Re: Credit Card Overhauls Seem Likely

On Mon, 07 Jul 2008 00:52:42 GMT, jim <jim10293@xxxxxxxxx> wrote:

[Default] On Sun, 06 Jul 2008 08:15:20 -0700, Sordo 
< sordo@xxxxxxxxxxx> wrote:

On Sun, 06 Jul 2008 14:49:04 GMT, "JC" <dontbother@xxxxxxxxxxxxxxx>
wrote:


"Sordo " < sordo@xxxxxxxxxxx> wrote in message
news:6dc2o6F1mblgU1@xxxxxxxxxxxxxxxxxxxxx
On Sun, 06 Jul 2008 04:19:20 -0400, Thumper <jaylsmith@xxxxxxxxxxx>
wrote:

On Sat, 05 Jul 2008 23:55:49 GMT, "JC" <dontbother@xxxxxxxxxxxxxxx>
wrote:


"Sordo " < sordo@xxxxxxxxxxx> wrote in message
news:6d9ka2F1htu2U3@xxxxxxxxxxxxxxxxxxxxx
On Sat, 05 Jul 2008 00:05:34 -0400, Jim Higgins
<gordian238@xxxxxxxxxxx>
wrote:

Credit Card Overhauls Seem Likely
http://www.nytimes.com/2008/07/05/business/05cards.html

That's what bankruptcy laws were enacted for, to protect deadbeats
who can't live within their means.

Bull***. They were enacted so corporate thieves could walk away with big
bucks leaving the lenders holding the bag. Ask yourself, why is it that
small "deadbeats" as you call them, have to take personal liability on
their
borrowings, even when they are incorporated as a small business, yet the
big
boys don't have to. When you figure out the answer to that question,
you'll
understand why bankruptcy laws were enacted.

Another point. You must think the government was protecting deadbeats
when
they changed the law that allowed credit card banks to attach property
and
STILL CHARGE UP TO 32% interest when the reason they were allowed to do
that
in the first was BECAUSE THEIR MONEY WAS AT RISK WITH NO COLLATERAL! So,
you've been a good boy all your life, started a small business and
supported
your family and now you're sending your kid to college. You've done what
most small businesses do, operate on a credit card and pay a fixed
monthly
payment, letting the balance acrue until the end of the year and then
settle
up however your tax consultant says is the most benefit to you. But, uh
oh,
the industry you're in has a set back. I cite the small town car dealers.
And oops, you can't pay the tab. Now, you "deadbeat" you have to declare
bankruptcy and because good old Chuck Shumer thought the credit card
banks
weren't making enough money, they can take your house, cars and a few
other
choice items REGARDLESS OF WHAT YOUR STATE BANKING LAWS ARE!

If you're in favor of that, you have to love big government and corporate
thieves and crooked politicians because that's who is being protected.

You need to rethink this one. Or either talk to someone that's been
through
it.
This month I noticed a rise in interest rate on my AT&T Universal card
from Citibank from 8.2% to 13.99%. After 3 days of calling I finally
got through to someone who knew what was going on. They say they sent
me a change of terms which of course I probably couldn't read even if
I had gotten one. But more importantly the finally told me that
because of their losses in the sub-prime mess and the poor economy,
they were randomly picking people out to raise their rates. I'll bet
it wasn't random so much as picking out the lowest rate card holders.
I told them to shove it and froze the rate at 7.99 until paid off.
I've had that card for 18 years. The son-of-a-bitches can and will do
anything they want.
Thumper

I use my card all the time, gas, internet purchases, dining, etc. I pay
the balance religiously and the card doesn't cost me a dime. If I can't
afford it, I don't buy it, that simple. If you work on other people's
money, expect to pay the price.

Live within your means and stop whining.

So, what you're telling us is that if we're going to operate a business, we
have to pay cash for our inventory? In case you have never been there, which
I doubt you have, banks very rarely finance inventory anymore. They have
moved it over to the credit card department. So, according to you, if I want
to open a grocery store, I can't because I don't have the 100 grand for
inventory. Sordo, I thought you were smarter than that.

No body is talking about business. Borrowing money for business
is a gamble as most small businesses fail due to poor planning.
Borrowing money is a gamble and if you gamble, expect to loose.
There's no free lunch if you can't pay back the money you borrow,
you can expect to pay the price.

I'm smart enough that I don't owe a nickel to anyone and enjoy a
pretty good living without borrowing other people's money.

Live within your means and stop whining.

Anybody who is over 50 with debt is a foolish. Over 60 and in debt
and they are an idiot. I don't entertain fools who sing-song about
managing debt as a form of wealth and blah blah blah. That is all
bull***.
Oops I forgot about you.
Plonk. You really are an ass if you think you know what's good for
everyone else.
Thumper
.