Posted on 02/07/2024 2:57:24 PM PST by SeekAndFind
I had extreme credit card debit twice in my lifetime, it is self inflicted torture. Not anymore. It takes determination to eliminate and maintain.
For the past 20 years I have been able to not charge more per month than I could not repay in full. In fairness, my children are self sufficient adults so I’m not in a situation where cc dependency is necessary like a lot of young American families.
I lived through the Carter Era, it was terrible but where we’re at now is 2 times worse, IMHO.
LOL. There sure is ample reason to believe they are coming for us.
Ssshhh!
Ditto
I do. On everything.
And, there's a whole lotta money that I keep that would be creditors do not.
We have no debt.
I was thinking the same thing. Who runs up a trillion dollars on their credit cards?
Anyway, it's getting so bad for citizens in credit card debt that they'll be faking their identity so they can pretend to be illegal aliens, and get free stuff.
The interest rate charged by credit card companies is small compared to what Merchant Cash Advance (MCA) lenders charge small businesses, which is between 30-70%. MCAs have become as common with businesses as credit cards are with consumers since the pandemic. The MCA lender supposedly buys a percentage of the business’s receivables, but it is really a disguised high interest loan always personally guaranteed by the borrower’s principal. The lender sets up an account where all of the business’s money goes and draws hundreds or sometimes thousands of dollars out of the account weekly or even daily. The business initially relieves a large transfusion of cash from the loan, but is then burdened by the periodic payments. This often causes the business to take out several more such loans to sustain its cash flow, which leads to its eventual collapse.
This did actually happen once. In the mid-1300’s the richest man history, the King of Mali, Mansa Musa, went on a pilgrimage to Mecca. He distributed so much gold as gifts along the way, that the value of the commodity in Europe and the Middle East depreciated to the point where economies collapsed, taking more than a decade to recover.
I hadn’t even heard of that. I’ll have to read up on it.
Thank you for the heads up.
I want to be 100% sure it’s happening and happening soon like within months. You don’t know how long they can drag this thing out.
If you don’t have firepower, someone will just take the gold. With enough firepower, you can get all the gold you desire.
First they’ll close the ATMs, then they’ll close the doors.
By the time word spreads it will be to late.
In 1929 banks were shut for awhile and then limited withdrawals. Government also bought all the gold.
LOL, my card wouldn’t allow me to charge that much. They keep offering a higher credit limit, but I seriously do not want to buy a Lamborghini.
“People paying 22% interest to finance their household expenses are not doing it to create investment capital. Most of them don’t have 500 dollars in their savings account.”
As a general rule that is correct. However...
People who can get returns above the interest on their debt will/should go into debt up to the hilt to maximize wealth appreciation. If their debt is ever called in they can liquidate some assets to pay it off.
I could pay off all my CC, mortgage, etc. debt within 3 days if necessary. I would just have a smaller snowball to roll down the hill (build wealth with).
“In other words the bank literally creates most of the money it loans out od thin air as an accounting gimmick, less their reserve requirements.”
You should open a bank!
Yeah, that's what I keep telling the regulators, but they won't give me a charter.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.