It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Lenders abruptly cut lines of credit

page: 2
3
<< 1   >>

log in

join
share:

posted on Jan, 31 2009 @ 09:09 PM
link   
Yes, exactly. This is from what I gathered from the rep I talked to. Way to many maxing them out and not payiong for it. Now in the process, they are freezing all accounts before the card company goes under. They want more money coming in or the accounts brought up to date before they unlock all of them.




posted on Jan, 31 2009 @ 09:11 PM
link   

Originally posted by FiatLux
Yes, exactly. This is from what I gathered from the rep I talked to. Way to many maxing them out and not payiong for it. Now in the process, they are freezing all accounts before the card company goes under. They want more money coming in or the accounts brought up to date before they unlock all of them.


Perhaps they can find some of the ridiculous amounts money they took from us -
21% interest - what a scam.



posted on Jan, 31 2009 @ 09:19 PM
link   
reply to post by spinkyboo
 


You know, this is a thought that I never made, but your right. Look at the billions we paid in over the years just in interest alone, gee, are they that hard up now? I wouldn`t think so, not with billions of dollars just setting in vaults collecting dust. Why do you need a bailout, if your not going to make any more loans? Or is this just to restock the vault so they can set on it? Or, is this their own little survival tool for them to live off of while the rest of the country and world falls apart?




[edit on 31-1-2009 by FiatLux]



posted on Jan, 31 2009 @ 09:21 PM
link   
reply to post by daddyroo45
 

Thanks roo I was unaware of that.

second line.



posted on Jan, 31 2009 @ 09:25 PM
link   
reply to post by FiatLux
 


That is the 10 trillion dollar question, the card companies have made bundles of money, where did it all go to?

What do they know, we do not, at this point? they are getting bailout billions, but cutting off the credit? Why?

What is coming down, soon - that they don't want people charging anymore items.

My card is Citibank, they have gotten lots of money - though I used to pay it off every month - I have now been paying the premiums only. I am waiting for the dollar to crash and become worthless, then I figure I would pay them off, at about 40 cents on the dollar of what it is now.

That is just a guess at the devaluation - depending on how bad it crashes - it could go lower.

That is when payoffs will be done - that is why having metals for when it happens will be great.



posted on Jan, 31 2009 @ 09:26 PM
link   

Originally posted by FiatLux
reply to post by spinkyboo
 


You know, this is a thought that I never made, but your right. Look at the billions we paid in over the years just in interest alone, gee, are they that hard up now? I wouldn`t think so, not with billions of dollars just setting in vaults collecting dust. Why do you need a bailout, if your not going to make any more loans? Or is this just to restock the vault so they can set on it? Or, is this their own little survival tool for them to live off of while the rest of the country and world falls apart?

[edit on 31-1-2009 by FiatLux]


There isn't any money left -
the fat cats at the top got the cash and ran with it. Like it appears happened in many of the company situations.
The Credit Card companies were counting on the economy to continue in
the usual criminal way.
I think it is surprising everyone.
My feeling is there is no money left - anywhere.
And many of those folks will be out on the street too.



posted on Jan, 31 2009 @ 09:35 PM
link   
I do tend to agree with a few posts here. The emmense amount of credit that has been given out has been a major factor in the problem we are in. Governments around the world begged banks to give people credit to help the global economy. Banks fell for it and handed out credit to anyone and everyone. It was to the point where people with minimum wages jobs were getting loans for 500k houses and credit cards/lines of credit for 10 000+.

Best way to counter the emmense amounts of credit that is about to be used as money dries up globally is through elimanting credit. People are just going to start using thier credit cards for anything and everything with no intention of paying it back. Bank are trying to nip it in the butt so to speak before it happens.

Does it suck....yes.
Can anyone here actually say they didn't see this coming???
I for one can't

When everything started going downhill back in october I quickly paid off the one credit card I had, cut up the card and cancelled my account. I barley used the credit card for anything special. I routinley purchased my gas with it and then paid the balance off every week. I did this so I would get myself a very nice credit rating which I did. Whe I cut off my account I got a call from the bank asking me why I would cancel my account with such a great credit rating. I explained to the person on the phone why I did it and what I saw coming (which is exactly this thank partially to the great info on this site), The woman assured me that would never happen here in Canada, and I should just reactivate my card, she even offered to up my limit to an insane amount.

Personally IMO I think one of the first things that need to go is the insane amounts of credit flowing through the global economy right now. Most banks and a fast amount of people in the world have treated credit like crack. And this to me looks more like a "cold turkey" response of cutting the vast majority of people off.

Honestly for me, the general population does not need credit exception being for house and car loans. Honestly if you cant pay for it, then you dont really need it. That being said, I do believe credit should be flowing strongly for major and small business'. Credit is the lifeblood of companies to pay thier people and ship and receive thier products.


just my 2c

People on a whole dont need credit. It has hurt the world and created a very greedy mindsent.

"Who cares if i dont have the money, I'll just put it on credit and pay it back whenever"

Not smart thinking in my eyes.



posted on Jan, 31 2009 @ 09:39 PM
link   

Originally posted by FiatLux
I`ll just pay cash from now on when I go shopping. I did call a friend of mine who has the same card and told them about it. They went to an ATM yesterday to get some cash, and it turned them down. Looks like a fun time ahead for the country when it comes to credit now.


Do you mean your friend went to the bank, and couldn't withdraw money they had in their account?

So far my credit card limit hasn't changed, but I expect it could happen. Then what do I do, pay with ATM and it gets declined because the bank is hoardng my money claiming it isn't there? At this rate I don't know if it's wise to have money in the bank, they might not let you have it. But what do you do, stash it aside, and then they drop their big bomb of some emergency crisis cashless society? And your stuck with a bunch of useless paper, and can't admit to havng that much to turn it into "credits". That seems an extremely unlikely scenario, but at this rate, I wouldn't rule it out that it's another plan up their sleeves. You can't even make a deposit over a thousand dollars, they want to know where you got it, then they tax you for having it.



posted on Jan, 31 2009 @ 10:11 PM
link   
reply to post by violet
 


Well, if you mean their card account, yes. They were cut off on the cash amount they had, and they have hardly ever used it.



posted on Jan, 31 2009 @ 10:18 PM
link   
reply to post by Trayen11
 


Well yes, it`s like when Nixon took the gold and silver away as backing the dollar. The only reason for it, was because they wanted to make more credit for everyone, and there was not enough gold or silver to back all of it. The amount of credit they wanted to flood the country with was way higher then the gold and silver we had, and now it has come back to eat us alive. To many worthless dollars in use, with no value. And now, way to much credit, and no worthless money to pay it off with. They believe if they print it by the truck load, it will cover all the credit that has now been given out.




top topics



 
3
<< 1   >>

log in

join