posted on Mar, 20 2008 @ 08:15 PM
I've only watched the first video so far, but to me it looks like everyone so far has gotten themselves into the trouble. Ignorance is no excuse.
I'm a college student. I have a credit card. But I don't have any debt. In fact I have enough savings (currently invested in the stock market) to
easily make a 15-30% down payment on my first mortgage once I get a full-time job. Maybe it's a cultural difference between Canadians and Americans,
or maybe I'm a very small minority.
In fact, my Mastercard actually earned me money last year. $0 in monthly/annual fees plus $6 cash back on my purchases puts me ahead. I guess I'm
what the credit card industry would consider a "deadbeat."
The solution is simple... only use a credit card when you have the physical cash in the bank already in the bank to pay it off immediately. Then I
write my cheque and put it in the mail the day I get my statement.
Just on a random note, if you had purchased
yesterday when it's went IPO public,
you could have easily made 20% profit or more in the past 2 days. Similarly,
has gone from $40 to over $220
since it went public 2 years ago... you could have quadrupled your money. So credit cards CAN make you money.
In part 2 where they say 10 credit cards per person, that number could easily be manipulated by the fact that companies may often have hundreds or
thousands of corporate credit cards, or "procurement cards."
Part 2 @ 15:15
"Do they say "We'll give anybody a mortgage?" No, they have pretty strict restrictions and criteria"
XD. This was obviously made before the sub-prime crisis began to unfold.
[edit on 3/20/2008 by Yarcofin]