NY Times: The end of credit as we know it...

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  • Caligari
    Confirmed User
    • Oct 2009
    • 5414
    #1

    NY Times: The end of credit as we know it...

    http://www.nytimes.com/2010/04/11/bu...y/11rates.html
    Interest Rates Have Nowhere to Go but Up-
    "Even as prospects for the American economy brighten, consumers are about to face a new financial burden: a sustained period of rising interest rates..."

    I don't know about this "brightening economy" thing, but I thought interest rates sucked to begin with, and now they are going to rise even more? "Federal Reserve reported that the average interest rate on credit cards reached 14.26 percent in February, the highest since 2001."

    14.26 is completely nuts and if this continues to rise how exactly is the economy going to "rebound?"

    Not trying to sound alarmist here, but if things are tight now this can only further constrict the spending noose...
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    • fatfoo
      ICQ:649699063
      • Mar 2003
      • 27763
      #2
      It sure is good to live without debt. That way, you don't have to worry about interest rates. Credit card rates are rising... Not good.
      Send me an email: [email protected]

        Comment

        • John.
          Confirmed User
          • Jul 2007
          • 2264
          #3
          old news..
          Sig too old.

            Comment

            • Caligari
              Confirmed User
              • Oct 2009
              • 5414
              #4
              Originally posted by John.
              old news..
              Published: April 10, 2010
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                • smutnut
                  So Fucking Banned
                  • Jul 2007
                  • 5889
                  #5
                  I claimed bankruptcy twice. Now I have 3 major credit cards with lines up credit up to 20 grand each and I pay each one off every month so I have no carry over and never even come close to the credit line.

                  Best thing pay all your expenditures as soon as possible (immediately) and total calculate any major assets you purchase making sure you gain from devaluation as you pay off the large asset debts.

                  Don't get sucked into thinking things are okay when everything appears to be good (on paper and otherwise) because numbers change over night.

                    Comment

                    • Caligari
                      Confirmed User
                      • Oct 2009
                      • 5414
                      #6
                      What i'm getting at here is the average consumer who does not pay off their credit cards monthly, if his interest rate goes from 12 to 16 to 18 in a year, this will constrict his spending habits. I am talking about a huge general trend.

                      Or I am being overly pessimistic?
                      Last edited by Caligari; 04-11-2010, 01:54 PM. Reason: spelling
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                        • smutnut
                          So Fucking Banned
                          • Jul 2007
                          • 5889
                          #7
                          The fact that some evil economic scientist has found a way to drain the average consumer of his last nickel he can barely afford to spend at a McDonalds is mind boggling in it's own right.

                            Comment

                            • Caligari
                              Confirmed User
                              • Oct 2009
                              • 5414
                              #8
                              Yes, some evil economic scientist controlled by the illuminati and laundering funds thru the Haarp project more like. I'm sticking with this theory.
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                                • Serge Litehead
                                  Confirmed User
                                  • Dec 2002
                                  • 5190
                                  #9
                                  Originally posted by Caligari
                                  What i'm getting at here is the average consumer who does not pay off their credit cards monthly, if his interest rate goes from 12 to 16 to 18 in a year, this will constrict his spending habits. I am talking about a huge general trend.

                                  Or I am being overly pessimistic?
                                  welcome to reality, where most people in the world don't live on credit, it's expensive.

                                    Comment

                                    • Agent 488
                                      Registered User
                                      • Feb 2006
                                      • 22511
                                      #10
                                      it's pretty obvious these financial parasites could care less about the health of their host. as one economist said, they have already sucked the blood out of their western hosts and left them for dead and are shifting focus to the east looking for fresh sustenance.

                                      of course the economy is never going to rebound in this situation.

                                        Comment

                                        • smutnut
                                          So Fucking Banned
                                          • Jul 2007
                                          • 5889
                                          #11
                                          Originally posted by Caligari
                                          Yes, some evil economic scientist controlled by the illuminati and laundering funds thru the Haarp project more like. I'm sticking with this theory.
                                          Not sure if you're trying to be saracastic but these guys are bringing back indentured servitude and prooving you can get blood from a stone. It's not a group or the illusive illuminati. It's the system of Capitalism, but it'll be years before we are forced to come to face with the truth about this.

                                            Comment

                                            • Caligari
                                              Confirmed User
                                              • Oct 2009
                                              • 5414
                                              #12
                                              Originally posted by holograph
                                              welcome to reality, where most people in the world don't live on credit, it's expensive.
                                              While most people in the world might not live on credit, the people who buy your stuff use credit cards to pay for it, and 99 percent of those people are paying a minimum on a monthly balance.

                                              And so, once again, when those rates continue to climb...
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                                                • Caligari
                                                  Confirmed User
                                                  • Oct 2009
                                                  • 5414
                                                  #13
                                                  Originally posted by smutnut
                                                  Not sure if you're trying to be saracastic but these guys are bringing back indentured servitude and prooving you can get blood from a stone. It's not a group or the illusive illuminati. It's the system of Capitalism, but it'll be years before we are forced to come to face with the truth about this.
                                                  Okay let me start over on that because it was you who said "evil economic scientist," which sounded sarcastic so i in turn etc...

                                                  I would agree that the current capitalist system is corrupt, I don't think capitalism itself is a bad thing but everyone has ignored checks and balances for short end gains and we've found ourselves in this predicament.

                                                  For a bank to say "We are going to have to raise interest rates" when they're already fleecing the general population points to the fact of who is really in charge.

                                                  So here is the next question--

                                                  How do we as sellers beat this? I believe there is a way, that there must be a way to get over this and continue to succeed so I am now asking for suggestions.

                                                  For instance, should we be pushing for more non CC sales, ie checks etc?
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                                                    • smutnut
                                                      So Fucking Banned
                                                      • Jul 2007
                                                      • 5889
                                                      #14
                                                      Originally posted by Caligari
                                                      Okay let me start over on that because it was you who said "evil economic scientist," which sounded sarcastic so i in turn etc...

                                                      I would agree that the current capitalist system is corrupt, I don't think capitalism itself is a bad thing but everyone has ignored checks and balances for short end gains and we've found ourselves in this predicament.

                                                      For a bank to say "We are going to have to raise interest rates" when they're already fleecing the general population points to the fact of who is really in charge.

                                                      So here is the next question--

                                                      How do we as sellers beat this? I believe there is a way, that there must be a way to get over this and continue to succeed so I am now asking for suggestions.

                                                      For instance, should we be pushing for more non CC sales, ie checks etc?
                                                      What you have to do is loose the word "Capitalism" because it's right up there with communism and fascism and the only one that has survived and be more concerned with generating wealth from the bottom up instead of the top down, and that will probably come more in terms with "socialism" but using the s-word in economics is like using the n-word in front of black people or the f-word in front of your mother so we have to come up with completely different word.

                                                        Comment

                                                        • Caligari
                                                          Confirmed User
                                                          • Oct 2009
                                                          • 5414
                                                          #15
                                                          Originally posted by smutnut
                                                          using the s-word in economics is like using the n-word in front of black people or the f-word in front of your mother so we have to come up with completely different word.
                                                          True, but also true that most countries including the US have had socialist policies in place for many many decades (ie public schools, medicaid etc) so people simply have to get a grip and realize its needed to a certain degree.

                                                          But I am speaking now in reference to what we, as sellers do to continue to do business if CC sales continue a decline.

                                                          What other systems will take over? Online checks, 900 billing? Can we expect other forms to emerge?
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                                                            • IllTestYourGirls
                                                              Ah My Balls
                                                              • Feb 2007
                                                              • 14311
                                                              #16
                                                              Does anyone know the % of porn memberships bought with DEBT cards compared to CREDIT cards?

                                                                Comment

                                                                • Agent 488
                                                                  Registered User
                                                                  • Feb 2006
                                                                  • 22511
                                                                  #17
                                                                  Originally posted by Caligari
                                                                  True, but also true that most countries including the US have had socialist policies in place for many many decades (ie public schools, medicaid etc) so people simply have to get a grip and realize its needed to a certain degree.

                                                                  But I am speaking now in reference to what we, as sellers do to continue to do business if CC sales continue a decline.

                                                                  What other systems will take over? Online checks, 900 billing? Can we expect other forms to emerge?
                                                                  people is the US can make online purchases with their debit cards like credit cards.

                                                                    Comment

                                                                    • Caligari
                                                                      Confirmed User
                                                                      • Oct 2009
                                                                      • 5414
                                                                      #18
                                                                      Originally posted by IllTestYourGirls
                                                                      Does anyone know the % of porn memberships bought with DEBT cards compared to CREDIT cards?
                                                                      Good question, i just did a search on that and didnt find any numbers, just various pros and cons for using debit for online purchases. I always use debit online, have yet to have a problem with it, but it seems always easier to get your money back from a CC fraud than a debit fraud.
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                                                                        • The Demon
                                                                          Confirmed User
                                                                          • Apr 2003
                                                                          • 7336
                                                                          #19
                                                                          Originally posted by Caligari
                                                                          http://www.nytimes.com/2010/04/11/bu...y/11rates.html
                                                                          Interest Rates Have Nowhere to Go but Up-
                                                                          "Even as prospects for the American economy brighten, consumers are about to face a new financial burden: a sustained period of rising interest rates..."

                                                                          I don't know about this "brightening economy" thing, but I thought interest rates sucked to begin with, and now they are going to rise even more? "Federal Reserve reported that the average interest rate on credit cards reached 14.26 percent in February, the highest since 2001."

                                                                          14.26 is completely nuts and if this continues to rise how exactly is the economy going to "rebound?"

                                                                          Not trying to sound alarmist here, but if things are tight now this can only further constrict the spending noose...
                                                                          I could have told you this two years ago. Peter Schiff said it 6-7 years ago. This is exactly where we are headed. Can't wait for stagflation and eventually hyperinflation!
                                                                          Greed is Good

                                                                            Comment

                                                                            • mayabong
                                                                              Confirmed User
                                                                              • Jan 2010
                                                                              • 1952
                                                                              #20
                                                                              "From now on, depressions will be scientifically created." -- Congressman Charles A. Lindbergh Sr. , 1913
                                                                              Bitcoin Gambling Sites

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                                                                                • DWB
                                                                                  Registered User
                                                                                  • Jul 2003
                                                                                  • 31779
                                                                                  #21
                                                                                  Originally posted by The Demon
                                                                                  I could have told you this two years ago. Peter Schiff said it 6-7 years ago. This is exactly where we are headed. Can't wait for stagflation and eventually hyperinflation!
                                                                                  Peter Schiff is always spot on. He has a youtube channel you should subscribe to. Good stuff.

                                                                                    Comment

                                                                                    • mayabong
                                                                                      Confirmed User
                                                                                      • Jan 2010
                                                                                      • 1952
                                                                                      #22
                                                                                      Originally posted by The Demon
                                                                                      I could have told you this two years ago. Peter Schiff said it 6-7 years ago. This is exactly where we are headed. Can't wait for stagflation and eventually hyperinflation!
                                                                                      Demon I love when you talk economy, it almost makes you not look like a foxtard.
                                                                                      Bitcoin Gambling Sites

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                                                                                        • HandballJim
                                                                                          Confirmed User
                                                                                          • Sep 2008
                                                                                          • 4024
                                                                                          #23
                                                                                          Originally posted by smutnut
                                                                                          I claimed bankruptcy twice. .
                                                                                          I realize some bad life circumstances cannot be helped and people I do know who have claimed bankruptcy more then once was due to medical bills. But people running up cc cards for expensive toys...and then realize when the bill comes they don't have the money, is the main reason banks need to charge excessive fees...and I think they need to change local laws and perhaps give jail time. But fuck it our own government can't manage their finances so why should we.
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                                                                                            • mayabong
                                                                                              Confirmed User
                                                                                              • Jan 2010
                                                                                              • 1952
                                                                                              #24
                                                                                              Originally posted by HandballJim
                                                                                              I realize some bad life circumstances cannot be helped and people I do know who have claimed bankruptcy more then once was due to medical bills. But people running up cc cards for expensive toys...and then realize when the bill comes they don't have the money, is the main reason banks need to charge excessive fees...and I think they need to change local laws and perhaps give jail time. But fuck it our own government can't manage their finances so why should we.
                                                                                              Its a scam from the very start, The fed prints the money, loans it to the government at interest, in order to pay the fed back the government needs to borrow more money at interest. They are the real criminals.
                                                                                              Bitcoin Gambling Sites

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                                                                                                • american pervert
                                                                                                  Confirmed User
                                                                                                  • Sep 2002
                                                                                                  • 6840
                                                                                                  #25
                                                                                                  All I have is a debt card. I dumped my last credit card about 5 years ago. I just spend the money I have.
                                                                                                  I can resist everything except temptation

                                                                                                    Comment

                                                                                                    • Agent 488
                                                                                                      Registered User
                                                                                                      • Feb 2006
                                                                                                      • 22511
                                                                                                      #26
                                                                                                      Originally posted by DirtyWhiteBoy
                                                                                                      Peter Schiff is always spot on. He has a youtube channel you should subscribe to. Good stuff.
                                                                                                      please read:

                                                                                                      http://www.google.ca/search?hl=en&q=...=&oq=&gs_rfai=

                                                                                                        Comment

                                                                                                        • The Demon
                                                                                                          Confirmed User
                                                                                                          • Apr 2003
                                                                                                          • 7336
                                                                                                          #27
                                                                                                          Originally posted by DirtyWhiteBoy
                                                                                                          Peter Schiff is always spot on. He has a youtube channel you should subscribe to. Good stuff.
                                                                                                          I've been subscribed to his channel for a while, and I throw contributions along his way. I want his ass in the senate. Him and Ron Paul know more than all of the mainstream economists in this country combined.
                                                                                                          Greed is Good

                                                                                                            Comment

                                                                                                            • HandballJim
                                                                                                              Confirmed User
                                                                                                              • Sep 2008
                                                                                                              • 4024
                                                                                                              #28
                                                                                                              Originally posted by american pervert
                                                                                                              All I have is a debt card. I dumped my last credit card about 5 years ago. I just spend the money I have.
                                                                                                              be careful with debit cards, if someone gets your number they can drain your account, I told my banks only send me ATM cards....no debit cards.
                                                                                                              HOW I MAKE LOTS OF $$$

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                                                                                                                • Caligari
                                                                                                                  Confirmed User
                                                                                                                  • Oct 2009
                                                                                                                  • 5414
                                                                                                                  #29
                                                                                                                  Originally posted by The Demon
                                                                                                                  I've been subscribed to his channel for a while, and I throw contributions along his way. I want his ass in the senate. Him and Ron Paul know more than all of the mainstream economists in this country combined.
                                                                                                                  heh, that would require a real three party system and the U.S. doesnt even have two parties...if you know what i mean.
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                                                                                                                    • american pervert
                                                                                                                      Confirmed User
                                                                                                                      • Sep 2002
                                                                                                                      • 6840
                                                                                                                      #30
                                                                                                                      Originally posted by HandballJim
                                                                                                                      be careful with debit cards, if someone gets your number they can drain your account, I told my banks only send me ATM cards....no debit cards.
                                                                                                                      someone did clone my card once and got about $1000 out of the bank, but they credited me back and issued a new card.
                                                                                                                      I can resist everything except temptation

                                                                                                                        Comment

                                                                                                                        • Vendzilla
                                                                                                                          Biker Gnome
                                                                                                                          • Mar 2004
                                                                                                                          • 23200
                                                                                                                          #31
                                                                                                                          Im thinking of setting up shop in another country, some place warm
                                                                                                                          Carbon is not the problem, it makes up 0.041% of our atmosphere , 95% of that is from Volcanos and decomposing plants and stuff. So people in the US are responsible for 13% of the carbon in the atmosphere which 95% is not from Humans, like cars and trucks and stuff and they want to spend trillions to fix it while Solar Panel plants are powered by coal plants
                                                                                                                          think about that

                                                                                                                            Comment

                                                                                                                            • HandballJim
                                                                                                                              Confirmed User
                                                                                                                              • Sep 2008
                                                                                                                              • 4024
                                                                                                                              #32
                                                                                                                              Originally posted by american pervert
                                                                                                                              someone did clone my card once and got about $1000 out of the bank, but they credited me back and issued a new card.
                                                                                                                              yeah they usually credit your money back the 1st time, but if it keeps happening they may close your account for fraud. Perhaps you can find out if they are able to place a daily max that can be deducted...this way they can't drain your whole account. I think my ATM card has a 1k daily withdrawal amount.
                                                                                                                              HOW I MAKE LOTS OF $$$

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                                                                                                                                • The Demon
                                                                                                                                  Confirmed User
                                                                                                                                  • Apr 2003
                                                                                                                                  • 7336
                                                                                                                                  #33
                                                                                                                                  Originally posted by Agent 488
                                                                                                                                  please read:

                                                                                                                                  http://www.google.ca/search?hl=en&q=...=&oq=&gs_rfai=
                                                                                                                                  Oh shit he was wrong in one regard? No way! That totally destroys his credibility, completely disregarding the fact that he was right on 99% of what's been going on when he predicted it 6 years ago. Nice google search though
                                                                                                                                  Greed is Good

                                                                                                                                    Comment

                                                                                                                                    • 2012
                                                                                                                                      So Fucking What
                                                                                                                                      • Jul 2006
                                                                                                                                      • 17189
                                                                                                                                      #34
                                                                                                                                      Originally posted by Vendzilla
                                                                                                                                      Im thinking of setting up shop in another country, some place warm

                                                                                                                                      i heard the Florida Keys are lovely

                                                                                                                                      best host: Webair | best sponsor: Kink | best coder: 688218966 | Go Fuck Yourself

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                                                                                                                                        • Agent 488
                                                                                                                                          Registered User
                                                                                                                                          • Feb 2006
                                                                                                                                          • 22511
                                                                                                                                          #35
                                                                                                                                          http://www.credit-card-advice.com/20...et-in-trouble/

                                                                                                                                            Comment

                                                                                                                                            • Darrah
                                                                                                                                              Confirmed User
                                                                                                                                              • Jun 2009
                                                                                                                                              • 577
                                                                                                                                              #36
                                                                                                                                              *deleted*
                                                                                                                                              Last edited by Darrah; 04-11-2010, 08:45 PM. Reason: changed my mind

                                                                                                                                                Comment

                                                                                                                                                • Agent 488
                                                                                                                                                  Registered User
                                                                                                                                                  • Feb 2006
                                                                                                                                                  • 22511
                                                                                                                                                  #37
                                                                                                                                                  Originally posted by Darrah
                                                                                                                                                  What? I pay my bills on time and pay their yearly fees. I even tell others to get a card there. I desperately needed a card.
                                                                                                                                                  i hope you are trolling, as lying on your app about your income is fraud.

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