What the FUCK is wrong with these people?
soulsinging
Posts: 13,202
Fed launches new $200B consumer credit program
http://news.yahoo.com/s/ap/20090303/ap_ ... mer_credit
We got into this mess because people have too much debt and couldn't pay their loans... so the solution is to make sure people take on even more debt? Is everyone taking fucking crazy pills? What the hell kind of solution is this?
http://news.yahoo.com/s/ap/20090303/ap_ ... mer_credit
We got into this mess because people have too much debt and couldn't pay their loans... so the solution is to make sure people take on even more debt? Is everyone taking fucking crazy pills? What the hell kind of solution is this?
Post edited by Unknown User on
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It is a solution,
within the context of fractional reserve lending.
They don't give a fuck WHO takes on the debt,
they just need to get MORE DEBT IN THE SYSTEM, ASAP.
If no one borrows, it doesn't matter HOW MUCH "reserves" the Fed pumps in to the banks nor how cheap it is done. IF IT ISN'T LENDED IN TO THE SYSTEM, IT DOESN'T EXIST.
SOMEONE HAS TO BORROW.
Don't blame the regulators, or the politicians,
blame the system, which is RIGGED to be this stupid.
It is INHERENT IN THE SYSTEM.
If I opened it now would you not understand?
Stop spending if you can't afford it. Same as it ever was.
It means that within the year you can probably expect the assholes at your credit issuing authority (not always a bank) to jack up your rate by double, or cut your limit in half, or continuously cut your limit as you pay off your card, or delete inactive accounts that you were holding in reserve -- which then cuts your credit score in half -- which then in turn can impact your current credit financing, or to start adding inactivity fees, or monthly fees, or god knows what else.
Trust me.
I had (still have until august) a card with a 7.9% rate, that had a multi-thousand dollar balance, that they just tried to magically turn in to a 21.9% rate for NO REASON.
THANKS CITI BANK. GO FUCK YOURSELF.
Balance paid in full.
Card canceled effective august.
Sucks for those with no escape plan.
Time for the little guy to take it in the pooper.
Big government + Big Business = Big Buggering in the Bum.
If I opened it now would you not understand?
From my understanding of reading around on the internet when I was dealing with my own credit card debt, closing an account will not affect your rating much. Certainly not by half. Reasons being, things stay on your record for 7 years, so even if the account is closed it will still be on the report.
The only reason it may hurt your score would be if you had lets say $10,000 in debt, but had $40,000 in available credit, then after you close an account you have $30,000 available. It would go down because your percentage of used credit would go up.
Then again maybe everything I read was all a lie! Made up by the credit companies so I would close accounts and then have higher rates because of it. I still haven't closed any accounts myself yet, but the issuing bank has closed a couple, and my rating didn't go down from my '07 report to my '08 report.
Exactly.
But say i had a 10K card that was near its limit
and a 10K card that i had "just in case" that i never used.
[i actually had 3 or 4 such cards, until the last few months, when ALL of them have been canceled for inactivty]
BAM. Available Credit cut in half.
(Or in my case, it probably just got cut by 3\4ths)
and the ratio of my debt to limit ratio just got FUCKED.
I now, according to my credit score, AM MAXED OUT.
And it looks like a bunch of my credit lines just got closed on me (which is true).
But Why? What did i do? What has changed in MY life?
Basically my credit card company (companIES) just BROKE UP WITH ME.
AND STOLE MY WALLET.
But i don't really use much credit,
and i do it because i can get a better rate in the market (okay, these days, not so much. lol)
grrr.
Fuckers.
If I opened it now would you not understand?
That I am totally in agreement with you on. I was just pointing out that it doesn't change the credit score as drastically as you made it out to be.
Then again, maybe it does for someone who is maxed out on their other cards that remain open.
My rate's jumping in 2010 as well... almost double. I plan to pay it off and cancel the card well before then though.
My rate is going to 28% in May. Thanks JP Morgan you dickhead.
Capital One just sent me notice of increase in %......citing credit market..ha..they're getting money cheaper than ever but raising my rates....thankfully I don't have a balance. Maybe silver lining is folks won't rack up cc bills in the future.