Americans Falling Behind on Credit Card Payments at Alarming Rate

reply to post by BluByWho


I think your perspective is very valuable. It has helped me learn a lot (and I'm happy my perspective could help you learn too). Especially since you've "been there" and now you are on the proverbial other side of the fence. I have been fortunate in that I have not yet been in debt on anything except student loans. I do recognize that could happen one day, so I have tried to ensure the credit I do carry has terms that are the best for me! And if I do end up with big debt, I'll only be blaming myself - not the bank.

Originally posted by poet1b
Most businesses and people are decent and honest, and conduct themselves with due propriety. There is a reason for the existence of government and laws, to establish law and order so that we may function better as a society. Calling for the punishment of businesses that fail to operate in an honest manner is completely legitimate. I have based my opinion on reason and logic, and offered examples and proof for the reason behind my beliefs, while you have concentrated on obfuscation and claimed superior knowledge, without having demonstrated such.

The con game that credit card companies practice, making grand offers up front while denying any realistic attempt to honor those promises in the fine print is simply wrong. By doing so, these banks profit from fooling the young and the desperate into making deals that they would not normally make. I see no reason to reward such deceptive practices with the force of government, and advocate change for this corrupt credit card system. I have posted my reasons, if you have any logical argument to dispute these reasons, please make them, as you have yet to do so.

The bank is dishonest because they charge fee's, fines and interest? Or is it because they take away your 0% interest rate when you don't pay on time (the reason you were able to get that rate in the first place).

I'm an advocate for change. The first thing I would do is abolish bankruptcy. Then maybe people would think twice about running up their credit cards or using them as a crutch. If your paying your mortgage with a credit card that tells me one thing.... you need to sell your house and fast. According to your logic the bank shouldn't be able to use the government to get their money back, consumers shouldn't be able to use the government to get out of owing money.

THE BANK HAS NO WAY OF KNOWING IF YOUR DESPERATE! They pull a soft inquiry on your credit report and if you meet the criteria they send you an offer, THATS IT. If you apply for a credit card and a desperate, odds are you wont be getting approved for the card, and if you do, your essentially committing fraud, taking money from the bank knowing you cant afford to pay it back.

But of course its the banks fault for extending the credit right?

Originally posted by apc
I've got a great solution. A true Libertarian one too:

Deny banks the ability to use government to forcefully take personal property.

And here is another one. Deny the consumers the ability to use the government to file bankruptcy. Then they have no choice but to pay back the money the took.

Even playing field my friend.

LOL, this is getting pathetic.

I will repeat the point I made earlier.

The credit card company sends you a solicitation in the mail claiming your are pre-appproved for 0% interest. In the fine print they then say that you're credit rating must be verified first. Before you even opened the envelope, they lied to you. You were not pre-approved, that is a lie they tell hoping you won't read the retraction in the fine print. Just because they retract the bold opening offer in the fine print doesn't change the fact that they lied in the first place.

You send in the application, and they send back an acceptance congratulating you on the low interest of 18.99%. They never intended to offer you the 0% interest in the first place. These people are scum. This is just the beginning of the lies that they will tell in bold print, that they will retract in the fine print. The deception has just begun.

How many people have seen this? Probably everyone who comes to this web site, and they all know you people who support this system have given up on the truth long ago. You have no credibility.

reply to post by poet1b



Your Pre-Approved!!! ***

*** Pending your credit rating

Whats wrong with that? Not to mention the account doesnt become active until YOU activate the card, just because your approved and they mail you a CC you are not obligated to use it if you dont get your 0% interest. They didn't lie to you, its called Marketing in the business world. Usually if it sounds to good to be true it is, so read the fine print. They intended to offer you the 0% interest rate, they are competing with other banks for your business. The fact that your credit wasn't good enough to get that rate isnt the banks fault, they have underwriting guidelines.

I'm not an advocate for the way the system is. I am an advocate of accountability and personal responsibility.

Ands they didn't lie to you, you were in fact pre-approved for the card, not necessarily the rate.


[edit on 28-12-2007 by BluByWho]

reply to post by poet1b


It is getting pathetic when you've got nothing and yet keep on desperately trying to hold on to a thread of logic that was unraveled 100 posts ago

You obviously have no idea how pre-approvals actually work, as BluByWho has shown you. They have every intention of sending you that 0% offer, if your credit rating is good. I've done lots of those 0% offers before, and I get them every time - BUT I THOUGHT THEY HAD NO INTENTION OF DOING THAT?! How odd, indeed...

No matter how many times you repeat to yourself that everyone who disagrees with you has no credibility does not make it so. Actually, it makes you even less credible than YOU really are...

Pre-approved means that you have already been approved for the initial offer. Retracting the statement in fine print doesn't change the fact that they lied in the first place in bold print.

You are condoning dishonesty. You advocate lying as legitimate business. You are wrong.

reply to post by poet1b


The initial offer is the credit card, the perk of taking it out is the 0% interest rate. IF YOU QUALIFY.

reply to post by poet1b


Sorry, wrong again. Pre-approved means that (as has already been stated - again, please read) that the credit card company did massive soft pulls on a lot of people, and at the time they did them your credit profile looked promising. There is a time elapse between the time they do that and the time you get the offer in the mail. Thus, pre-approval only means that at the time your credit was pulled using a soft pull, it looked like it would qualify. If you want the loan product, then they will do a hard pull and determine if you are still qualified.

As has been stated, its all marketing. I can see beyond the marketing - why can't you?

You are condoning everyone who disagrees with you as being wrong. You are dishonest. You advocate punishing legitimate businesses because of your zealotry in being the moral dictator of the world. You are wrong.

Instead of arguing about who is right or wrong why doesn't someone contribute some means towards exploiting credit and loans to personal advantage legal or not. If anything will change the current situation it is large numbers of people who know the rules and play them to their advantage. For example, wages can't be garnished if they'd been donated to a foundation which you've established. Simply grant yourself money when you need it. Or you could sell your assets to your spouse or some other family member.

reply to post by serracruz


So we should take the focus away from using the credit cards responsibly and focus more on how to take money from the banks, default on it, and then find illegal means to hide our income and assets? I'll leave that up to you.

Not only does your logic condone criminal activity, it also further contributes to the problem this thread is focused on, it makes interest rates higher for the honest people who pay their bills, it makes credit harder to obtain for honest people who pay their bills, it creates additional costs to tax payers, and generally makes the cost of borrowing money even higher.

Here's a simple way to beat the system, dont use credit cards.

You could sell your assets to your spouse, hopefully you don't live in a community property state...

They can always put a judgment on you, good luck obtaining any future credit with that on your report.


[edit on 28-12-2007 by BluByWho]

[edit on 28-12-2007 by BluByWho]

Wrong again

The envelope does not say it looks like you may be approved, it says you are pre-approved. Once again you argument comes down to changing the meaning of words to suit your purpose.

It is dishonest pure and simple.

I don't believe in looking the other way when I see people getting cheated. This problem will wind up costing everyone, not just the people conned by this game.

reply to post by poet1b


It's sad that you have to verify your worldview by proclaiming everyone else to be wrong, especially when its you that is wrong.

If you read the envelope it says you could be approved, upon a hard pull on your credit. See, as I keep having to tell you, reading is fundamental. No dishonesty, except the dishonesty you have with yourself.

It is marketing, pure and simple.

Again, the difference between you and I is that I believe in people. You don't, you think its your job to protect them from the big meany credit card companies. I believe people can be intelligent enough to make their own decisions. The only one being cheated is you, because you think its your job to play morality police.

reply to post by poet1b


I don't believe in people getting cheated either! But I don't have sympathy for lack of common sense.

The envelope says congratulations you are pre approved. Which you are pre-approved FOR THE CREDIT CARD. You know, I know, and every other person that uses credit cards knows that interest rates are not guaranteed and are subject to APPROVAL. Even if someone cant figure that part out when they get the card in the mail and see that the interest rate is not 0% by no means are they obligated to activate and use that card. Shred the card and the only thing that shows up on your credit report is 1 hard inquiry, hardly anything to fuss about.

The one twisting things to suit their agenda is yourself.

I am not trying to change everyones world view, I'm just pointing out that both of you are wrong.

The envelope says pre-approved for 0% interest rate. It is a lie. Some people actually think that these statements should be taken for face value, they think the credit card is being honest with them, as they should. Then they find out the hard way that they were lied to every step of the way.

Spin all you want, you are not convincing anyone.

reply to post by poet1b


So childish, you think that you have all the answers and everyone that disagrees is "simply wrong." Its comical.

You can redefine the english language all you want, it does not change truth. Pre-approved means exactly what it says. Anyone who doesn't read what they sign is stupid.

Spin it all you want, your not convincing anyone.

Hahaha...You really care about rising interest rates? You're not taking your own advice are you? I know who pays for the cheating lying and dishonest tactics but I really don't care, they might as well put signs on their foreheads saying "rob me blind." Funny, I haven't used a credit card in at least a year and I payed them off. There's nothing quite like freedom. No need to work a job, I just do whatever pleases me.

Well, I proved that you are wrong. Now you are starting to rant. You should take a break.

reply to post by poet1b


Well if some people take it at face value they deserve it for their ignorance. When I am going to borrow money from someone I READ everything, I don't just sign on the dotted line, its my job to make sure the deal I get is the deal I am expecting to get.

The 0% offer is called marketing. It also clearly states subject to credit approval.

I am done repeating the same thing over and over.

reply to post by serracruz


Yes I do care about interest rates, I have a financed vehicle and a mortgage to pay. Any idea how big of an impact a quarter point has on a $225,000 mortgage over 30 years?

Not taking my own advice? I use credit cards, but I use them the way they were meant to be used, I pay my bill in full every single month, thus I don't pay any interest even though my interest rate is 21.99%. (Another way you can beat the system)

Sitting at home doing whatever I please sounds like fun! I'd much rather have some money so I can afford to travel to Colorado on a regular basis to snowboard, or to make home improvements, or to take my girlfriend out for dinner and a movie. Maybe when you move out of your parents house you'll want to do the same?