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politicartoons2009-10-12 02:48 pm
dwer.livejournal.com) wrote in politicartoons2009-10-12 02:48 pm
If the poor don't like it they can sell their bootstraps for credit.
and then sell their new bootstraps to pay the interest payments on their old ones.
This comment needs more bootstraps >:(
It was a privilege to have sex with your mom last night.
I don't have a credit card, and I hope I will never ever have to get a real one. I MUCH prefer the bank cards. It's my money and I won't ever have debt to anyone with it.
Its overly simplistic to just say people shouldn't paid money they don't have (as a general principal they shouldn't) but life its like that. If your car breaks down or your roof springs a leak then you pretty much don't have a choice but to spend the money to fix it, and sometimes this means going into debt with the Visa. you need a car to go to work and keep your job, you need shelter etc. My girlfriend for example had a choice of going into debt or not buying the books she needed for college and failing out. She's debt free currently but ending up paying off way more what was fair.
Once you're in debt the interest rates are designed to bend you over and fuck you up the ass. Plus they way our economy is set up, you're just short of required to own a credit card. Try renting an apartment or buying a car without credit.
Once you're in debt the interest rates are designed to bend you over and fuck you up the ass. Plus they way our economy is set up, you're just short of required to own a credit card. Try renting an apartment or buying a car without credit.
This is how I feel as well, but living debt-free is pretty impossible these days, credit is really important when getting mortgages, car payments, etc.
...unless you're the Duggers, apparently.
...unless you're the Duggers, apparently.
Because sending people who make $12,000 a year preapproved VISA cards with $6000 limits on them is a right, not a privilege. When it's blatantly obvious you're lending money to someone who's not ever going to be able to pay it back, here's an idea, don't lend them any money. (Then of course they sue you for discriminating against whatever minority they can claim to be.)
http://www.interfluidity.com/posts/1242951098.shtml
Exactly. My parents did it that way with a gas card.
Re: Also, here's an idea: don't take the money.
xforge.livejournal.com
2009-10-12 11:00 pm (UTC)(link)
It's easy to say "don't take the money" but there's people out there who, as noted elsethread, have to use the credit to pay a doctor or an auto repairman or they're in deep shit.
Being a cosigner is a terrible risk that nobody should ever have to take. All it would take is some freak accident or lawsuit. I wouldn't make anyone risk bankruptcy on my behalf just for a little credit.
You mean like when entire wars are paid for but without putting them on the books?
I don't think any democrat would suggest that credit is a right.
I don't think any democrat would suggest that credit is a right.
we have one card that we use, and we pay it off at the end of the month. But it took a few lessons learned to make it that way. Most of our purchases are done on the bank card.
I am personally responsible for about $3,300 of written off debt thanks to a bankruptcy about 6 years ago.
Lucky for you that happened before the bankruptcy rules were changed.
Lucky for you that happened before the bankruptcy rules were changed.
that's ironic. The author is proposing a government program. "Public Transactional Credit System."
plus, it doesn't count if you use someone ELSE's bootstraps!
To be fair, it really isn't that difficult to file bankruptcy these days either. The big change has been that people HAVE to go through credit counseling first (and it's really a formality), and they have to file a lot more paperwork, etc.
What does this mean? It means that it will likely cost you about $1500 with a lawyer and $100 with a credit counseling company to go bankrupt. However, if you actually need bankruptcy protection, it's still available. As it should be. Bankruptcy is one of the few programs out there that is actually a legitimate second chance without an easy way to exploit it.
What does this mean? It means that it will likely cost you about $1500 with a lawyer and $100 with a credit counseling company to go bankrupt. However, if you actually need bankruptcy protection, it's still available. As it should be. Bankruptcy is one of the few programs out there that is actually a legitimate second chance without an easy way to exploit it.
Let's hear it for credit card companies with contracts that would choke a bull elephant, and charge 35 percent interest and whine about "poor credit risks"
At the same time, the terms of credit contracts are greatly in the favor
of these companies, and they depend on their clients (like me) not fully
understanding the terms of those contracts.
I also feel like they don't fully assume the risk of loaning money to the
clients they target. The poor are a terrible credit risk, like you said.
But they target them anyway, because it's difficult to file a bankruptcy,
and relatively easy to hound people with collections agencies, and
employment, obtaining shelter, buying large items without cash-in-hand is
very hard to do without credit, which you need to assume debt to obtain.
The same power arrangement and level of responsibility demanded does not
exist in reverse.
This. Very much this.
So yeah, while credit companies operate within the letter of the law, I think they are sleazy as hell for some of their tactics.
Of course they operate within the law. They WROTE the law.
of these companies, and they depend on their clients (like me) not fully
understanding the terms of those contracts.
I also feel like they don't fully assume the risk of loaning money to the
clients they target. The poor are a terrible credit risk, like you said.
But they target them anyway, because it's difficult to file a bankruptcy,
and relatively easy to hound people with collections agencies, and
employment, obtaining shelter, buying large items without cash-in-hand is
very hard to do without credit, which you need to assume debt to obtain.
The same power arrangement and level of responsibility demanded does not
exist in reverse.
This. Very much this.
So yeah, while credit companies operate within the letter of the law, I think they are sleazy as hell for some of their tactics.
Of course they operate within the law. They WROTE the law.
Edited 2009-10-13 01:17 (UTC)
obviously in my example "fair" is a subjective term i can't prove with facts what is and isn't fair anymore than i can prove red is a better color than blue.
i think the grand total of college expenses than went on the credit card were in the $5,000 and she spend in the neighborhood of $7,000 to remove the debt.
What do I think would be fair? 5,800 to 6,000.
i think the grand total of college expenses than went on the credit card were in the $5,000 and she spend in the neighborhood of $7,000 to remove the debt.
What do I think would be fair? 5,800 to 6,000.
I pay my bills on time (and well over the minimum) and don't have a large balance. Yet 3 times in the last year, my credit card company jacked up my interest rate (I'm at like 26% now!). This is working to ensure I never will fully pay off the remaining balance.
How is that fair? How is that my responsibility?
How is that fair? How is that my responsibility?
Re: Also, here's an idea: don't take the money.
xforge.livejournal.com
2009-10-13 02:20 pm (UTC)(link)
Stop being sensible, this is the Internet.
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