Posted on 06/20/2009 7:55:19 AM PDT by FromLori
And it'll probably go a lot higher.
Everyone knows that banks are going to take a bath on their credit card portfolios. The question is: How bad will it get. Not surprisingly, we've alredy reached an all-time high charge-off level, but nobody expects it to peak anytime soon. Bankruptcy filings, meanwhile, are creeping back up, but are still well below the levels seen before the law changed.
(Excerpt) Read more at businessinsider.com ...
MSM stories are filled with news about people who “deal” with their credit card companies and are paying back pennies on the dollar. That’s a powerful incentive to be late. Real late.
I am SO glad we found Dave Ramsey and are within MONTHS of being debt-free - except for the mortgage. No more DEBT! Methinks the Government needs to get on the Dave Ramsey plan...
If you have a mortgage, you’re not debt-free.
I paid mine off in ‘96, best move I ever made.
every journey begins with a single step.
Perhaps banks charging 25% interest rates has something to do with it. Make it as difficult as possible to pay back a loan and you’ll find that many loans will not be paid back. However, the biggest problem remains those who should not have received loans in the first place.
how does he compare to the other guy
Congratulations on your hard work.
***MSM stories are filled with news about people who “deal” with their credit card companies and are paying back pennies on the dollar.****
WHAT THEY DON’T TELL YOU! When Credit Card debt is forgiven the card company must notify the IRS. they will then send you a tax bill. They see it as income in the form of goods and services.
Let me rephrase that ... They see THE FORGIVEN DEBT as income in the form of goods and services.
What works in the delinquent borrower’s favor at a time like this is that multiple lenders are scrambling to get whatever they can out of them. If you owe $5,000 on each of four different credit cards, the four lenders themselves are dealing with the likelihood that you’ll never pay off the entire $20,000. So even though they are technically negotiating witk YOU over how much you’ll pay, they’re actually negotiating against EACH OTHER to see which one gets something out of you and which one gets nothing.
I have an idea, how about we go back to the days of having to earn credit to get loans etc? It worked for decades before banks were forced to give loans and credit to people who didn’t earn it!
Unsecured Credit is nothing but . . . air. Banks are supposed to loan MONEY . . . cash money to be redundant. They’re not, by law, allowed to ‘loan credit.’ But The Central Bank aka the Federal Reserve figured out a way to hoodwink people into becoming their slaves. Extend what they’re not, by law, allowed to do . . . credit. And then, on their books, count the credit loaned as an “asset” and use 90% if it to extend additional credit.
The “charts” and the “bottom line” at the banks are FALSE. Why do you think the TARP-Banks are so eager to pay the ‘loans’ back so quickly? They don’t want YOU and ME and the “Common, little people” (said with an British accent, please) to know what’s REALLY going on in the Banking System.
Henry Ford said: It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.
I have a solution - I pay of my credit cards in full every month. It’ll bite me if we have massive inflation and everyone’s paying off their debt with worthless money.
Banks are partly to blame.
Slaves in the same sense that the elephant is tied to that small stake in the ground with that small rope.
The article is about a 'slave' revolt.
You are right about that...
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