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Originally posted by GUICE2Im sorry but you are a little dilusional....im not purchasing corvettes and large screen tvs every week on credit. I had a credit card when i was in college that i used to purchase things i needed. Yet at that age i wasnt educated on the ways of the credit card as most youngster arent (can you blame us for it?) and these companies know that which is why they set up these tables outside of college buidlings offering free t shirts and stuff if you sign up for a card.
Originally posted by GUICE2 just because we didnt know the full implications of our actions means that we should be punished with high interest rates? Its not about your credit history or score anymore because of the ongoing credit crunch....i had a long conversation with a rep from capital one yesterday and thats exactly what he said. it doesnt matter if you have never missed a payment and can show you can make the current payment for a loan term....the standards are so unbeleivably high right now that for someone who has had trouble in the past, they are in a situation currently where it will be impossible to get out of making minimum payments that are astronomical because of the interest rate.
Originally posted by GUICE2 are all on the same page here buddy....but the fact remains that the same guy applying for a loan 5 or 10 years ago with the same credit history will not get approved in todays economy but would have back then. That again is directly from a manager over at capital one who i was discussing a auto loan refinance with. Its not so black and white dude, there is a gray area....i mean come on.
Originally posted by GUICE210 years ago people used their savings accounts as comfort zones but now because of high tax rates, living costs, rediculous tuition rates and the ever so unconstitutional income tax, people now rely on credit cards as a comfort/safety zone because most middle class americans have to. And this is true not becuase they spend frivolously....its a corner that a lot of people are being forced into. If you have shown good payment history and no defaulting in a year they should lower the rate...its that simple, but they dont because of the credit crunch.
Originally posted by GUICE2also.....who makes up interest rates then? I understand that they have to be at a certain point to sustain certain economic status and uphold the value of the dollar but then arent they inflated so these evil corps can make money? Thats what they do in a capitalist society isnt it? Thats the main purpose, gaining funds and profits...they dont care that high interest rates subdue people. Of course they wont be able to pay high interest rates because they are astronimical and just because you never got caught in this hole doesnt mean that everyone who does has only themselves to blame. Bottom line....they are the big guys and we are the little guys so why cant they help us out a little?
Originally posted by GUICE2 question for you...when did you move out of your parents house? Some kids, like I, do not have the opportunity to live at their parents house after or during college and benefit from free room and board....so we have to pay our own way and that means to go to work. So then what happens? Well....no more school after that because you have to work 55 hours a week to support the debt you are already in and your day to day expenses. Its an effed up situation and no one wants to help.
Originally posted by GUICE2
"MONEY IS THE ROOT OF ALL EVIL"
Thats not a real quote but im sure a lot of scholars have said it, sociologists as well so im gonna take a long shot and quote it as annonymous. It really is the truth....how many less criminals, murders, beatings, robberies would we have if our society didnt value monetary worth as being the tool by which we gain or lose our so called status' in society? Its BS.....seriously people, wake up. There is no need for money....that doesnt mean there is no need for currency or some sore of barter system, it just means that the emphasis and perception of economics needs to change. What a surprise!!!
Originally posted by GUICE2
ANd im not trying to insult you buddy.....but you are insulting all people who are in debt by saying that they deserve to be punished.