Government screws us again!!!

carolinanewswire.com/news

reacting to pressure from our fine government, susposedly, credit card companies will be doubling our minimum payments on our credit cards starting in January....
hope you all had a nice christmas, by the way...this is your belated christmas present from our government, and banking industry.

mod edit to shorten link

[edit on 30-12-2005 by DontTreadOnMe]

It is more from the Bank than the Government.

The whole idea from the Top Brass of the Banking Industry, is to force people into debt and then repossess the property - either developing on the land and selling for a much higher profit or rent them out for eternity.

Look at the 1920's and 1930's, this is what they did then and will do again.

Originally posted by Odium
It is more from the Bank than the Government.

The whole idea from the Top Brass of the Banking Industry, is to force people into debt and then repossess the property - either developing on the land and selling for a much higher profit or rent them out for eternity.

Look at the 1920's and 1930's, this is what they did then and will do again.

I think it was the Bush administration that allowed the banking regulations to be changed so its harder to declare bankruptcy and this current deregulation on the banking industry. Say goodby to the middle class.

has anyone heard about this? Before I posted this I mean? Has it been on the nightly news and I missed it or anything? that's what gets me. they wait until after people go out and get their credit cards smoking for christmas, and well, they hey, SURPRISE!! Too danged chicken to do it before christmas, and risk all those precious christmas sales!

The country is going to be heading to harder times ahead, with Bush policies, not only our national debt is out of control but cutting funding to the states for programs is going to force the state to find money another way and usually is through state taxes.

Now Americans will be facing the credicard debt and higher minimum payments.

I imagine hard working Americans that amount to the credicard debt in this country having to make decisions when is not money available.

The rich has not worries but as usual the almost none existent and dying middle class and poor will have too.

This is going to be very worrisome, the new year is not going to be a happy one for many people.

Once again... I think some of you are over exaggerating this issue. How many of you have been in credit card debt? How many of you that were in credit card debt really had a problem paying back the minimum payment?

I'll tell you right now, if you have ever been in credit card problems. It's your own damn fault. By doubling the minimum payment they are actually helping people that can only bring themselves to pay the minimum. In the long run it will save them money that would have been lost to the interest payments.

Originally posted by marg6043
The country is going to be heading to harder times ahead, with Bush policies, not only our national debt is out of control but cutting funding to the states for programs is going to force the state to find money another way and usually is through state taxes.

Or... You could cut some of those state programs. You know, the ones that could easily be handled by a private entity. Which, I'm sure is what that "evil" President Bush has in mind.

LostSailor

Perhaps the nirvana you experience and live within is not what middle class Americans in this country have.

Maybe if you take your Bush pink colored glasses and step down to the hart of America the struggling one you will see what is going on around.

As long as you keep yourself in your Bush built Utopia you will stay as happy as you can be and oblivious of others.

Pity.

Seriously, you can't watch MSM or listen to the radio and not hear about the new minimum payment guidelines!!!

No sympathy from me though. Right now many cards are carrying a $10.00 minimum or a small %.
Hardly a burden, imo.

I think the problem arises when people have balances in the thousands and clearly don't make enough to make sizable payments.
Now I'm sure some people live WAAAAAY beyond their means....who told them to buy, buy, buy? Who forced them to sign their names on that charge slip? Who told them they should be able to file bankruptcy and get a clean slate?

DontTreadOnMe

I know what you mean, but as usual we can not take away the fact that our country economy is ridden with credicard debt, it benefits the lenders and loan officers and just give the poor and hard working Americans a sense of money that they don't have.

I blame the people for falling for it, but also the way that is given away by banks and loan companies so easily.

Yes is a shame but is a reality that it will affect not only the people in debt but also all of us tax payer.

Credit cards are good when you can manage them but is not to many people that can clean their balances every month.

Is very sad, very sad.

Ignoring the problem is not going to make it go away, I see some hard times ahead for some people.

Originally posted by marg6043
LostSailor

Perhaps the nirvana you experience and live within is not what middle class Americans in this country have.

Are you for real? I come from a middle class family. At the moment I'm paying my way through a Maritime Academy in northern Michigan. When I graduate next year I'll go to work as a blue collar middle class sailor. Don't lecture me on what its like to have no money. I couldn't even start college until I was 24 years old because I was saving money working construction and as a wiper onboard ships! You know what a wiper does for 12 hours a day? A wiper cleans up oil and grease in a 120 degree engine room... For 12 hours a day!! I've been to more places and seen more things then you could ever imagine and you have the audacity to act like you know me!!! Unlike some people in this country, I don't expect a handout.

I pity malcontents like you, who are so blinded by hatred towards Bush that you don't even step back and look at an issue before slinging your misguided thoughts around on these forums.

*rant off*

[edit on 30-12-2005 by LostSailor]

Originally posted by LostSailor

You have the audacity to act like you know me!!! Unlike some people in this country, I don't expect a handout.

I really don't have the time for your spite and don't want to know you at all.

I pity malcontents like you, who are so blinded by hatred toward Bush that you don't even step back and look at an issue before slinging your misguided thoughts around on these forums.

And the statement above is such a pity, need to take some charming classes while you are at school.

Changing the topic of the thread is what you do best.

Ignoring the fact that Americans poor and middle class are in debt thanks to the easy way that they get trap by offers is something that I can not ignore because if affects my tax payer dollars.

Obviously it doesn't affect you at all.

Pity, to be such full of hatred.

[edit on 30-12-2005 by LostSailor]

Originally posted by LostSailor

Are you for real? I come from a middle class family. At the moment I'm paying my way through a Maritime Academy in northern Michigan. When I graduate next year I'll go to work as a blue collar middle class sailor. Don't lecture me on what its like to have no money. I couldn't even start college until I was 24 years old because I was saving money working construction!
[edit on 30-12-2005 by LostSailor]

really, do like the academy? your were about in the same positon a few years ago that my son is in now, he wants to either go into something like the Maritime, or the Police Academy, but well, he doesn't really want to borrow out the tail, and we don't have the funds for it, so he's working and saving... hopefully he will make it...

marg,

As a sailor, I can tell you the last thing I have is charm. Glad you don't want to know me. In the future don't act like you do.

dawnstar,

Yes, I go to Great Lakes Maritime Academy in Traverse City MI.
www.nmc.edu...

I do like it, but working onboard ships is definitely not for everyone. Some good money can be made working on theses ships. I would suggest your son first get a taste of it in the unliscenced position before spending money to become an officer at a maritime academy. If you have any questions send me a u2u. This probably isn't the thread to be talking about this. Would hate to be labeled a thread topic changer.

I've seen the picture in your logo under your title before. I thought that looked like a engineering station with the throttle controls.
I work in a large shipyard here on the east coast. Ive spent time in engine rooms and shaft alleys in excatly the heat you describe. Ive even seen the men next to me pass out. Yes..it wears you out at the end of 12 hour shifts. Exhausting.
I agree with you about if you cant afford it dont buy it or go deep into debt to get it. There are ways to get things with postponed gratification in mind. It takes work and planning to get them. Dedication too. While this is not for everyone ..it doesnt do to complain or whine when the credit companys change the terms and you have contracted with them. If you can't take it you need to pay them off and drop out. Credit is debt it slavery. Use it very carefully and sparingly. Credit is not something we are owed..because we are rich or poor either. It is not a default to play through socially. Both rich and poor in this country have fallen to this mentality on lines of credit sometimes with tragic results.


Thanks
Orangetom

whaaa, the banking regulations are not the problem though - the fact people were running up a massive amount of debt and declaring themselves bankrupt, is worse in my books.

Many of you over-look the simple fact, status is not based around items you own and for many people this is important as well as the fact many children do not understand. I guess my folks are now lucky, they are out of the situation that we were in when I was growing up but you ever see a child go to school with "out dated" clothes, etc, etc - it is hell for them.

Well said olde man..Well said..Bravo..

Thanks,
Orangetom

Originally posted by orangetom1999
Credit is not something we are owed..because we are rich or poor either. It is not a default to play through socially. Both rich and poor in this country have fallen to this mentality on lines of credit sometimes with tragic results.

Thanks
Orangetom

Orangetom you can be more truthful and to the point with that statement, credit cards are false hope to the ones that fall for it, a false hope of money that they don't have, specially in an emergency.

But It also has been abuse by others that used them for fraud.

They are your friend when you know how to manage them but when you fall in their vicious cycle they become the death of your credit life.

My husband and I own two credit cards one that he has been given by the company he works for and has to be paid in full every month the other one is for credit references.

We learned the hard way how to take over them and stop credit cards from taking over us.

Now we have control.

People are bombarded with the offers by creditors and is plenty of gullible people that will fall for it.

But that is the way to do business and is legal, now they will have the power to do away with your life too.

Originally posted by marg6043
But that is the way to do business and is legal, now they will have the power to do away with your life too.

You are correct, it is legal, and it is business. This is a capitalist country. But, you lost me with the second part of your post...

How are credit cards killing people? I better keep a closer eye on my Visa card lest it figure out how to climb out of my wallet...

I'll say it once more... No one is forcing people to go out and spend more then they have. If someone gets into credit problems it's no ones fault but their own. Whether they are "gullible" or not. Now the credit system can't be abused by people claiming bankruptcy. What's wrong with that?

I guess I just don't see what the issue is.

I just love the fact that the card companies can CHANGE the agreement any time they want to your detriment but you are bound to them even after you pay them off and close your card- for as much as seven years. (Wonder what they would do if I changed the agreement back on them???)

My card recently jumped from 5% to a whopping 8% (oh darn!, you say) and while I was debt free a year ago (felt sooooo good) this last year has been a pretty rough one with 2-3 emergencies nearly every month that really add up. Should the trend actually stop (oh PAAAAAHHLEASE GOD!) I should be debt free again by 2007- but that feels so far away and it really chafes at me to have to give them anything beyond what I actually borrowed.

Credit cards are evil- but what other options do you have when say suddenly, far from home you need car repairs and you don't have the $$ in the bank?

we are not alone.....

imagine having unlimited credit built right into your checking account, and then having that pulled!

www.israelnn.com...