just banks, it's HUGE loan offices. There about as big as the churches around here now! Hell one took over an old super-kmart!
Biggles<font color=#AAFFAA>The Man Without a Face</font>
[QUOTE=Trident;184389]The banks are going belly up because no one can pay their credit cards because they charge so much interest[/QUOTE]
Or perhaps because said people have put more on their credit cards than they can afford to pay off, have not paid off for too long, and have thus allowed the interest to accumulate? The banks have done plenty of wrong (and bailing them out is akin to letting them off the hook), but how about a little personal responsibility as well?
Yea I know there is people that spend severly over their limit, have no concept of how much they actually are using. I just have one credit card that I can only use at once place, and it's far away so I can't use it much at all. You really have to watch thoes bastards... they give you a minimal payment. Well they don't figure in the interest or other "fees" in the minimal payment, so what they tell you to pay only pays a pathetic part of what you owe. The minimum payment at the time I had was 18 bucks. I sent 40 just to keep up like always. When I got my next statement, only 15 of that amount was applied to the amount I owe, the rest was in interest and fees they just somehow forgot to show I owed in that bill. I hate the loan on my car, the interest they charge is outragous. I pay weekly on it to get the interest to go down. The begining of the year the interest was around 12 dollars a week. Now it's down to 8, but damn I've payed over 400 dollars in interest this year alone, last year it was pratically a total of 800 (bigger amount owed, the more interest they got), and looking at the market, the rate is low compared to other places. Places just love to nickle and dime us to death. Like Verizon.... I ordered long distance block. They charge me for that. But I "have" to have long distance. So I get charged 6 bucks more because I don't use 5 dollars worth of long distance... wtf... Once I get my job back..(If I ever do) I'm dumping verizon completly and going to one of thoes inet phone things and the optical inet (15mbps down/1mbps up...sweet) for 35 bucks a month. I get charged 25 for a 3mbps down/768kbps up from verizon.
Otherwise what I'm saying is the banks need to lighten up the debt (hell lot less interest) so people who want to be out of debt can have a chance to get out of it and the banks can get their money back.
I had to get a credit card to buy a house, without revolving credit, mortgage lenders won't touch you, So i got a card, that's got a decent rate, and cash back, and i only use it where i would use cash. then i go online to capital one's website, and pay it off the next day. so right now they are basically paying me 1% for things i was going to buy anyway, and the cash back is currently 1/2 way towards paying for my new snow blower!
That sounds like a good plan. I know how the banks stupid credit system can be a bitch to people... the house I'm buying I had to buy on contract. No one would lend me over 15k when I was looking, even the government funded programs that help new couples get a home wouldn't approve for over 15k, that being a total of 30k, you can't even get a shack for that price.
Biggles<font color=#AAFFAA>The Man Without a Face</font>
[QUOTE=Entil'Zha;184398]I had to get a credit card to buy a house, without revolving credit, mortgage lenders won't touch you, So i got a card, that's got a decent rate, and cash back, and i only use it where i would use cash. then i go online to capital one's website, and pay it off the next day. so right now they are basically paying me 1% for things i was going to buy anyway, and the cash back is currently 1/2 way towards paying for my new snow blower![/QUOTE]
I used to do that with my card in NZ. Built up an awesome credit rating. Unfortunately, the Japanese banking system is about 20 years behind the rest of the world, so I can't do that here yet.
My credit score is finally on the rise, buying a house will do that, the first card i got to help my credit, had a $300 limit, the 2nd $1750, i just canceled the $300 card (it had a crappy annual fee and high interest rate) and replaced it with a new Citibank card, with a $6500 limit, the deeper in debt you are, the more money they want to lend you!
But hey, after my last payment, i think my mortgage is down below $186,000!!! W00T!
You know who runs the show when you see who they rushed to save first, it wasn't the common man. This is a deflationary crash, it will get worse becuse the banks still have the toxic assets. The banks were allowed to change their accounting rules due to a change in laws but the problems have not been fixed they just keep all losses off ledger. If you listen too Peter Schiff, Ron Paul, Marc Faber and others they pretty much agree that the Federal Reserve created this problem. People getting loans that they could not afford or over use on the credit card was possable becasue some dimwit at a bank let them borrow the money to begin with. They can cook the books, distort data with the media but the outcome is unstoppable. Slow motion global train wreck.
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...he told me to never go to prison. Odd comment, that.
LOOK, SHINY!
Or perhaps because said people have put more on their credit cards than they can afford to pay off, have not paid off for too long, and have thus allowed the interest to accumulate? The banks have done plenty of wrong (and bailing them out is akin to letting them off the hook), but how about a little personal responsibility as well?
Otherwise what I'm saying is the banks need to lighten up the debt (hell lot less interest) so people who want to be out of debt can have a chance to get out of it and the banks can get their money back.
I used to do that with my card in NZ. Built up an awesome credit rating. Unfortunately, the Japanese banking system is about 20 years behind the rest of the world, so I can't do that here yet.
But hey, after my last payment, i think my mortgage is down below $186,000!!! W00T!